Can you take out life insurance at 60?

Yes, good news, in your 60s it’s still completely possible to:

  • Take out affordable new life insurance cover
  • Secure additional protection to layer with an existing policy
  • Secure cover without the need for a medical

For those aged 60 and over there’s still a variety of options to choose from, with some forms of cover offering guaranteed acceptance.

This guide will explore the various policy options that are available to you aged 60 and over, including how much they cost and top tips on how you can secure the right cover at the best price.

At Reassured we can provide you with all of the information you need to make an informed decision on the right protection to meet your unique needs.

Plus, you can obtain quotes using our award-winning broker service completely free of charge.

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What is over 60s life insurance?

Over 60s life insurance is simply life insurance that’s taken out by those aged 60 and over.

At age 60 it’s likely that your financial commitments may have changed and you may not have as many responsibilities as you once did.

For example, you may have paid off the mortgage and/or your children may now be financially independent and not living in the family home.

Taking out cover in your 60s allows you to only cover your remaining financial commitments.

The most common form of over 60s life insurance is an over 50s plan, as you’ll be guaranteed acceptance with no need to provide any medical details.

But this isn’t your only option. Keep reading to find out about all of the available policy types for those over 60…

Do I need life insurance over 60?

Recent data from Public Health England has shown that people in England are living longer than ever before, with life expectancy now at 78.8 for men and 82.7 for women[1].

With is in mind many over 60s are choosing to secure cover to protect their loved ones throughout their later years.

Whether you need cover in your 60s will depend on your personal needs and circumstances.

Over 60s life insurance can enable you to:

  • Help to pay off remaining mortgage balance
  • Cover rising funeral expenses and relieve your loved ones of this obligation (average funeral cost £4,184)[2]
  • Clear any outstanding debts in your name (for example, credit cards or loans)
  • Fund living costs for your loved ones
  • Provide an inheritance for loved ones to spend as they wish

If you’d like to take care of any of these financial responsibilities for your loved ones, you may benefit from having life cover in place.

Why not contact an expert, like Reassured, our friendly team can help you to determine if life insurance is right for you by providing you with all the information you need to make an informed decision.

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How much is life insurance over 60?

Due to entering the senior years, it’s likely your monthly life insurance premium will be higher than those in early adulthood.

However, if you’re still in good health, you may benefit from lower premiums in comparison to someone younger who’s in poor health.

Ultimately, the amount you pay will vary as insurers will use certain key information to determine the level of risk you pose. This information includes:

  • Age
  • Health/wellbeing
  • Smoking status
  • Weight/BMI
  • Medical history
  • Sum assured (cover amount)
  • Policy type

The table below shows the different life insurance policy types and the cost of the average premium for two common sum assured amounts.

Both level and decreasing term quotes are based on a 14-year term with either £100,000 or £50,000 of cover.

Whole of life quotes are based on either £100,000 or £50,000 of cover and the over 50s plan is based on a maximum sum assured of £25,000 or £10,000 of cover.

All quotes are based on a non-smoker.

Age Level term £100,000 Level term £50,000 Decreasing term £100,000 Decreasing term £50,000 Whole of life £100,000 Whole of life £50,000 Over 50s plan £25,000 Over 50s plan £10,000
60 £36.79 £21.35 £23.35 £13.50 £208 £110.05 £75 £39
65 £70.56 £38.59 £39.63 £22.15 £262.70 £138.36 £75 £49
70 £134.54 £67.89 £65.47 £34.40 £244.29 £180.72 £75 £67.76
75 £248.55 £124.17 £115.34 £57.04 £481.05 £251.71 £75 £75
80 Cross Cross Cross Cross £662.98 £346.25 £75 £75


As you can see from the table, your age and the level of cover can have a significant impact on the amount you pay when taking cover out over 60, so it’s important to only take out what you need.

Our team here at Reassured will be happy to discuss your unique needs to help you establish the level of cover you require, as well as compare multiple quotes from some of the UK’s best life insurance providers.

How to get affordable life insurance over 60?

Although your age may be a big deciding factor in how much insurers will charge you for your premium, it’s still possible for you to secure affordable life cover.

You can ensure you secure the cheapest premium by:

  • Leading a healthy lifestyle
  • Securing a joint policy (save up to 35%)
  • Only taking out the cover you need
  • Securing cover in your early 60s, rather than later
  • Comparing multiple quotes

The most effective way to secure the best possible deal is to compare multiple policies and quotes.

Simply get in touch with our award-winning team who can compare quotes, helping you to save time and money.

Over 60 life insurance calculator

As discussed above, it’s important to only take out the cover that you need.

Securing a higher sum assured will only lead to you paying more into the policy than is necessary for your needs.

The amount of cover you require can be worked out by adding all of your financial commitments together and the sum of this will be your sum assured.

