Is over 60s life insurance worth it?

By Ashley Shepherd

Updated 24th August 2023

There are many reasons why over 60s life insurance might be worth considering. Perhaps you still have family that depend on you or an outstanding mortgage. Or maybe you have started thinking about later life and how you can protect your family financially from outstanding bills or funeral costs.

Whether you are in your 50s, 60s, or 70s, life insurance can play an important part in protecting your family from unwanted expense. But how do you find the best over 60 life insurance for you and will it be expensive?

The following information explains what’s available and how the different types of cover work, how much they cost and how an over 60 life insurance calculator could help you choose the best plan for you.

What is over 60 life insurance?

The options available for over 60 life insurance include term insurance, which provides life cover for a specific period, and whole of life insurance that covers you for the whole of your life. However, when people refer to life insurance for over 60 year olds, they are usually talking about over 50 life insurance.

Over 50 life insurance can appeal to over 60 year olds as the application process doesn’t include any medical or lifestyle questions. This means your acceptance is guaranteed regardless of any health issues.

But if you are over 60 and thinking about life cover, it makes sense to look at all the options before deciding on the best plan for you.

Types of life insurance for over 60 year olds

The three types of life insurance you may want to consider in your 60s are:

1. Term insurance – covers you for a specific number of years
2. Whole of life – covers you for life. Whether your application is successful will depend on your health and lifestyle
3. Over 50 life insurance – covers you for life. Your acceptance is guaranteed regardless of your health and lifestyle

Over 50 life cover is available to anyone between the ages of 50 to 85. These plans guarantee a cash pay-out when you die. There are no medical questions to answer so the state of your health doesn’t matter. As long as you are a UK resident, you won’t be turned down.

If you are happy to answer health and lifestyle questions, regular whole of life cover will pay out a larger cash sum compared to a guaranteed over 50 plan. However, if your application is turned down, you can always consider the guaranteed option.

You can find out more about whole of life and term insurance here.

Is it worth getting life insurance when you’re 60?

Over 60 life insurance could be worth it if you want to leave money for loved ones as a gift, help with funeral costs or provide extra financial help. Choosing the right over 60 life cover will depend on your circumstances and budget. An over 50 plan could be more affordable whereas regular life insurance will provide more cover.

If you feel your loved ones could struggle financially if you weren’t there to support them, or you would like to help out with funeral costs or leave money to tie up any financial loose ends, then over 60 life insurance could be a good idea.

How much is life insurance for over 60 year olds?

The cost of over 60 life insurance will depend on the type of policy you choose, your age and the amount of cover you need. Term insurance and regular whole of life policies will also take into account your health and lifestyle. The greater the risk, the higher the cost will be.

The cost of over 50 life insurance is more straightforward. For example, with market leading provider Sunlife, a 60 year old non smoker could expect to pay the following:

Using an over 60 life insurance calculator can help you compare the benefits and the amount of cover companies provide.

Why using an over 60 life insurance calculator can help

An over 60 life insurance calculator can help you see at a glance how much cover you can get for your money. Most leading providers have calculators on their websites. They are free and easy to use and can help you compare over 60 life insurance quotes without obligation.

Using an over 60 calculator is just one part of comparing plans however. In addition to reviewing over 60 life insurance quotes, you should also look at the how policies work, as the cheapest plans aren’t always the best.

What does Martin Lewis think about over 60 life insurance

When it comes to over 60 life insurance, Martin Lewis thinks it could be a good idea if you can afford it and have a need for it. For example, if you have someone who relies on you financially, Martin Lewis believes life cover could be a cheap way to provide a financial lifeline, should the worst happen.

He does however advise caution when it comes to over 50 plans, stating that regular whole of life or term insurance will provide more cover for your money. However, he recognises that if you have health concerns or a shorter life expectancy, then this type of plan could be a good option.

What is the best over 60 life insurance for me?

The best over 60 life insurance will depend on your own personal needs. If you want simple, affordable cover that is guaranteed to pay out a cash sum when you die, then an over 50 plan may be worth considering. However, if you are in good health, regular life cover would give you a larger cash sum.

Whichever type of over 60s life insurance you choose as the best for you, remember comparing quotes will help you find the best deal.