Life insurance for over 60s

Compare quotes for life insurance for the over 60s to find a policy that will protect the people you care about most in the future.

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What is over-60s life insurance?

Life insurance pays out a lump sum to your beneficiaries when you die. It ensures that your loved ones are looked after financially after you're gone.

Though 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.

Should I buy life insurance in my 60s?

Life insurance generally makes the most sense when you are young because it protects your dependents should the unexpected happen to you. In most cases, by the time you reach your 60s, any children are financially independent adults, so they're less likely to need protection in the same way.

But everyone's life situation is different. There may be a few reasons to get life insurance when you’re in your 60s, such as:

You have children who are still dependent on you

You may have had children 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

You want to leave your children or spouse some form of inheritance to help them out when you're gone

What are the benefits of life insurance?

Life insurance means your family are financially looked after when you pass away, giving you peace of mind about their security. When you die, your insurer pays out a lump sum to your family.

The money can help your partner or children cover your outstanding financial commitments, which might fall on them otherwise. This could include 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 types 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. Consider these types of life insurance:

Decreasing life insurance

The lump sum paid out when you die reduces over time, as your outstanding mortgage or debts decrease. The cover 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 is.

Level life insurance

The lump sum that would be paid out if you die is a fixed amount from the beginning to the end of your policy.

Increasing life insurance

The lump sum goes up each year. This is designed to keep it in line with inflation (the rising cost of living).

How long can I get life insurance cover for?

Every life insurance policy will have a maximum term that determines how long the policy lasts. But, if you’re looking for life insurance and you’re over 60, you may not get cover for the maximum term.

Potential insurers might have a maximum age you can be when you apply for a new policy, or a maximum age that you can be when your policy ends.

For example, if the life insurance policy has a maximum term of “40 years or until you are 75”, you may only be offered 15 years’ worth of cover if you apply at the age of 60.

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

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

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.

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 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.

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

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Why compare Life insurance with

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: 23 May, 2022