Alternatively, you can input these expenses into our life insurance calculator below to get an idea of how much cover you require.

How much over 60 life insurance do you need?

Enter your financial commitments to understand the level of over 60 life insurance cover you need.

?

£121,687 is the estimated average outstanding mortgage per household in the UK.

Our property is generally the largest financial commitment any of us will make.

Your life insurance should cover this significant debt should you no longer be around.
£
?

According to Money Advice Service, full-time childcare in the UK now costs £242 a week.

The loss of a parent could result in the need for additional childcare whilst the surviving parent increases their hours to account for lost income.

Your life insurance cover should factor in this additional required outgoing.
£
?

The average level of debt (minus a mortgage) in the UK is £15,385.

Factoring in any outstanding debts in your name when arranging life insurance ensures this burden is not passed to loved ones.
£
?

You may wish to leave your loved ones an inheritance or lump sum gift upon your passing.

Factoring in the gift amount when arranging your cover will ensure the pay out amount will be sufficient to provide your loved ones with this selfless gesture.
£
?

According to SunLife, the average cost of a UK funeral is now £4,417, whilst the total cost of dying is £9,493.

This is a 130% increase over the past 16 years and shows no signs of slowing down.

A significant cost which should be factored into the amount of life insurance you secure.
£
?

If you are one of the 65% of the UK who are lucky enough to have savings, this could be used as protection if you were to pass away.

Any pay outs from existing life insurance policies and investments can also be used as financial protection for your loved ones if you were no longer around.

Factor this into your required cover amount.
£

Your total cover estimate

£ 0

Let us help you find your best quotes

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What is the best life insurance for over 60?

The best life insurance, if you’re over 60, will depend on what you want to protect as well as your age, health and available budget.

Over 60 life cover policy options include:

Each policy type is better suited to protecting different aspects of your life.

Over the age of 60, your eligibility for each type will vary depending on your individual circumstances.

It’s not a case of one policy or another as it’s possible to have more than one life insurance policy simultaneously.

For example, if you have an existing term policy, you may choose to layer this with an over 50s plan or funeral plan to ensure funeral costs are taken care of so your loved ones won’t have to pay out of their own pocket for this large expense.

Read on to determine the best type of cover to meet your unique needs…

Term life insurance

  • Protects you for a specified length of time (the term)
  • Provides a cash lump sum pay out for your loved ones
  • Level term or decreasing term policy options
  • Medical questions asked
  • Cover from 30p-a-day

Term life insurance provides cover for a specified length of time and pays out a lump sum to your loved ones if you pass away during the term.

You can choose between:

Level term life insurance
This policy type will provide a fixed sum assured which can help to protect large expenses such as an interest-only mortgage (as well as other large debts) or it can provide an inheritance for your loved ones.

Or

Decreasing term life insurance
With this policy type your sum assured will reduce over time, making it an ideal option to cover a repayment mortgage as you can have you sum assured decrease in line with your remaining mortgage balance. Alternatively, your sum assured can reduce each year as your children get older and become less financially dependent.

Out of the two, decreasing term life insurance could be a more affordable term solution for those over 60, as the cover amount reduces each year.

Most insurers tend to provide term cover until an upper age threshold, typically this is 74 years old (but this can vary between providers), meaning you’ll only be offered a short term when taking out cover.

Due to this, term life insurance may not provide you with the length of protection required, as your loved ones will only receive a pay out if you pass away during the policy term.

Furthermore, due to the increased risk to the insurer because of your age, premiums can be high.

Key benefit: If in good health you could secure a much larger sum assured compared to an over 50s plan with a lower premium.

If you decide that term life insurance best meets your needs, why not use Reassured to compare both level and decreasing solutions?

Compare Over 60 Life Insurance Quotes »

Over 50s plan

  • Guaranteed acceptance to UK residents aged 50 - 85
  • Provides a cash lump sum pay out
  • No medical information required
  • Guarantees loved ones a pay out
  • Sum assured up to £25,000

An over 50s plan is the most common option for those over 60, this is because those aged 50 - 85 are guaranteed acceptance and won’t need to provide any medical information (or undergo a medical exam).

Although this age limit can vary between insurers, with some only offering guaranteed acceptance up to the age of 80.

Due to the lack of medical information, some of the risk you pose to insurers is unknown so the sum assured offered is significantly lower than with other policy types.

For example, an over 50s plan typically provides between £10,000 - £25,000 of cover (depending on the insurer).

Whereas term and whole of life can provide up to £200,000.

There will also likely be a ‘waiting period’ added to your policy. This is typically the first 12 - 24 months of your policy where a pay out won’t be made if you pass away due to natural causes.

Any premiums paid into the policy will be refunded to your loved ones.

Once your waiting period has passed you’ll be fully covered for all causes of death a standard policy covers.

