Over 45s life insurance
There are certain moments in life that are guaranteed to make you feel like a grown-up. Taking out a life insurance plan in your mid-40s is one of those moments. But if you’re settled with a mortgage, a partner or a family, now is the logical time to put plans in place to protect them if something was to happen to you.
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Are you looking for an over 45s life insurance policy?
As you approach your mid-40s, you may start to think about the future. You’re potentially settled with a family – perhaps you have a long-term spouse, young children or a mortgage.
Your mid-40s is often a complicated age. You still feel as young as ever, but you have that blend of responsibilities, often looking after a young family while also taking care of older relatives.
We often receive calls from people like you who want to know how you can put plans into place to protect your family should something happen to you.
With an over 45 life policy, you can make sure that you have an insurance plan in place that will guarantee to cover any remaining mortgage payments or to leave an inheritance to a spouse or your children if you were to pass away suddenly.
Here at The Insurance Surgery, we are the experts in finding the right level of cover for over 40 life insurance plans. The good news is that taking out an over 45s plan shouldn’t be any different to life insurance quotes for 30-year-olds. The process is the same, but the cost may vary.
One of the reasons why we are so trusted by our customers is because we have a reputation for making sure that your life plan covers everything you need and pays out how you want it to.
Moving away from online calculators to bespoke policy quotations
We know that if you’re in your mid-40s, you’ve grown up in the digital era. Searching for an insurance plan online will always be your first port-of-call because it’s quick and easy, and you can get an instance price.
But did you know that it could be a financial misstep?
We don’t want you to pay a penny more than you need to for your life cover, critical illness plan or income protection policy. But more importantly, we don’t want you to take out an insurance policy that fails to pay out when you need it to.
With our guidance, we can not only help you articulate what you’re looking for in an over 45s life insurance policy, but we can identify how much financial cover you need as well as figure out what protections you already have in place.
This is why it is important to get a bespoke life insurance over 45 quote from an expert who knows what questions to ask to find you the right result.
It all starts with a simple phone call
At The Insurance Surgery, all of our insurance quotes are done over the phone or via live chat. This helps us make sure we understand your needs. We can then match you to the best over 45 life policy for you.
As an insurance broker, we can help you find cover that isn’t available to the public. We work with big brands as well as niche providers – this gives us greater access and the ability to find suitable policies that match your lifestyle.
We know that taking out a life insurance plan may sound daunting, but don’t worry.
We can help you at every stage.
- From the very beginning, we want you to feel comfortable asking any questions that you might have about what life insurance is and how it could protect your family.
- We don’t ever assume that you know the details – we know that for most people, buying life insurance or income protection is a once-in-a-lifetime activity.
- We welcome the questions that you have – it gives us more of an insight into who you are and why you’re looking for cover.
- When we think we’ve matched you to a suitable policy, we’ll make sure that we talk to you about any potential exclusions or how you want your plan to pay out.
- You’ll never be left to go away and read the terms and conditions. With our help, we promise that you will understand what protection you have in place and feel confident that your family will be looked after.
From start to finish, we will always make the process as easy as possible.
How does age affect life insurance?
UK residents over 45 may be wondering how age affects life insurance. After all, you’re still in the prime of your life when you hit your mid-forties!
As a rule, the younger you take out cover, the cheaper it will be. But that doesn’t mean you won’t still get a good deal for over 40s or over 45s life insurance.
Like any insurance policy, premiums are based on a level of risk.
The main reason quotes for 30-year-olds are cheaper is because they are seen as less of a risk to the insurer. As you get older, the chances of you passing away during your policy term increase, and you are more likely to have experienced health conditions that could prevent a payout from being paid.
But that doesn’t mean you shouldn’t still take out a plan.
Most people over 45 are still extremely fit and healthy. The good news is that with many life or critical illness plans, you have plenty of time to demonstrate to an insurer that you are actively taking care of your health – even if you’ve experienced a complicated medical history.
Aside from age, other factors that can affect the cost of your life insurance over 45 include your smoking status and your health.
But don’t worry; we can help you understand all of this when we speak to you.
How much is life insurance for a 45-year-old?
We know that you want to know how much your premiums will cost.
Life insurance quotes are different for everyone. There’s no set price because each over 45s life insurance policy is created through a number of different factors, such as:
- Age
- BMI
- Smoker status
- Health
- Pre-existing medical conditions
- How much financial cover you need
But to give you an idea, here is a hypothetical scenario which may explain how much life insurance costs for those over 45.
Over 45s life insurance cost example #1
Kellie is a single mum of four kids. She’s just turned 45, and she’s worried about what would happen to her children if she was ill or passed away. Kellie has no previous medical conditions, but her BMI is slightly higher than she would like – classifying her as overweight. She doesn’t smoke, and she rarely drinks. Although she receives a generous death-in-service benefit from her employer, she’s worried that it might not be enough to support all four kids. Therefore, she’s looking for a whole life policy that will offer £150k of cover that will guarantee a payout long after she’s reached retirement age.
