Can you get life insurance at 60?

Yes. The good news is it's possible to arrange affordable over 60 life insurance.

In your 60s, you still have a variety of options available to you.

Whilst some forms, such as term life insurance, maybe slightly more difficult to obtain, it's still possible.

Over 60 life cover policy options include:

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

And our award-winning, FCA regulated quote service is free to use.

Find out more about your over 60 life insurance policy options…

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Do I need life insurance over 60?

As retirement age approaches, it's common to question whether you still require life insurance?

Fortunately, people are now living longer, meaning the financial protection you have in place needs to evolve.

Typically, if you have dependants in your life, i.e. children and/or a partner, you'll benefit from having some form of life insurance.

Over 60s life insurance can allow you to:

  • Pay off a mortgage
  • Cover rising funeral expenses, (average cost £4,184[1])
  • Provide an inheritance
  • Clear outstanding debt
  • Fund living costs of loved ones
  • Donate lump sum to a charity/charities

A life insurance pay out can then be used to settle these expenses, as opposed to being deducted from your estate.

The right type of life insurance policy will depend on what it is you're looking to protect.

Cost of life insurance for over 60s

The cost of over 60s insurance is generally calculated in the same way it is at any other stage in life.

The higher the risk you pose to the insurer, the more costly your premiums.

Insurers use certain key information to determine the level of risk you pose, including:

  • Weight/BMI
  • Sum assured
  • Policy type

Due to entering the senior years, it's likely your monthly premiums will be significantly higher than those in early adulthood.

However, if in particularly good health, you may benefit from lower premiums in comparison to someone younger who is in poor health.

How much life insurance do you need?

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

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£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.
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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.
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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.
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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.
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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.
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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.
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Your total cover estimate

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Let us help you find your best quotes

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Affordable life insurance over 60

At Reassured, we can help you arrange over 60 life insurance from just 20p-a-day.

However, this will depend on the previously mentioned factors and the type of cover you choose.

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

Simply get in touch with our FCA regulated team who can provide you with all the required information.

Best life insurance for over 60

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

Certain types of life insurance are better suited to protecting different aspects of your life.

Whilst your eligibility for each type will vary depending on your individual circumstances.

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

Compare Over 60 Life Insurance » Find Your Best Policy

Term life insurance for seniors over 60

  • Provides up to £200,000 worth of cover
  • Protects you for a specified length of time, (the term)
  • Provides a lump sum pay out to your loved ones
  • Level or decreasing term options
  • Medical questions asked

Term life insurance provides cover for a specified length of time and pays a lump sum to your loved ones.

If you pass away within this set time frame, a lump sum pay out is made to your loved ones.

Most insurers, however, only tend to provide term life cover until an upper age threshold.

This is usually 74 years old, meaning only a short cover term will be offered.

It may be that this doesn’t provide you with the length of protection required and if you don’t pass away within this time frame, cover expires.

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

At Reassured, we provide two types of term life insurance; level term and decreasing term.

Level term vs decreasing term life insurance

Level term life insurance provides a pay out which remains fixed throughout the life of the policy.

As a result, it's ideal for covering costs which remain stable, such as an inheritance, interest-only mortgage or funeral costs.

In contrast, decreasing term life insurance provides a pay out which reduces in value over time.

As a result, this cheaper option is well suited for covering a repayment mortgage, where the remaining balance declines over time.

If you decide term cover best meets your needs, it's essential to compare quotes to ensure you secure the best deal.

Get in touch with our team who can undertake the hard work on your behalf, saving you time and money.

Key benefit: If in good health you could secure a much larger sum assured, compared with that of an over 50s plan.

Over 60 whole of life insurance

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

Whole of life insurance lasts for the rest of your life and guarantees a pay out.

This type of policy is very similar to level term life insurance.

The sum assured holds its value throughout the term of the policy, however, cover remains in place for life.

Therefore, a pay out is guaranteed after you pass away, (assuming you pay your premiums).

Due to this, whole of life insurance tends to be more expensive than term cover and because of the length of cover, it's possible to pay more into the policy than the sum assured.

As a result, this type of cover is best suited to those in older age who are in good health.

You'll be required to provide information regarding your medical well being and good health could result in lower premiums.

As with other forms of cover, if looking to arrange whole of life insurance, it's best to compare quotes.

At Reassured, we can do this on your behalf, providing you with all the information you need to make an informed decision.

Key benefit: A guaranteed pay out and you could secure a far greater sum assured, with a lower premium, compared with an over 50s plan, (if in good health).

Compare Over 60 Life Insurance with No Medical »

Life insurance over 60 no medical questions (over 50s plan)

  • Guaranteed acceptance to UK residents aged 50-85
  • No medical information required
  • Guaranteed pay out
  • Premium payments can cease at a certain age
  • Up to £25,000 worth of protection

An over 50s plan offers guaranteed acceptance to UK residents aged 50-85.

The final form of life insurance available to those over 60 is an over 50s plan.

This age limit will vary between insurers, with some providers only offering guaranteed acceptance up to the age of 80.

Due to the lack of medical information, the risk to the insurers is unknown, therefore, the sum assured offered is significantly lower than other policies.

For example, both term and whole of life can offer up to £200,000 of cover, whereas an over 50s plan typically provides £10,000 - £25,000, depending on the insurer.

At Reassured, we're able to help you arrange an over 50s plan 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.

The waiting period

Whilst over 50 plans guarantee acceptance, insurers mitigate their risk by implementing waiting periods.

The waiting period, (or qualifying period), runs from the start of a policy and lasts 12 or 24 months.

During this period, if you were to pass away as a result of natural causes, no pay out would be issued.