Over 50 plan quotes below are based on £5,000 of cover for a non-smoker.

Age SunLife logo OneFamily logo
60 £21.19 £19
65 £25.45 £25
70 £33.88 £38
75 £47.76 £50
80 £66.31 £75

Key benefit: Guarantees acceptance for all UK residents aged 50 - 85 and no health questions or medical exam on application.

At Reassured we can arrange over 50 plans up to the age of 85 with a maximum cover amount of £25,000. Simply get in touch to discuss your available options and compare quotes.

Whole of life insurance

  • Cover lasts for the rest of your life
  • Guarantees your loved ones a pay out
  • Provides a lump sum (greater sum than that of an over 50s plan)
  • Medical questions asked

Whole of life insurance provides lifetime cover and guarantees your loved ones a pay out when you pass away.

This makes it an ideal option for providing an inheritance and covering your funeral costs.

You’ll need to continue paying premiums for the rest of your life to keep your cover valid, although some providers have an upper age threshold in which premiums cease but your cover remains (typically this is around 80 years old but can vary depending on the insurer).

This can make whole of life insurance a costly option, especially if your premiums are inflated due to ill health.

For this reason, this policy type can be well suited to those over 60 who are still in good health.

You’ll be required to provide medical information during the application so good health could result in a more favourable premium.

Key benefit: Provides a guaranteed pay out and you could secure a far greater sum assured than with an over 50s plan.

Compare whole of life insurance quotes through Reassured to find the best available deal.

Funeral plan

  • Locks in today’s cost for a funeral
  • Guaranteed acceptance (no medical questions asked)
  • Allows you to plan your funeral in advance
  • Flexible payment options
  • Prices from £19.11* a month

Pre-pay for your funeral with a funeral plan to avoid future rising costs.

It’s likely that the funds from your life insurance pay out will go towards funeral costs to relieve your loved ones of this financial burden.

However, the cost of a funeral has increased by 128% over the past 16 years and shows no signs of slowing down[2].

Purchasing a funeral plan allows you to pre-pay for your funeral at today’s rate, avoiding further price rises.

A funeral plan also allows you to plan all aspects of your funeral prior to your passing, alleviating both the financial and emotional strain from your loved ones.

Key benefit: You can lock in the cost of a funeral at today’s rate, avoiding rising costs.

If a funeral plan seems better suited to your needs, get in touch to discuss your options.

At Reassured we compare a range of funeral plans, with flexible payment terms (up to 20 years).

Critical illness cover

  • Additional layer of financial protection
  • Provides a tax-free lump sum pay out
  • Covers a wide range of illnesses
  • Available as part of a life insurance policy
  • Available up to age 70

Critical illness cover provides an additional layer of protection that allows you to make an early claim if you’re diagnosed with a life-changing, but not terminal illness, that’s listed within your policy.

The pay out could be used to make necessary adaptions to your home, fund medical treatment or enjoy with your loved ones.

Critical illness cover is available up until age 70, so it’s possible to secure this form of cover in your 60s (however you may experience higher premiums due to your age).

If you’ve developed any medical conditions throughout your lifetime, it’s likely these will be written into your policy as exclusions, this means you won’t be able to make a claim for this illness.

The table below shows a cost-per-month price comparison for a life insurance policy without critical illness cover vs a life insurance policy with critical illness cover.

Quotes are based on a non-smoker for a decreasing term policy, with a term length of 14 years for £50,000 of cover.

Age Life insurance without critical illness cover Life insurance with critical illness cover
60 £13.50 £78.78
65 £22.15 £128.44
70 £34.40 £192.11

Key benefit: Provides additional financial protection against serious illness.

Reassured can compare life insurance policies with critical illness cover added, get in touch for your free quotes.

Life insurance for parents over 60

Taking out life insurance on behalf of your parents is not uncommon, particularly when they’re in their senior years.

Any of the above policy options will be available for you to take out on their behalf.

The policy will remain in their control as they will be the main policyholder and they’ll need to be aware of the policy you have taken out for them.

Therefore, determining the beneficiaries and any changes to the policy will require their permission.

Get in touch with our award-winning team to find the best life insurance solution for your parents.

Life insurance for women over 60

Years ago, being female would result in cheaper premiums. However, due to the 2010 Equality Act gender is no longer used as a factor when calculating premiums.

Therefore, your gender will not make a difference when applying for life insurance and the above policy types and prices will be the same for both males and females over 60.

Can I take out joint over 60 life insurance?

Yes, it can be possible to secure joint over 60 life insurance, but this will only be possible when taking out term or whole of life insurance.

It’s not currently possible to secure an over 50s plan on a joint basis.

A joint life insurance policy will cover two lives simultaneously, helping you to save money as you’ll only need to pay one premium.

This makes joint life insurance ideal for those on a budget.