Kellie’s monthly premiums will be £143.65
Kellie would pay out £1723.80 per year for a potential £150,000 payout
£143.65 per month | £150k payout
Over 45s life insurance cost example #2
Dan is 47. Although he’s fit and healthy now, he has had a complicated medical history and experienced cancer when he was 38. However, he’s now been cancer-free for seven years, and he’s concerned that his medical history could prevent him from securing a life insurance plan.
Dan wants to take out a 40-year term policy – he feels that will give his family financial protection until he reaches the age of 87. He is aware that if he lived longer than this age, his family would not receive a payout.
Ideally, Dan wants to seek cover of £250,000.
Dan’s monthly premiums are £66.73
Over 40 years, Dan would pay out £800.76 per year or a total of £32030.40 in exchange for a potential £250,000 payout if he was to pass away during this timeframe.
£66.73 per month | 40 years | £250k payout
Find out how much your life insurance quote could be.
What age should you take out life insurance?
The simple answer is as early as possible. Most insurers offer cover from the age of 18, and some even go up to 90.
Taking out life insurance at a young age can help you get cheaper premiums. But individuals over 45 should consider getting life insurance before they hit 50 to get better deals. Costs for life insurance by age can vary, so think about it sooner rather than later.
At The Insurance Surgery, we can help match you to the best life insurance for over 45s.
We work with hundreds of insurance providers, and we’re confident that we can match you to the perfect provider that is proven to look out for your best interests.
Is there an age limit for whole-life insurance plans?
Whole life insurance is a type of life insurance policy that offers cover for the whole of your life. Not just a fixed term such as 20 years.
Is there an age limit for taking out whole life insurance, and can you get whole life insurance cover over 45?
Age limits can vary across insurers. But as a rule, most insurers will give you whole life insurance cover until the age of 90. Typically, you will need to be under 80 to take out whole life insurance. So, UK residents over 45 should consider this type of over-45 life policy.
How to work out how much life insurance you need?
One of the first questions we’ll likely ask you is how much cover are you looking for?
We know that this may be a bit daunting.
We’ll let you into a little secret… most people don’t know how much they need. They end up either over-insuring themselves (and paying more than they need to) or underinsuring themselves and leaving their family without the financial protection they thought they were getting.
But there are a few easy tricks that can help you figure out what level of insurance cover you need.
Firstly, you should think about why you want to take out a plan.
Getting over 45s life insurance can be a good way to:
- Protect the remaining balance of your mortgage
- Leave an inheritance for your spouse and children
- Cover funeral costs
- Replace your lost income
- Fund children’s childcare fees or educatio
Then, it’s a question of working out how much money it will take to do those things.
When you speak to The Insurance Surgery, we can help you calculate the exact amount of cover you need.
We’re really handy with a calculator, we promise!
For example, suppose you’re looking to protect your mortgage payments or replace a lost income. In that case, we’ll ask you what your current mortgage term is and how much capital you’re repaying each month. We’ll also figure out what your income is (mainly if you rely on dual incomes to survive) and what your outgoings are.
That way, we can create a figure that will explain how much your family will need to maintain financial stability if you were to pass away.
We can then provide over 45 life policy quotes to ensure you have the right level of protection.
We will also ask you questions about the type of protection you may already have with your employer. This may include sick pay or death in service benefits. This helps us ensure you are not taking out additional cover that you do not need.
You may also want to consider additional insurance, such as income protection or critical illness cover.
How much life insurance do I need at 45?
The level of life insurance you need will be different for each person. It will depend on your financial commitments, such as your mortgage.
It is worth noting that the average mortgage taken out in 2023 is £184,3761. If you want your life insurance over 45 policy to clear mortgage debt, we can help you work out how much insurance you will need.
Another factor to consider is if you have children. If you want to leave them an inheritance or cover future education costs, such as university fees. These can be covered in your over-45 life policy.
You may want to replace lost income to help your spouse with household bills or the cost of raising a child.
But don’t worry, we can go through all this with you to make sure you don’t miss anything when you get an over 45 life insurance quote with us.
What is the best life insurance for those over 45?
There is no such thing as the “best life insurance over 45 plan”. But there is such a thing as the best life insurance plan – FOR YOU.
The difference is that our policies are never off-the-shelf options. We don’t rely on computer algorithms to create a premium price, and we don’t expect you to fit every single tick box.
Instead, we take the time to get to know who you are.
We love talking to you about your family, your hobbies and your lifestyle. It helps us to create that perfect match between you and your insurance provider.
The best life insurance over 45 plan will depend on your unique situation. But we can provide you with a tailored quote to help you get the exact cover you need.
There are many different over 45s life insurance cover. You may also want to think about other insurances, such as critical illness and income protection cover.
At The Insurance Surgery, we’d be happy to chat with you about your needs so we can match you with the right policy for you.
For instance, you may need to choose between a term life or a whole life plan.
Term life insurance for over 45
Term-based life insurance for over 45s provides a cash payout to loved ones should you pass away within the term of the policy. Often, these plans range between 20-40 years.
