Best over 60 life insurance UK

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 + .

Can you take out life insurance over 60?

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.

Compare quotes to find the best life insurance over 60

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.

What is over 60 life insurance?

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:

  1. Over 50 life insurance (over 50s plan) - Guaranteed acceptance to applicants aged 50 - 85 and pay out amount up to £20,000 depending on your personal circumstances and budget
  2. Whole of life insurance - Guaranteed pay out when you pass away, with a potentially larger pay out amount than an over 50s plan. Suited to over 60s in good health
  3. Term life insurance - Cover for a specified period of time (the term) and provides a pay out if you pass away during the term. More affordable than other types of policies

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.

Over 60 life insurance calculator

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:

How much over 60s life insurance do you need?

Work out how much life insurance you may need by filling in the costs you would like your policy to cover.

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More than 50% of UK residents who have a mortgage expect to pay it off between the ages of 65 and 74.

Life insurance could help towards your remaining mortgage debt if you pass away before it’s cleared.

Source: https://www.uswitch.com/

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Research carried out by SunLife has found that the average cost of a funeral in the UK is £3,953 and the average cost of dying in total is £9,200.

The pay out from your life insurance policy could help to relieve some of this financial burden for loved ones.

Source: https://www.sunlife.co.uk/

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A cash gift can be used by your children and/or grandchildren to help them with higher education costs, mortgage debt, retirement and so on.

A life insurance pay out could be used to help cover 40% inheritance tax charged on your estate if the policy is written in trust.

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Many UK adults delay retirement or retire part-time due to financial reasons, and 20% of new retirees in 2022 planned to rely on their state pension.

You could help your partner to retire in comfort with a life insurance pay out after you’re gone.

Source: https://www.thisismoney.co.uk/

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44% of UK adults aged 55 to 64 and 31% aged 65 to 74 have a form of personal debt.

If you have outstanding debts in your name, such as a credit card or overdraft, then you could factor these in when calculating how much cover you need.

Source: https://researchbriefings.files.parliament.uk/

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If you have other types of financial protection already in place such as an existing life insurance policy or a prepaid funeral plan, then this might reduce the amount of new cover you need.

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Your total cover estimate

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Let us find the cheapest quote we can offer you.

Can you get over 60s life insurance with no medical?

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.

Is it worth getting life insurance over 60?

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.

Life insurance is taken out for a variety of reasons. At age 60 these reasons may include:

  • To help pay off the remaining mortgage balance
  • To help cover the cost of your funeral (average cost £3,953[1])
  • To help clear outstanding debts in your name
  • To help fund living costs for your loved ones
  • To replace death in service employee benefit
  • To leave an inheritance to your children and/or grandchildren
  • To leave a lump sum to charity

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[2].

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.

What is the best life insurance for over 60?

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...

Over 50s plan

  • Guaranteed acceptance to UK residents aged 50 - 85
  • Provides a cash lump sum pay out
  • No medical information required
  • Full cover after the waiting period (12 or 24 months)
  • Immediate accidental death cover
  • Fixed monthly premiums from 20p-a-day +

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[1], 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 a guaranteed lump sum cash pay out
  • Can provide a higher sum assured than an over 50s plan
  • Requires your medical information
  • Fixed monthly premiums from 27p-a-day ±

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

  • Protects you for a specified length of time (the term)
  • Provides a cash lump sum pay out to your loved ones if you pass away
  • Level or decreasing term policy options
  • Requires your medical information
  • Free terminal illness cover included as standard
  • Fixed monthly premiums from 20p-a-day

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:

  1. Level term life insurance
    The pay out remains fixed over the policy term, which is ideal for helping to cover an interest-only mortgage.
  2. Decreasing term life insurance
    The pay out decreases over the policy term, which is ideal for helping to cover a repayment mortgage.

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.

How much is life insurance over 60?

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:

Age

Age at point of application

Health

Health & smoking status

Planning the funeral your way

Policy type, term & sum assured

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:

PolicyTermSum assuredAverage monthly premium
Decreasing term10 years£50,000£16.98
Level term10 years£50,000£29.20
Whole of lifeLifelong
(guaranteed pay out)
£40,000£93.08
Over 50s planLifelong
(guaranteed pay out)
£5,000£25.82


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:

AgeMonthly premiumSum assured
60£30£97,000
65£30£52,000
69£30£29,500


The table below shows example pay out amounts for over 50 life insurance. Based on a non-smoker in good health:

AgeMonthly premiumSum assured
60£30£7,590
65£30£6,290
69£30£4,760


The table below shows example pay out amounts for whole of life insurance. Based on a non-smoker in good health:

AgeMonthly premiumSum assured
60£50£26,000
65£50£21,000
69£50£16,800


Get in touch with Reassured for your free, personalised quotes and find out how much cover you can secure to protect your loved ones.

Can I avoid or minimise inheritance tax with over 60s life cover?

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.

Benefits of writing a policy in trust:

  • Reduce or eliminate inheritance tax (40% on anything over the £325,000 threshold)
  • Bypass probate for a faster pay out
  • More control who benefits from the policy and when they receive the funds

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.

Life insurance for smokers over 60

It’s no surprise, but life insurance for smokers over 60 is going to be more expensive than if you were a non-smoker.

This is due to the additional health risks associated with smoking, such as cancer, COPD, and heart disease.

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:

AgeOver 50s plan price per month for a smokerOver 50s plan price per month for a non-smoker
60£25£16
65£34£20
69£45£27

Can I take out joint over 60 life insurance?

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:

AgeOne joint policyTwo separate policies% Saving
60£33.81£35.946%

65

£55.02£60.049%
69£88.58£99.0012%


Get in touch for your free joint vs single life insurance quotes to establish the best option for your needs.

Compare life insurance quotes for over 60

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.

Life insurance for over 60s FAQs

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:

  • Your policy term comes to an end
  • You pass away and/or make a successful 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.

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:

  1. Obtain a variety of quotes. Martin Lewis recommends securing quotes from the following insurers:
    - Shepherds Friendly
    - National Friendly
    - Assurity
    - Legal & General
    - OneFamily
    - Sainsburys Bank
    - SunLife
  2. Consider a comparison service to find a cheaper quote
  3. Check if you can get cashback

Reassured can help you compare quotes from SunLife and OneFamily. Simply get in touch for your free quotes.

Sources:

[1] https://www.sunlife.co.uk/funeral-costs/

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

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