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

Over 60 life insurance could be a good idea if you want peace of mind knowing your family are protected. Whether you want to leave a cash gift, help with funeral costs, or just want to tie up loose ends financially, over 60s life insurance could be worth considering.

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

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Why should I get over 60 life insurance?

Over 60s choose life insurance for a number of reasons. You may want to cover an outstanding mortgage, support dependents, or replace lost income should the worst happen. Or perhaps you’d like to leave a cash gift for loved ones or help with funeral costs.

Whatever your reason for choosing life insurance for over 60s, there are several options that could help.

What life insurance can you get over 60 years of age?

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

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

Over 50 life insurance is available to anyone between the ages of 50 to 84*. These plans guarantee a 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 term and whole of life insurance here.

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:

Age Monthly Premium Cash sum
60 £10 £2,271
60 £15 £3,486
60 £20 £4,767
60 £40 £9,545

How is the cost of over 60 life insurance calculated?

The cost of your monthly premium will be calculated based on your age, how much over 60 life cover you want and the insurance provider you choose, as rates vary between them. Some insurance providers 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*.

Why using an over 60 life insurance calculator can helpover 60 life insurance calculator

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 60s life insurance quotes without obligation.

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.

What is the best over 60 life insurance for me?

The best over 60 life insurance for you 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 insurance 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.

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.

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*depending on the plan provider

Updated 18th January 2022 by Ashley Shepherd

Ashley is the founder and managing director at Over50choices. With over 30 years’ experience in financial services, he has held senior roles in building societies, banks and insurance companies.

Ashley Shepherd

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