This kind of over-45 life policy is usually a cost-effective option, as it is not guaranteed to pay out. If you survive beyond the term of your policy, the cover will end without paying out.
The two different forms of term-based life insurance for over 45s are:
- Level-term life insurance: Provides a fixed sum paid out to your loved ones. The amount is the same whether you pass away on the first day or the last day. This type of life insurance for over 45s is ideal for leaving an inheritance or helping with education costs.
- Decreasing term life insurance: Provides a payout that reduces over the term of the policy. For example, if you pass away in the last few years of your policy term, your family will receive a smaller payout than if you passed away in the first few years. This type of over 45s life insurance can be helpful for covering mortgage debts as they also decrease over time.
Whole life insurance for over 45
The whole of life insurance is a guaranteed life insurance. As an over 45s life policy, it provides a guaranteed payout and covers the rest of your life (up to the maximum age). It also offers a fixed payout, so your family will receive the same amount when you pass away.
As a guaranteed over 45 life insurance, this level of cover tends to be more expensive. But don’t worry, we can help you get the best whole life over 45 life policy quote.
At The Insurance Surgery, we can help you find the best solution for your needs. Plus, our price match promise means we will always match the lowest possible like-for-like quote.
Critical illness for over 45
Many people also think about taking out critical illness cover to protect them if they become ill.
Taking out critical illness cover with an over 45s life policy will increase the cost. But it will give you extra protection and peace of mind.
If you are diagnosed with a severe illness, critical illness cover can help you cover the costs of lost income and help pay bills.
Some insurers offer critical illness as a standalone product. This means it doesn’t affect your over 45s life insurance. But it would mean you would have two policies and pay two premiums.
Income protection for over 45
Income protection protects your income should you not be able to work due to illness or injury. It is a plan that you can take out with over 45s life insurance.
People over 45 often have more financial commitments than they did in their twenties. Income protection can help you keep an income if you are unable to work due to illness or injury.
Thanks to income protection plans, you can gain peace of mind that if injury or illness prevents you from working, you will still have an income. Income protection cover is designed to pay up to 70% of a working individual’s annual pre-tax income as a tax-free monthly benefit.
If you are not eligible for SSP (perhaps you are self-employed), or you know that SSP wouldn’t be enough to maintain your living costs, then taking out an income protection plan is a no-brainer. What’s more, if you were seriously ill or injured, your income protection plan could continue to pay out until you reach retirement or your policy term ends, whichever is first.
Can I get life insurance over 45 with no medical?
You will likely get life insurance over 45 with no medical. However, you may still need to give the insurer some information about your health.
Typically, you can expect to be asked about:
- Your age
- Smoking status
- Pre-existing health conditions
- Family medical history
- BMI
The reason for these questions is that the insurance underwriter needs to have an idea of how fit and healthy you are. If you are in good health, you may be accepted for life insurance over 45 with no medical. However, suppose you are not or have pre-existing conditions. In that case, you may be asked to attend a medical or the underwriter may ask for more information from your doctor about any diagnoses or treatment plans.
If you are asked to attend a medical, this does not mean you will be declined, and there isn’t anything to worry about. The insurer wants to know more information so they can offer you the right level of over 45s life policy.
We’ll manage all the details for you – and if we think that you could be asked to take a medical, we’ll make sure that you’re aware of the possibilities from the very start of our conversations.
How to lower your over 45s life insurance costs
Are you thinking about taking out life insurance for someone over 45? Make sure you get the best premium without compromising on the level of cover.
Here are some of our top tips to help you lower the costs of your life insurance over 45 cover:
- Start your over-45 life policy as soon as possible. As you get older, you become more of a risk to insurers. Taking out over 40s life insurance when you are young and healthy will cost less. Ideally, you should take out a life insurance plan in your 20s – you’d be surprised by how much cheaper it could be!
- Do your best to stay healthy. Try to eat a well-balanced diet, exercise more and quit smoking to help you live a healthy lifestyle.
- Take out over 45s life insurance with critical illness cover. Combining the two policies often works out cheaper.
- Don’t double up on cover. If you get full sick pay from your employer, you may not need income protection. We can help you work out the right level of cover for your needs and circumstances. Many people take out more cover than they need because they haven’t considered their employment benefits.
- Review your policy on a regular basis to make sure there are no changes. For example, if you were a smoker when you took out your over 40s life insurance but have been quit for 5 years or more, you could be paying too much.
As a specialist life insurance broker, we can help you protect what matters most to you when the unexpected happens.
Please speak to us about your over 45s life insurance to see how we can help match you to the right insurer.
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Tom has been incredibly helpful throughout the whole process of getting my life insurance set up. Very knowledgeable and absolutely ‘on it’ to get me the best product out there.
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Service was first class, Simon kept me informed at every step in the process.I would have no hesitation in dealing with him again.
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Dealt with Karl who could not have been more helpful. Made the whole process of getting life insurance far easier than other providers I had approached.
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Approved immediately. Process was so fast and a lot cheaper than I thought. Highly recommended.
