Over 60 life insurance

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.

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…

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.

Below you’ll see the four main policy types and some example premium quotes. Quotes are based on a non-smoker who’s in good health:

As you can see from the tables, your age can have a big influence on how much you pay for your cover. For example, when taking out level term life insurance, there’s a £29.21 difference between taking out cover at 60 compared to 69.

In the case of an over 50s plan, most providers have a maximum premium price (for example, £75) that they can offer. Meaning once at this threshold the price offered will remain the same, but your age will influence how much cover you can secure for this price.

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.

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…

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 if you pass away during the waiting period.

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

Below is a price comparison between two leading over 50s plan providers. Quotes are based on £10,000 of cover for a non-smoker:

At Reassured we can arrange over 50 plans up to the age of 85 with a maximum cover amount of £20,000. Simply get in touch to discuss your available options and compare quotes.

If you’re looking for an easy way to cover the cost of your funeral, then a funeral plan may be a good option for you.

A funeral plan allows you to pay for your funeral ahead of time.

It can give you peace of mind that your loved ones won’t have to find the money at short notice to cover funeral fees when you pass away.

A funeral plan also gives you the option to make the arrangements for your final send-off, so there’s less worry for your loved ones during an already difficult time.

Plans arranged through Reassured cover essential costs such as funeral director fees, a hearse, a coffin and crematorium fees.

You can simply choose a funeral plan according to the services you’d like it to include and your budget.

When the time comes, the pay out will go directly to the funeral director to carry out your chosen funeral services, instead of to any beneficiaries.

Funeral plan premiums begin from £19.18 a month, but the exact amount you pay is determined by your age and the plan you choose.

Like with some types of life insurance, you’ll pay a monthly premium until you until you turn 90 or until you pass away, whichever is soonest.

Once you’ve paid the first 24 monthly payments, then a pay out is guaranteed upon your death.

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.

If medical questions are required then the policyholder will have to complete these with one of our consultants.

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

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 in good health for a level term policy, with a term length of 10 years for £50,000 of cover:

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

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.

Yes, some over 60s life insurance policies can be written in trust if offered by the provider.

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.

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.

[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.pdf/