The institution's lead bishop on health and social care, Bishop of Carlisle Rt Rev James Newcome suggested the NHS won't last until 2030 unless a raft of changes are made.
Speaking on Premier's News Hour, Bishop James said: "Health remains on the political agenda and successive governments have, not surprisingly, been thinking about the next election and doing things that are going to be electorally popular.
"So, [they] haven't necessarily been thinking ten, 15 years ahead.
Bishop James is one of 14 peers who have sat on the House of Lords Committee on the Long-term Sustainability of the NHS during the last year.
"There's a strong feeling that - with the population getting older, with more people having what are known now as a multiple morbidities (that's lots of illnesses) - we really do need to be tackling the issue of what the NHS is going to look like and how it's going to be run in the long-term, if it's going to survive."
After hearing evidence from 800, the committee has made 32 recommendations which include raising health service funding at least in-line with GDP between 2020 and 2030.
A Department of Health spokesman said: "We are totally committed to an NHS, free at the point of use, providing world-class care - and we agree that means taking decisions to ensure the sustainability of the service in future.
"That's why we are already expanding the number of medical training places by 25% to ensure we have all the doctors we need, investing in social care and working on a long-term funding solution in a green paper, and putting £325 million into local transformation plans to improve services, with more to follow in the autumn."
The committee is proposes a new, independent Office for Health and Care Sustainability to help safeguard health care for the next 15-20 years.
It also suggests that ministers consider introducing an insurance-based scheme (similar to the UK workplace pension scheme) where employees - and their employer - contribute to their future care costs.
An NHS England spokesman said: "The Lords committee makes a number of important long-term recommendations well worth proper debate and consideration."