Is SunLife the right over 50 life insurance provider for…
In your 60s its likely you no longer have the financial commitments you once had, such as large mortgage debt and a young family to provide for.
Perhaps you’re now heading towards retirement and/or planning ahead for later life?
Whatever stage you’re at, it’s important to ensure you have the right protection in place for your loved ones should the worst happen.
The best life insurance over 60 will depend on your needs and budget, but we can help to inform you of which policies may be best suited.
Find out your available options and lock-in the best possible price we can offer you by comparing FREE quotes through Reassured.
In 2022 alone, we helped more than 16,000 over 60-year-olds secure affordable life insurance to protect their loved ones.
Quotes through us are without obligation and life insurance for over 60s starts from just 20p-a-day + .
In this guide, we explain:
Yes, you can take out life insurance over 60.
It’s still possible to secure affordable cover while in your 60s and ensure that your loved ones receive a cash sum after you’re gone.
Your specific age, personal circumstances and budget will influence which policies may be best for you.
For example, you may consider an over 50s plan if you have a health condition as you can secure cover without providing any medical information.
Or, if you’re in good health, term life insurance could be more suitable if you’re looking for low-cost cover for a set period of time.
Going directly to an insurer for a quote may not present you with all your available options or the best rates. This is where our broker service can help.
Over 60s life insurance is simply life insurance that’s taken out by someone who’s over 60.
As mentioned, people in their 60s have several policy options available to them through Reassured, including:
The option that’s right for you will depend on your personal circumstances and what you’re looking to protect.
With any type of life insurance, you’ll pay a monthly premium for the duration of your cover and if you pass away during the policy term, a pay out is made to your loved ones.
Over 50s plans and whole of life insurance are usually more popular among people in their later years because a pay out is guaranteed.
This makes them ideal for helping to cover funeral costs and/or leaving an inheritance.
Compare quotes through Reassured to find the best life insurance policy for over 60 from our panel of insurers.
When applying for life insurance, it’s important to think about what you want your policy to protect and how much cover this would require.
Knowing how much cover you need can help you to find the best life insurance to meet your needs.
You can work out your ideal cover amount by using our calculator below:
Yes, you can get over 60s life insurance without the need to undergo a medical exam or provide any medical information.
The best life insurance for seniors over 60 with no medical exam is an over 50s plan, which guarantees acceptance to those aged 50 - 85 with no medical questions asked.
You can apply for this type of policy without disclosing any health problems or releasing your medical records to the insurer.
If applying for term or whole of life insurance, then you’ll need to disclose your medical information but it’s unlikely you’ll need to undergo a medical exam.
At Reassured we can help you to secure over 60s life insurance without a medical, simply get in touch today.
Whether it’s worth getting life insurance in your 60s will depend on your personal and financial circumstances.
Many people in their 60s are still working full-time and paying off their mortgage, while others are retired with fewer financial responsibilities.
In either case, life insurance can provide peace of mind, knowing that your finances will be taken care of and your loved ones won’t be faced with unexpected costs after you’re gone.
In the UK, people are living longer than ever before, with the average life expectancy being 78.7 for men and 82.7 for women.
With this in mind, many over 60s are choosing to secure cover to protect their loved ones throughout their later years.
Contact Reassured today for our best life insurance over 60 quotes.
The best life insurance for seniors over 60 will depend on your age, health, what you want to protect and your budget.
However, one of the most popular types of life insurance for over 60s is an over 50s plan.
This is because an over 50s plan guarantees acceptance to people aged 50 - 85 and doesn’t take into account your medical history.
Many people in their senior years are more likely to have health problems, which means getting some types of life insurance can be more difficult.
If you’re in your 60s, and your health isn’t what it used to be, then an over 50s plan might be a good option for you.
Take a look at the different policy types below to see which one may be most suitable for your needs...
An over 50s plan is an affordable option for people over 60 who want lifetime cover.
It guarantees to pay out when you pass away once the initial waiting period has ended, or during the waiting period if you pass away from accidental causes.
The waiting period varies between insurers but it’s usually 12 or 24 months from the start of the plan.
If you pass away from natural causes during this period, then a pay out won’t be made but your premiums will be refunded.
The cost of your premiums will be based on your age, smoking status and the sum assured (pay out amount).
The maximum sum assured is £20,000, but the exact amount you can secure will depend on your personal circumstances and budget.
You’ll need to keep paying premiums until you pass away, but with some insurers it’s possible to stop paying premiums by a certain age, such as 90.
As mentioned, one of the main benefits of over 50 life insurance is that you’re guaranteed to be accepted even if you have a health problem.
However, if you’re in good health then you may be able to secure a higher level of cover with a whole of life policy.
With the average funeral being £3,953 in the UK, over 50 life insurance could help to cover the cost of your ideal send-off. Contact Reassured for your free quotes.
Whole of life insurance provides immediate cover which lasts for the rest of your life and provides a guaranteed pay out.
The maximum sum assured is likely to be higher than that of an over 50s plan.
This type of cover is better suited to over 60s who are in good health as your medical history will affect the cost of premiums.
You’ll also need to continue paying premiums until you pass away (or until a certain age with some insurers).
At Reassured, we can help you find the best whole of life insurance for seniors over 60 from our panel of leading UK insurers. Simply get in touch today.
