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What age should I get life insurance?

LifeSearch author Katie Crook-Davies
4 min read

by Katie Crook-Davies, Protection Writer

See author bio

Katie works with insurers and distributors to make protection propositions more accessible, pricing more transparent and marketing messages more simple.See author bio

Guide last reviewed 10 Oct 2023

Life insurance is one of those products that we know we should probably have, but let’s face it, it’s not the nicest thing to think about, is it? For this reason, many people put off the decision to buy cover. But there is one important reason to consider getting financial protection sooner rather than later - your age! In this guide we explain why today might just be the best day for you to finally look at products like life insurance, critical illness insurance and income protection insurance.

When is the best time to take out insurance?

There are so many things that should be factored into this decision. For example, if you have a family, a product like life insurance cover could provide an invaluable financial safety net for your loved ones if you were to pass away. For this reason, the right time to think about life insurance would ideally be the moment you reach this life stage. 

Similarly, a policy like critical illness insurance is also worth considering if you have a family. It can step in if you ever face a serious illness, helping you to pay off debts or cover private medical bills. 

Income protection insurance cover, on the other hand, is useful even if you don’t have a family or financial dependents, because it replaces your income if you’re ever unable to work due to ill health. So, if the worst were to happen, this product would help to remove financial stress and enable you to continue paying your bills.

If you’d like more detail on these three insurance products and other financial protection products, check out our website. Alternatively, if you think you need some insurance, but are unsure which product is best for you, why not request a callback from one of our friendly advisers who will be happy to recommend the right product based on your personal financial needs.

How will my age impact my insurance?

Once you’ve decided which type of insurance product is best for you, it’s a good idea to get your cover sorted as soon as you can. This is because, the older you get, the more expensive your insurance premiums become. Insurers calculate the premiums that they charge based on your risk of illness or death (sorry, we know this is a little morbid!). Sadly, the older we get the more likely we are to fall ill or pass away, which is why insurance cover is more expensive for older individuals.

It’s best to buy your financial protection while you're young, so that the premiums are more affordable. It’s also worth knowing that those premiums are usually locked in for the remaining term of your insurance policy. So if you purchase a life insurance policy to cover you for 25 years and your monthly premium is £30, you will only ever pay £30 each month for the full 25 years, your premium won’t increase as you get older. This is a bit different to how your car and home insurance policies work, which usually charge you a new premium each year. If you decided to wait a few years before purchasing a life insurance policy, you may find that the premium is higher, and it will be locked in at this higher level too. So it definitely pays to think about insurance sooner!

Many people tend to think about these types of insurance products when their health worsens. This is completely natural, we like to ignore horrible things like illness, but poor health can impact any of us, and when it does many turn to insurance. The problem is that sometimes it can be difficult to get products like life insurance, critical illness insurance and income protection insurance if you’ve suffered with poor health or are currently facing health challenges. Even if you can get cover, it’s likely to be more expensive. So again, taking out insurance cover when you’re young and have a clean bill of health is a great idea!

At LifeSearch, we speak to people with existing medical conditions every day and we’re passionate about finding them the best cover at the most affordable price. Because we’re the biggest UK specialist protection broker, we have access to the best insurance prices, so why not give our team of friendly insurance advisers a call on 0800 316 7253. We're here Monday – Friday 8am – 8pm, Saturdays from 9am – 2pm and Sundays 10am - 3:30pm, and would love to help.

What are the minimum and maximum ages for insurance?

The minimum age to buy life insurance, critical illness cover or income protection insurance is usually 18. The maximum age that you can buy these types of policy is usually around age 80, but this varies depending on the product and insurer.

Most insurance policies cover you for death and illness for a set number of years, and it’s possible to find policies that protect you financially until age 90, so in this case, if you die before age 90, your family will receive an insurance payout. If, however, you have a whole of life insurance plan or an over 50s life insurance policy, you will be covered for the whole of your life. Your loved ones will get an insurance payout when you die, regardless of when that is.

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LifeSearch author Katie Crook-Davies
Katie Crook-Davies Protection Writer
Katie is an independent insurance consultant who is passionate about protection and wants to share that passion with others through engaging marketing content. She hopes that one day people will get as excited about protecting themselves and their loved ones, as she does!
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