Life insurance for over-60s

Compare quotes for life insurance for those aged 60 and over to find a policy that can protect your loved ones when you die.

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What is over-60s life insurance?

Life insurance is a type of policy designed to pay out a lump sum to your beneficiaries when you die, thereby ensuring that your loved ones will be financially secure after you've gone.

Should I buy life insurance in my 60s?

It depends on your circumstances. People take out life insurance to protect loved ones who are financially dependent on them, which generally means children who are still living at home. By the time you reach your 60s, any kids you have are usually financially independent adults and less likely to need the same type of protection.

Everyone's situation is different, however, and there may be compelling reasons to get life insurance when you’re more mature.

You still have dependants

There are a few reasons why you may have dependent children in your 60s: you may have had kids later in life or have dependents with special needs. You may also be taking care of grandchildren whose parents aren't around to support them.

You want to leave a financial legacy

Some people take out life insurance because they want to make life easier for those they leave behind by leaving some form of inheritance. Beneficiaries could include children or spouse.

What are the benefits of life insurance?

Life insurance helps provide financial security for your family, giving you peace of mind. When you die, your insurer pays out a lump sum to your family.

The money can help your partner or children cover debts, mortgage payments, bills or anything else you’d usually pay for.

Alternatively, your family might use it to help with funeral costs.

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Getting older doesn’t mean you have to pay a fortune to get the life insurance you want. You just need to compare life insurance quotes and find an affordable policy that suits your needs.
Florence Codjoe, Personal Finance Editor

What is the best life insurance for over 60s?

To get the best life insurance for over 60s, you should compare potential policies from different providers.

You need to fill out a simple form giving your personal details and life insurance needs. Then you can get a range of suitable quotes and pick the cheapest one.

What type of life insurance can I get if I’m over 60?

Choosing the best life insurance for the over 60s can be difficult, as there are several different kinds.

Decreasing life insurance

The lump sum paid out when you die reduces over time, as your outstanding mortgage or debts decrease. You can structure the cover so that the policy ends when your debts are paid off. Your policy will be cheaper if you choose this option.

Whole-of-life insurance

Most life insurance policies expire when you reach a certain age. A whole-of-life policy pays out regardless of how old you are when you die. You are only likely to get this type of insurance if you are healthy, and the later in your life you get it, the more expensive it will be.

Level life insurance

With this type of cover, the lump sum that is paid out on death is fixed from the beginning to the end of your policy. This is ideal if you want your beneficiaries to receive a set amount.

Increasing life insurance

With increasing life insurance, the lump sum goes up each year. This helps the cover to keep up with inflation (the rising cost of living), so you know that payout won't be diminished by the time your dependents get it.

How long can I get life insurance cover for?

If you’re looking for life insurance in your 60s, you may not get cover for the policy's maximum term. This is because insurers have a maximum age for new policy applications and often for the cover's end date.

For example

If a life insurance policy states that its maximum term is: “40 years or until you are 75” and you're 60 when you apply, you could get 15 years’ worth of cover.

How much is life insurance for a 60-year-old?

The price of life insurance for the over 60s isn't only dependent on your age: your medical history, the amount of cover and how long you want it for also determine your policy’s cost. 

Advancing in years doesn’t mean you have to pay a fortune to get the life insurance you want. If you compare life insurance quotes by clicking on the "Get quotes" button at the top of the page, you should be able to find an affordable policy that suits your needs.

Here are some ways you could cut the cost of your life insurance.

How does age affect the cost of life insurance?

The cost of life insurance increases as you age. This is because you’re getting closer to reaching your statistical life expectancy, and you’re more likely to have – or develop – health conditions.

All insurers have a cap on how old you can be when you first take out a policy, and some may not offer you cover once you reach a certain age. But while it can be harder to get a new life insurance policy once you’re over 60, there are still insurers out there that will offer you coverage.

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Why compare Life insurance with money.co.uk?

By comparing life insurance, you could save money on the policy. The best value life insurance will offer the cover to you and your family. Choose a life cover plan from one of the best UK life insurance companies and see the online discounts they offer.

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Last updated: 15 July 2022