In short yes there is an Over 60 Life Insurance without medical plan, but it is usually marketed as the more commonly known Over 50s life cover. If you are looking for life insurance over 60 though, it is worth knowing that there are a couple of options available to you that could give you a greater cash sum, so please read on.
Is Over 60 Life Insurance a good idea?
First of all it helps to think about why you want over 60s life insurance; is it to leave money for the family when you die or perhaps to help pay for funeral costs. As claims for whole of life insurance plans are usually paid quite quickly, many people do consider them to help with the latter but do look at prepaid funeral plans too as that may be a more suitable option.
Over 60 life insurance without medical as it says on the tin, an insurance plan, so you are paying to cover a risk. The guarantee you get with this type of insurance though is that as long as you pay your monthly premiums, a cash sum will be paid out when you die; and you are covered after the first one or two years depending on the over 60 plan you choose.
The flip side of this however is that as premiums are payable either for life or until you are 90, there is a chance you could pay more into the plan than the cash sum paid out; it all depends on how long you life.
How can I get more cover for my money?
In general over 60 or indeed over 50 life insurance plans as they are usually referred to are available to anyone living in the UK within a specific age range, usually 50 to 80 years. Acceptance is guaranteed and there are no medical or lifestyle questions to answer; basically you are covered regardless of your health.
If you are happy to answer health and lifestyle questions, then a regular life insurance plan could offer you more cover; in some cases the cash sum paid out on death could be 40% bigger. The application process is longer and depending on your answers to the questions, there is a chance you could be turned down but then you could always look at the guaranteed option.
How do I find cheap over 60 life insurance quotes?
Whether you are looking for the cheapest or the best over 60 insurance plan it is important to shop around using the number of comparison services available like the one we offer at Over50choices. Like us, some companies are also qualified to give advice rather than just factual information which can be welcome if you would like some guidance to help point you in the right direction.
Which is the best over 60 life insurance plan?
Choosing the best over 60s life insurance policy really depends on what you are looking for as plans do vary slightly. If you are looking to help with funeral costs and have ruled out a prepaid funeral plan, then choosing an over 60 life cover plan that includes a funeral benefit option may be beneficial. The funeral benefit option gives you the chance of increasing your cash sum, usually by between £200 and £300 by agreeing for the money to be paid directly to a specified local funeral director to help with funeral costs. Sunlife Direct, Royal London, One Family (formally known as Engage Mutual) and Aviva are to name but a few over sixty life insurance providers that offer this option.
Alternatively if you want a plan that gives you flexibility, then the updated Royal London Over 50s Life Insurance cover may be worth a look; or if you hate the idea of paying more in monthly premiums than the cash sum paid out, take a look at British Seniors.
Then of course there is the cash sum that is paid out as this will vary from company to company. Some over 60 life insurance quotes have different rates for smokers, so if you are a non smoker, you make get a greater cash sum. Again a comparison site like ours will make research very easy.
So when it comes to looking for life insurance over 60 or 70 years old, think about why you want it and what you are comfortable paying monthly on an ongoing basis; then have a good look around at what is available to you. Comparing Over 60 life insurance quotes therefore is a must.
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