However, a joint life insurance policy will only pay out once (usually upon the first death).

After this, the policy will expire which will leave the surviving partner unprotected and needing to arrange new cover at an older age.

For this reason, if your budget allows, it can be more beneficial to secure two single policies to provide two separate pay outs.

The table below shows the price comparison between a joint policy vs two single policies.

Quotes are based on non-smokers for a decreasing term policy, with a term length of 14 years for £50,000 of cover.

Age Joint policy Two separate policies
60 £24.81 £27
65 £40.86 £44.30
70 £59.90 £68.80
75 £93.57 £114.08


If joint life insurance is more suited to your available budget, get in touch for your free quotes.

Do I need a medical for over 60s life insurance?

No, it’s possible to secure over 60s life insurance without the need to undergo a medical exam or provide medical information.

This includes a physical exam, visiting a GP or even having to release your medical records to the insurer.

This is possible through an over 50s plan, which guarantees acceptance to those aged 50 - 85 with no need to provide any medical information.

Alternatively, if applying for term or whole of life insurance, you won’t be required to undergo a medical if no high-risk factors are identified (although you’ll need to provide medical information during the application process).

It’s important that all the medical information you provide is true and accurate, otherwise, this is regarded as non-disclosure which would result in a policy becoming invalid and no pay out issued.

At Reassured we can help you to secure over 60s life insurance without a medical, simply get in touch today.

Read our comprehensive life insurance with no medical article if you require additional information »

Do you need life insurance after 65?

At the age of 65, all of the previously mentioned life insurance options are available to you.

However, with retirement around the corner, it’s important to consider whether your premiums will still be affordable.

If the cost of your premiums becomes unaffordable and payments are missed, your cover will expire.

This could result in your selfless investment being wasted and your family being left without necessary protection.

Comparing multiple quotes will allow you to find a policy that meets your needs, at a price within your budget.

Are you currently in your 70s? If so, read our in-depth article on over 70 life insurance policy options »

Is over 60s life insurance guaranteed to pay out?

Whether your over 60s life insurance policy is guaranteed to pay out will depend on which policy type you have taken out.

A whole of life insurance policy or an over 50s plan (types of life assurance) both provide cover for the rest of your life (as long as premiums are maintained), so your loved ones will be guaranteed a pay out when you pass away (not if).

However, a term life insurance policy will only pay out if you pass away during the term.

To guarantee your loved ones a pay out, why not compare whole of life insurance and over 50s plans through Reassured?

Can over 60s life insurance be written in trust?

Yes, over 60s life insurance can be written in trust.

Writing your life insurance in trust means passing over the rights of your policy to a trusted person (the trustee) upon your passing.

The trustee will then be responsible for carrying out your wishes regarding your life insurance pay out.

There are three main benefits to writing your life insurance in trust:

  1. Reduce or eliminate inheritance tax for your loved ones (40% on anything over the £325,000 threshold)
  2. Provide a faster pay out by allowing loved ones to bypass probate
  3. Have more control over how/when the proceeds of your policy are distributed

At Reassured we offer a free trust writing service with most of the policies we sell, offering all of the support and guidance needed to ensure this process is completed correctly.

Our customer service team will be happy to talk you through the process step-by-step.

Do you lose life insurance when you retire?

No, your life insurance policy will stay in place after retirement.

Your policy will only end when one of the following happens:

  • Your policy term comes to an end
  • You pass away
  • You make a critical illness or terminal illness claim
  • You stop making premium payments
  • You cancel your policy

However, upon retirement, it’s important to remember that any work-based benefits (such as death in service) will no longer be in place.

This highlights the need to re-evaluate your life insurance needs to ensure you have the right level of cover to meet your new circumstances.

If you’ve recently retired and are looking to secure cover, why not let Reassured provide you with all the information you need?

We can talk through your needs and provide details of your available options to help you find the best solution.

Compare life insurance quotes for over 60

As discussed, arranging life insurance in your 60s can be very affordable.

The most important thing is to choose the right policy that best meets your needs (but at the lowest price).

The cost and cover available will differ slightly between insurers, making it more important than ever to compare quotes.

Using a life insurance broker enables you compare quotes and gain all of the information required to make a fully informed decision.

We’re also on hand to help with the application process, write your policy in trust and answer any questions.

Simply get in touch and take the first steps to securing your loved ones' financial future.

Compare Over 60 Life Insurance »

Sources:

[1] https://publichealthmatters.blog.gov.uk/2021/03/31/life-expectancy-in-england-in-2020/

[2] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/cost-of-dying-report-2021.pdf/

*£19.11 per month pricing includes a £75 discount only available to Co-operative members and is based on a 50-year-old purchasing a Co-operative Simple Funeral Plan at £3,020 over the maximum term available of 25 years (total amount repayable £5,733.40) as of 1st March 2021

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