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The Age 70 Rule
The age 70 rule makes it hard for people who are 70 and above to get life insurance cover. The Financial Services Authority of the United Kingdom is reviewing this rule which disallows those who will be septuagenarians or older during the lifetime of any product from buying the product as insurance. They can only purchase it as an investment.
This means that financial advisors who sell only insurance products are barred from selling fixed-term insurance policies to people who will become 70 years of age or more while the policy is still valid. The fact that only those advisors who fall under the regulations of the Financial Services Authority are allowed to sell these policies, makes them more expensive and rare.
With intermediaries not authorized to sell life insurance as an investment product, the Association of British Insurers (ABI) is campaigning to get the rule changed.
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