Is there an Over 60 Life Insurance Plan?
Mar 12, 2014
I frequently get asked whether there is a specific Over 60 Life Insurance plan available, that offers different benefits and terms than the guaranteed over 50 plan.
Whilst there isn’t an over 60’s life insurance plan as such, the over 50 plan is designed for people between the ages of 50 to 80. Whatsmore, it’s interesting to note that average age of people who buy these over 50 life insurance plans is in fact 62 to 66.
Age ranges do vary depending on the plan provider; some companies only offer over 50 life insurance plans to people under the age of 75 but most accept 50 to 80 year olds. Be aware though that the older you are, the lower the level of cover so you will need to pay more than you were in your 50’s or 60’s.
The main reason for taking out an Over 50 Plan is to help with funeral costs, not surprising considering the average age range of people taking out a plan is early to mid 60’s. Most 50 somethings still believe they are too young to contemplate planning how to pay for our funeral but as we go through our 60s, thoughts change as I guess we become more in touch with our own mortality.
So, whilst there is not a specific over 60 life insurance plan on offer, there are many over 50 plans on the market to choose from. It’s worth shopping around as it’s not just the monthly premiums and levels of cover that vary; some also offer additional benefits and shorter qualifying periods meaning you will benefit from the protection sooner.
A comparison site is a good starting point and you can also check out our Over 50 Plan Reviews to compare the key features of the market leading plans.