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Age limits – Everything you need to know

News article

Publication date:

15 February 2021

Last updated:

23 February 2021

Author(s):

Protection Guru

In this week’s everything you need to know we take a detailed look at age limits on protection plans.

Finding protection for younger clients is not likely to be a problem, but if the client is older, the age limits that insurers put on their policies may restrict the advisers’ choice. If Children’s cover is included in a critical illness plan, insurers will set a minimum and maximum age between which the children of the life assured will be covered. In the business protection market, the age criteria that insurers apply to their plans will have an impact on the suitability of plans. In this week’s everything you need to know we take a detailed look at age limits on protection plans

 

Contents

 

Life cover for older clients

Paying off the mortgage by age 65 is just not possible for some people and this is likely to be more common in the future, for various reasons. So with many mortgages running to later ages and people often needing to work into later life, many older clients will need proper protection in place, and for longer, but the age limits that insurers put on their policies may restrict the advisers’ choice.

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Age criteria for critical illness cover

A client’s age has a bearing on whether it is possible to get cover for a client and how much it will cost because as we get older, the risk of developing a serious illness increases. Advisers with a diverse client base need to be able to place protection business for clients across the age spectrum. With age being an important factor when selecting critical-illness cover, it helps to know which insurers’ age criteria best meets their needs. 

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What are the limits for children's critical illness cover?

Some insurers automatically include childrens’ cover within their critical illness plans. In contrast, some providers provide children’s CI cover as an optional extra for those who want it. Others strive for the best of both worlds by offering a standard level of children’s CI to everyone, with an optional upgrade at an additional cost for those who want enhanced benefits. When children’s critical illness is included in a plan, insurers will set a minimum and maximum age between which the children of the life assured will be covered.

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Income protection plans for older clients

Some insurers are better than others when it comes to making their income protection plans accessible to older clients. Plenty of advisers will have older clients who continue to work beyond the state retirement age, whether through choice or necessity. Many of these clients will have a need for income protection for as long as they continue to work, so it is important for advisers to know what age limits insurers place on their plans and where clients of any particular age can obtain cover. 

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Age limits on business protection critical illness

Businesses come in all shapes and sizes, just like the entrepreneurs who bring them to life and advisers need the ability to cater for them all. However, at times, the age criteria that insurers apply to their business critical-illness plans will have an impact on how much choice there is in the market for a particular client.

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Look out for future “Everything you need to know” articles where each week we will cover a different topic and provide you with the information you need to know to discuss the topics with your clients. 

 

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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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