As a person ages, health expenses usually increase. Managing these expenses can be difficult, especially for retired individuals who do not have a steady source of income. To share this burden with them, many companies offer health insurance (covers healthcare expenses) and life insurance ( provides  death benefits, such as funeral cost reimbursement and payments for loved ones). Generally, these plans do not have age limits, allowing seniors to enrol even in their 80s.

Private health insurance for seniors
Private medical insurance (PMI) is specifically designed for people over 65. PMI provides benefits similar to the government-funded National Health Service (NHS) programme but is offered by private companies. It also allows seniors to skip the long waiting lists and receive private care when needed.

Cost
One’s age and location largely determine the cost of private healthcare insurance. Based on national averages, those above 60 pay around £87.11 in monthly premiums for a basic policy  or £126.62 for a comprehensive policy. People aged 70 and above pay a monthly premium of £141.29 for a basic policy and £202.51 for comprehensive coverage. By 75, these figures increase further.

Coverages
There are two main types of health conditions — acute and chronic. Most senior health insurance plans only cover acute conditions, that is, those that can be cured, such as cataracts and hip replacements. For all other treatments, one must rely on NHS services.

It is also important to note that certain treatments may or may not be covered depending on one’s plan. Standard PMI policies generally cover cancer care and treatment, diagnostic testing (MRI scans, blood tests, etc.), surgery as in-patient or day-patient, and access to private hospitals and nursing care. Some policies may also provide access to outpatient treatment, dental and optical care, travel cover, mental health facilities, and complementary therapies (like physiotherapy, osteopathy, etc.)

Outpatient coverage
Basic PMI policies do not include outpatient coverage. As a result, the GP may refer one to the NHS for all diagnostic tests and consultations. After that, the patient is referred to a private healthcare facility to continue treatment.

Unlike basic plans, comprehensive ones include the cost of outpatient procedures. As a result, the GP directly refers the concerned to a private facility for testing, consultation, and treatment, ensuring quick access to healthcare.

Exemptions
As with all health insurance policies, seniors’ PMI policies have exemptions. A few examples are pre-existing conditions, emergency care services, pregnancy and fertility treatments, cosmetic treatments that aren’t medically necessary, and kidney dialysis.

Life insurance for seniors
Many individuals invest in life insurance policies to cover their death-related expenses and ensure their loved ones are financially secure after their passing. These policies come with certain perks for seniors, such as no age limits for application, no need for medical examination (for those over 50), no term limit, and affordability.

There are several life insurance options for seniors.

• Whole life cover
  Also known as life assurance, this policy ensures a payout when one dies, regardless of age. The payout sum is decided at the time of application, after which monthly premiums are made (generally up until the age of 80 or 90).
• Over-50 life cover
  This insurance is usually taken out between the ages of 50 and 80. It offers a lump sum payment to dependents, which can be used to cover various expenses. Most companies do not require a medical exam to determine eligibility for this policy.
• Over-60 life cover
  By the time one reaches their 60s, they may have paid off their mortgages and have well-settled children. As a result, their financial needs may change. Seniors in this age group can consider an over-60s life insurance policy.
• Over-65 life cover
  By the age of 65, most people think about retirement. This is a great time to review one’s finances and buy insurance coverage that could support them in the future.
• Over-80 life cover
  Very few companies provide life insurance plans for people over 80. While some  do offer life insurance coverage up to the age of 85, they may require some medical checks and questionnaires to confirm eligibility.

Tips for buying life insurance
Since buying a life insurance policy can be complicated, seniors must follow the right tips.

• Try to get life insurance earlier in life, as this can lower the premium payments.
• Carefully consider the amount of coverage required. Higher payouts require higher monthly premiums, which can quickly become unaffordable.
• Consult with a financial advisor to have the policy written ‘in trust ‘. This can help save money on inheritance tax.
• Do not hide medical or personal details when signing up for a policy. Failure to disclose any pre-existing conditions may result in claim refusals.
• Look at alternative payout options that may be more lucrative, such as high-interest savings accounts.
• Get quotes from several companies before signing up for a policy. Doing so will help one find the best rates for the coverage offered.
• Inform the beneficiaries about the life insurance policy and explain how they can file a claim when the time comes.

Some popular companies offering life insurance for seniors include Aviva, Royal London, VitalityLife, Legal and General, and AIG. These companies have attractive plans with monthly premiums starting as low as £5.