Life Insurance

[crackernut2]

Is it true that some life/funeral costs insurances expire when the insured reaches the age of 80?
I find it hard to believe that someone in their late 70's who is feeling relatively fit and been paying for insurance for a good number of years, being aware that if, in a few years if one survives to the age of 80, that all will be lost and the funeral costs will have to be found again!
This would be like happily donating to the Insurance Benevolent Society for 30 years or so whilst hoping you live a long and happy life well into your eighties.

[Gizmonster]

A straightforward life insurance policy will usually have a fixed term, that will either pay out if you die during the term period, or will expire if at the length of the term, you're still alive.
You pay your money and take your chances .... do you pay for a longer term, that'll cost you more overall; or do you take a shorter term, that'll cost you less, but you may well live longer than the term period ??

[ubasses]

If you buy a fixed term it will expire at whatever age you are at the end. Mostly used for Mortgages. If you want one to pay out on death whenever that is you will need to purchase a whole life policy.

[bhg481]

You have to realise the difference between Life Insurance and Life Assurance. You see both and people swap the names willy-nilly but they are different.
Life Insurance covers you in case you die within a fixed period - you might or might not die within that period.
Life Assurance covers you until you die, whenever that may be. ie, it gives you some assurance that your dependants will receive some money WHEN you die.

[Gizmonster]

Life assurance doesn't cover you until you die - you need a "Whole of Life" policy for this, as Ubasses said :)
The main difference between life insurance and life assurance is that life assurance has a value at the end of the term (think endowment policy). Life assurance policies are more geared to investments and pound for pound, they'll pay out less than a life insurance policy in the event of death within the term of the policy.
If you're looking for maximum cover you need life insurance; whereas if you want something back at the end of the term, go for life assurance.

[New Judge]

Insurance covers you against things that might happen and the premium is lost if it doesn't. Assurance covers you against things that definitely will happen and makes a payout when it does.

[Jonathan-Joe]

Assurance (insurance) policies do not automatically expire at any age. If there is such a restriction on the policy it, will be mentioned in the terms and conditions. A funeral plan can be purchased with little hassle but the insurer will have terms to protect itself.
From the Liverpool Victoria website
http://www.lv.com/over-50-life-insurance/mkt/funeral?cid=LV50Plus/PPC/Google/Generic/Funeral_(BMM)-Funeral_Expenses_(BMM)/_+funeral_+cover/Broad&50plus-sourcecode=WYHF&;50plus-sourcecode2=WYHE&;50plus-tel=0800%2002%2023928&targetgroup=lvppc&gclid=CMPB_Z-hmcQCFU_MtAodsyQAA
"If you die during the first year of the plan we may only pay the premiums you've paid into your plan." This is so that you can't benefit if start a policy on learning that you have limited life expectancy.
More relevant to your question:
"Guaranteed acceptance if you're aged 50 to 80 and living in the UK." LV are willing to assume any customer 50 to 80 years old is an average risk, but will ask about health for those older. So the "age 80" limit applies to taking out a new policy.