Published by Joe Davine on
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Getting life insurance when you're over 60

Leave your family a legacy.

It’s never too late to search for life insurance coverage, even if you’re in your 60s. As long as you compare providers and find a policy that’s right for you, taking out a life insurance for Over 60 can be a great way to leave your family with financial peace of mind.

What is Over 60 Life Insurance?

Life insurance for Over 60 is a life insurance policy that’s specifically designed for people who are in sixty or older. By paying a monthly premium, you’re guaranteeing that your family will receive a payout when you pass away to either protect them from financial hardship or offer up a legacy.

Is it hard to get Life Insurance for Over 60s?

No. Purchasing life insurance at an early age is an idea. But life Insurance for over 60 makes it possible for anyone to take out a policy well after they turn sixty. Many life insurance providers offer insurance options that are guaranteed for anyone between the ages of 50 and 80.

Does Over 60 Life Insurance coverage ever end?

No. When you take out life insurance for Over 60s, it is a policy that lasts for life and will always pay out, whether you die a year from now or 30 years from now. This is assuming that you continue paying your monthly premium on time.

Over 60 Life Insurance Compared With Term Life Insurance

Term life insurance is offered to those who take out a life insurance policy when they are younger. It lasts for a pre-specified period of time, and once that term is up, the policy no longer holds value. Therefore, it will pay out if the insured passes away during the term, but if they pass away after the term has ended, there is no payout.

Life insurance for Over 60s, also called guaranteed lifelong protection, has a guaranteed payout and is lifelong. It doesn’t matter when you die or how you die, the policy will always pay out. It’s worth noting that depending on the time and nature of your death, the payout values may vary.

Difference Between Whole Life Insurance and Guaranteed Lifelong Protection

Guaranteed lifelong protection allows anyone over 50 years old to choose the amount of money they would like to leave behind and then make payments on that amount in the form of monthly premiums. If the insured stops making monthly payments prematurely, the policy loses all of its value.

Like guaranteed lifelong protection, whole life insurance is lifelong and offers a payout regardless of when the insured died. However, it typically has more stipulations related to the nature of death and is not guaranteed. It’s harder to get affordable whole life insurance if you are older or have a health condition. Furthermore, it is possible to cash out your policy early and get a reduced payout, as whole life insurance policies do not lose their value.

Whole life insurance policies can also be an investment as they often include investment clauses that allow the policy to accrue value over time. Guaranteed lifelong protection, on the other hand, loses value over time due to inflation.

Who is eligible for Over 60 Life Insurance?

Anyone who:

  • Is over 50 and under 80 or 85
  • Is a UK citizen or resident
  • Does not require coverage that exceeds the premium limit

Do I have to get a medical exam for Over 60 Life Insurance?

No. Because it is guaranteed, you are not required to take a medical exam and any health conditions you have will not bar you from withdrawing a policy. Smokers, however, do often have to pay higher premiums.

Are people with pre-existing conditions eligible for Over 60 Life Insurance?

Yes. You can still take out life insurance for Over 60's if you have a pre-existing condition.

What does Over 60 Life Insurance payout?

The payout on it is the lump sum you decided upon when you took out the policy. However, if you die within the first year or two, many providers will only offer a reduced amount of this payout, particularly if it was a non-accident. Some providers will offer half the policy payout while others will pay out the amount you’ve already paid for the policy.

How much does Life Insurance for Over 60 cost?

Even though life insurance premiums rise as you get older, the premiums for it are very reasonable. You can often find plans for £7 per month or even lower.

Do I have to pay into Over 60 Life Insurance for the rest of my life?

No. Different providers have different rules, but most only require you to pay into your policy for about 30 years or until you are 90 years of age, whichever comes first.

Can I get the best life insurance for Over 60s quote?

Yes! We can help you find top life insurer to suit your needs! Get your free, instant and best life insurance quotes for Over 60s.