Can you still get life insurance over 60? The simple answer is yes.
However, as we age the more expensive life insurance becomes. Basically, the older you get, the greater the risk to the insurer and so the higher the premium. But don’t let that put you off. Over 60s life insurance is potentially a key financial planning tool that can start from less than £4 a month.
What is the best life insurance for a 60 year old?
Ultimately, the best life insurance for a 60 year old will depend on your personal circumstances and what you can afford. You have a choice of two types of over 60 life insurance:
1. Over 60s life insurance without a medical - More commonly known as over 50 life insurance, but don’t hold that against it. With these plans there are no medical questions to answer. The state of your health doesn’t matter, you won’t be turned down and it guarantees to payout when you die.
2. Whole of life insurance with medical and lifestyle questions - If you’re happy to answer questions about your health and lifestyle, then a regular whole of life insurance plan may be worth considering. The application process is longer, however if you are accepted, the cash sum could be 30% bigger than with guaranteed over 60 life cover.
There is a risk your application could be turned down, but if it is, you always have the over 50 plan as a fall back.
What is the cost of life insurance over 60?
The cost of life insurance over 60 is based on the type and the amount of life cover you want.
For example, a 60 year old non smoker man or woman paying £10 a month may get £2,247 with SunLife Over 60 life insurance, regardless of their health. Or £3,164 with regular whole of life insurance. (correct as at 25th August 2021) provided they are a non-smoker and in good health.
How is the cost of over 60 life insurance calculated?
Your monthly premium will be calculated based on your age, how much life cover you want and the insurance provider you choose, as rates vary between them. Some will also take into account whether you smoke, so you may get a higher cash sum if you don’t.
Monthly premiums are payable for life or until you are 90*, so there is a chance you could pay more into the plan than the cash sum paid out. You are however, covered for the full cash sum after an initial period of one or two years.
Is it worth having life insurance after 60?
It may be worth having life insurance after 60. For example, Over 60s life insurance is an option if you want to leave some money when you die but would rather not have to go through any medical or lifestyle checks. As long as you are aged 50 to 80 (up to 85 with SunLife and live in the UK, you are guaranteed to be accepted. The application process is quick and simple and provided you abide by the terms of your policy, a cash sum is guaranteed to be paid out.
This money could be used to:
- Help with funeral costs
- Pay off outstanding debts or loans
- Leave some money for loved ones
- Leave some money for charity
What about funeral cover for over 60s?
If you want to leave money to help with funeral costs, you could consider over 60 life cover with a funeral benefit option such as Sunlife, Royal London, One Family and Aviva. The way it works is simple. You agree to have your cash sum paid directly to a specified local funeral director and in return you receive additional money towards the cost of your funeral.
If you’d like to do more, you could consider a more comprehensive funeral plan or a simple direct cremation plan.
If you want a plan that gives you some flexibility, then Royal London Over 50s life insurance or British Seniors cover may be worth a look.
British Seniors offer an increasing benefit option that protects your policy from the effects of inflation. Royal London lets you reduce your premium and offers a protected payout, which pays 50% of cash sum if you need to stop paying, as long as you’re over halfway through the term.
Compare life insurance for over 60s
Use our free and quick online service to compare life insurance for over 60s and get a quote.
Or take a look at our guide to over 50 life insurance including reviews of all the leading providers.