Term life insurance may be best suited to those over 60 who want to help cover their remaining mortgage balance, as the term can end when the mortgage is paid off.
Depending on your exact age and sum assured, it’s possible to get cover for up to 30 years.
There are two term-based options:
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.
Our award-winning broker service can help you find our best term life insurance for over 60 and provide you with all the information you need to determine if it’s the right policy for you.
The cost of life insurance over 60 is based on information you provide about yourself, as well as the type of policy you choose.
Insurers will take into account the following key factors to calculate the cost of your premiums:
Below you’ll see the four main policy types and the average monthly premium for each policy for applicants aged 60 - 69. Quotes are based on non-smokers in good health:
|Policy||Term||Sum assured||Average monthly premium|
|Decreasing term||10 years||£50,000||£16.98|
|Level term||10 years||£50,000||£29.20|
|Whole of life||Lifelong|
(guaranteed pay out)
|Over 50s plan||Lifelong|
(guaranteed pay out)
Bear in mind, the cost of life insurance varies significantly between insurers and quotes may be higher or lower depending on your personal circumstances and the level of cover you need.
This is why it’s important to compare multiple quotes to help you find a premium price that’s right for you.
Example pay out amounts
The table below shows example pay out amounts for level term life insurance (10 year term). Based on a non-smoker in good health:
|Age||Monthly premium||Sum assured|
The table below shows example pay out amounts for over 50 life insurance. Based on a non-smoker in good health:
|Age||Monthly premium||Sum assured|
The table below shows example pay out amounts for whole of life insurance. Based on a non-smoker in good health:
|Age||Monthly premium||Sum assured|
Get in touch with Reassured for your free, personalised quotes and find out how much cover you can secure to protect your loved ones.
Yes, some over 60s policies can be written in trust to help you avoid or minimise inheritance tax.
Writing your life insurance in trust is a process which detaches your policy from your estate. When you pass away, the funds are placed in a trust and managed by a trustee (chosen by you).
The trustee will be responsible for distributing the pay out according to your wishes.
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, so contact us today.
It’s no surprise, but life insurance for smokers over 60 is going to be more expensive than if you were a non-smoker.
If you’re a smoker in your 60s then it’s even more important to compare quotes to find the best possible price.
Some policies may be unaffordable based on your smoking status however you may be able to secure an over 50s plan with an insurer that doesn’t take this into account.
The table below shows example premiums for an over 50s plan for a smoker vs a non-smoker, showing how much you can save as a non-smoker. Quotes are based on £4,000 of cover:
|Age||Over 50s plan price per month for a smoker||Over 50s plan price per month for a non-smoker|
Yes, it can be possible to secure joint over 60 life insurance, but this is only possible with 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 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:
|Age||One joint policy||Two separate policies||% Saving|
Get in touch for your free joint vs single life insurance quotes to establish the best option for your needs.
At Reassured we can help you find our best life insurance over 60 quotes.
The cost and cover available to those over 60 will differ between insurers, making it more important than ever to compare quotes.
The most important thing is to choose the right policy that best meets your needs (but at the lowest price).
Using a life insurance broker enables you to 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 (if this is offered by your provider) and answer any questions.
Simply get in touch and take the first steps to securing your loved ones' financial future.
Is over 60s life insurance guaranteed to pay out?
This depends on the policy you have taken out.
Whole of life insurance will guarantee to pay out when you pass away.
Over 50s life insurance will guarantee to pay out if you pass away after the initial waiting period (either 12 or 24 months depending on the insurer).
Term life insurance will only pay out if you pass away during the specified term, so a pay out isn’t guaranteed.
Is life insurance for women over 60 cheaper than for men over 60?
Years ago, being a female applicant could result in cheaper premiums, but this is no longer the case since the 2010 Equality Act.
Whether you’re male or female won’t affect your life insurance options or the cost of your premiums.
Can I get 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’ll 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 for parents over 60 from our panel of insurers.
Do you need life insurance after 65?
Whether you need life insurance after 65 will depend on your personal circumstances.
At the age of 65 you may have paid off the mortgage and settled your debts in preparation for retirement.
If this is the case then life insurance could be taken out with the purpose of helping to cover your funeral bill or to provide an inheritance.
That being said, it’s important to consider whether your premiums will still be affordable after you retire.
If the cost of your premiums becomes unaffordable and payments are missed, your cover will expire and your family won’t receive a pay out when you pass away.
Are you currently in your 70s? If so, read our in-depth article on over 70 life insurance policy options »
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:
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.
Can you get critical illness cover over 60?
Yes, it’s possible to get critical illness cover over 60 with some providers but an upper age limit will apply.
For example, Legal & General have an upper age limit of 67.
Critical illness cover is designed to pay out a cash lump sum to you if you’re diagnosed with a critical but not life-threatening illness (which is specified within the insurers list of illnesses) during a specified term.
The pay out could be used to make necessary adaptions to your home, fund medical treatment or enjoy with your loved ones.
However, if you have any pre-existing medical conditions, it’s possible that these will be excluded from your policy and you won’t be able to claim for them.
Reassured can compare life insurance policies with additional critical illness cover, so get in touch for your free quotes.
Over 60 life insurance what does Martin Lewis think?
Martin Lewis offers the following steps when taking out an over 50s plan:
Reassured can help you compare quotes from SunLife and OneFamily. Simply get in touch for your free quotes.
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