Although, any premiums paid would be refunded to your loved ones.

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

Over 60 life insurance without medical

Over 60 life insurance no medical is often confused with an over 50s plan.

However, it's possible to arrange both term and whole of life cover without the need to undergo a medical exam.

Whilst you'll be required to provide medical information, typically, insurers presume that all of the information provided at application is true.

Therefore, if no detrimental health or other high-risk factors are identified, it's likely your cover will be able to go ahead without the need for a medical.

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

It's important that all the medical information you provide is true and accurate otherwise it's regarded as non-disclosure, which could result in the policy being invalid and no payout issued.

To determine the likelihood of having to undergo a medical when arranging life insurance, contact our dedicated team.

Funeral plans for over 60s

  • Locks in today’s cost of a funeral
  • Guaranteed acceptance (no medical questions)
  • Allows you to determine all aspects of your funeral
  • Different payment options available

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

Whilst there are a number of life insurance options available to those in their 60s, it may be that a funeral plan is more suitable.

The cost of a funeral has increased by 128% over the past 16 years and shows no signs of slowing down[1].

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

All aspects of your funeral can be arranged prior to your passing, alleviating both the financial and emotional strain on loved ones.

At Reassured, we compare a range of funeral plans, from simple packages to superior packages to suit any budget.

If this seems like a better option for you, get in touch to discuss your options.

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

Life insurance for over 65

Upon retirement, it's important to remember that any work-based benefits, such as death in service, will no longer be in place, highlighting a new need for life insurance.

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

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

Whilst retirement can bring with it newfound freedom, it can also present a tightening budget.

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

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

If you experience problems paying your premiums, contacting your insurer may present the opportunity to reduce your level of cover to one which fits your budget.

Alternatively, comparing a new set of quotes may unearth a more cost-effective policy.

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

Joint over 60 life insurance

Arranging joint life insurance cover can save you approximately 25% on your monthly premiums.

Cover protects two lives simultaneously, but will only pay out upon first death.

This can leave the surviving partner unprotected and needing to arrange new cover when older.

Whilst it's possible in your 60s to arrange joint cover on term life insurance, this option isn't available with over 50s plans or whole of life insurance due to the guaranteed nature of the pay out.

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

Critical illness cover

Critical illness cover is an additional layer of protection that allows you to make a claim if diagnosed with a life-changing, but not terminal, illness.

It can form part of your life insurance policy, or be a separate standalone product.

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

It's likely you'll still be able to obtain critical illness cover in your 60s, although the cost of premiums will continue to rise as you age.

As a result, it's best to arrange cover as soon as possible to benefit from the lowest possible premium.

To arrange critical illness cover, contact Reassured to discuss your options.

Terminal illness cover

At Reassured, all life insurance policies come with terminal illness cover as standard.

This means if you're diagnosed with a terminal illness and given less than 12 months to live, you can make an early claim.

The one exception to this is an over 50s plan, which doesn't include terminal illness cover.

An early pay out could be used to pay for a carer, settle your finances prior to your passing or simply to enjoy with family.

Compare Over 60s Quotes - Save Money »

Writing your life insurance in trust

Writing your life insurance in trust means passing over the rights of your policy to a trusted person upon your passing, similar to the executor of a will.

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

Writing your life insurance in trust detaches the sum assured from your estate, providing three key benefits:

  • Reducing or eliminating inheritance tax (40% on anything over £325,000)
  • Bypassing probate for a faster pay out
  • More control over how the proceeds of a policy are distributed.

At Reassured we offer a free trust service on the majority of the policies we sell, offering all of the support and guidance needed to ensure your policy is written in trust correctly.

Simply contact our customer services team who'll talk you through the process step-by-step.

Life insurance for parents over 60

It's not unusual to arrange life insurance on behalf of your parents, particularly when they're in their senior years.

Whilst it's possible to arrange life insurance for parents over 60, the policy will remain in their control.

They'll need to be aware of the policy and will have full ownership of it.

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

Life insurance for women over 60

Due to the extended average life span of women, years ago being female would result in cheaper premiums.

However, the introduction of the Equality Act in 2010 means that gender can no longer be used as a factor when calculating life insurance premiums.

Therefore, arranging cover as a woman over 60, won't differ from the process or likelihood of being accepted if you were male.

Over 60 life insurance calculator

The cost and cover available to you will be determined by your individual circumstances and what it is you're looking to protect.

However, you can estimate how much cover you require by summing together the various aspects within your life you're looking to secure.

For example; outstanding mortgage + outstanding debt + funeral cost + inheritance = cover required.

Whether or not it's feasible for you to obtain this level of cover will depend on the level of risk you pose to the insurer and your budget.

Get in touch and let us help you find the best available over 60 life insurance cover.

Over 60 life insurance benefits

Recent data from Public Health England has shown that people in England are living longer than ever before.

This has resulted in an increased life expectancy, which was just 71 years old in 1970, of 79.5 years for men and 83.1 years for women[2].

As a result, people are looking at arranging life insurance much later on in life.

The key benefit of arranging life insurance in your 60s is that you still have an array of options available.

However, the cost of premiums will continue to rise as you age.

Why not seize the day and contact our award-winning team to get your free quotes today?

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 significantly between insurers, making it more important than ever to compare quotes.

Using an FCA regulated life insurance broker, such as Reassured, allows you to easily 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 step to securing your loved one's financial future.

Compare Over 60 Life Insurance Quotes »

Sources:

[1] SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021

[2] https://www.gov.uk/government/publications/health-profile-for-england/chapter-1-life-expectancy-and-healthy-life-expectancy

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