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If you want to make sure your loved ones are financially secure after you die, life insurance can give you the peace of mind that you're after.
The choice of policies for those over 60 is a little more limited, but the range has improved in recent years, as more and more people take out financial obligations later in life.
Before you start searching for a policy, you'll need to decide what type of insurance to look for.
Life Insurance policies only pay out if the holder dies during the policy's term.
A decreasing term policy will offer a payout amount that reduces over the policy's life to reflect the amount still owed on the loan it covers.
They're usually taken out alongside loans, credit cards or mortgages; if you should die during the term, the policy will pay the loan off in full.
Like decreasing term life insurance, level term insurance will only pay out if you die during the policy term.
The difference is, the amount it will pay out remains the same throughout the life of the policy, although this usually comes at the cost of higher premiums. This type of cover is only worth it if you want the policy to pay a bit of extra cash to your family as well as paying off the loan.
A life assurance policy pays the family a lump sum on the death of the policyholder, whenever that may come.
It's run like an investment fund; the money you pay into it is used to buy bonds, cash investments and shares. The amount it pays out is set by the size of the fund, so how long you've paid into it and how well it does on the stock market are important.
Some insurers will not pay in the first year of the policy and you'll need to check the terms for any other restrictions on when it won't pay out.
This will include policies that won't pay for particular pre-existing medical conditions like cancers, heart conditions or a history of strokes.
There might be a maximum age too, so don't waste your time applying for any that will refuse your custom based on your age alone. Of those that offer life insurance for over 60s, some will ask lots of health-related questions or even require a medical.
Finding the right over 60 life insurance policy is a case of balancing strong cover with keeping the premium cost as low as possible.
You can use our comparison, which filters life insurance policies to only include those available to over 60s. Check how much the policy will pay out and what else it includes; some policies come with critical illness cover too.
Once you've found a few that suit your needs, ask for a quote from each company - you'll then be able to pick the cheapest of the suitable policies.
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