Compare life insurance for over 60s

Find life insurance policies if you're over the age of 60

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Last updated
December 6th, 2023

What is life insurance for over-60s ?

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.

Life insurance for over 60s is aimed at those who are over the age of 60.

Average life insurance claim[1]
£73,578

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 partners or 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. However, if your pension is tied to your life and being used to support your partner then it could be a good idea.

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.


If your pension is tied to your life and being used to support your partner then it could be a good idea."

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.

The money is tax free and generally paid out within a couple of weeks of the insurer learning of your death.

This means it will get to them far quicker than any inheritance, as your estate will need to pass through probate before it can be distributed to the beneficiaries of your will.

Types of life insurance policies for over 60s

Whole-of-life insurance

Whole-of-life insurance policies are designed to remain in place until you die, as opposed to expiring after a set period. Your health will determine whether you’ll be accepted, and premiums are more expensive the older you are when taking out the policy.

Decreasing life insurance

This type of policy is designed to cover a debt that you’re paying off. Its premiums are cheaper because the amount paid out decreases over the duration of the policy to cover the amount still outstanding. If structured correctly, the policy ends once the debt is paid off.

Level life insurance

This type of insurance guarantees a fixed lump sum is paid out should you die at any point during the policy. It’s a popular choice for those wishing to guarantee beneficiaries a set amount should anything happen to them.

Increasing life insurance

Instead of remaining fixed or decreasing over the course of the policy, the lump sum paid out increases. Increasing life insurance is designed to help the cover keep up with inflation so the payout doesn’t lose value over time.

Types of life insurance policies for over 60s

Whole-of-life insurance

Whole-of-life insurance policies are designed to remain in place until you die, as opposed to expiring after a set period. Your health will determine whether you’ll be accepted, and premiums are more expensive the older you are when taking out the policy.

Decreasing life insurance

This type of policy is designed to cover a debt that you’re paying off. Its premiums are cheaper because the amount paid out decreases over the duration of the policy to cover the amount still outstanding. If structured correctly, the policy ends once the debt is paid off.

Level life insurance

This type of insurance guarantees a fixed lump sum is paid out should you die at any point during the policy. It’s a popular choice for those wishing to guarantee beneficiaries a set amount should anything happen to them.

Increasing life insurance

Instead of remaining fixed or decreasing over the course of the policy, the lump sum paid out increases. Increasing life insurance is designed to help the cover keep up with inflation so the payout doesn’t lose value over time.

How does age affect the cost of life insurance?

As you get older, the cost of taking out a new life insurance policy increases. This is for two main reasons: one, you’re more likely to develop – or have – health conditions, and two, you’re reaching your statistical life expectancy.

All insurers apply a cap on how old you can be when first taking out your policy, and some may refuse to cover you past a certain age.

Nevertheless, there are still insurers out there that offer life coverage if you’re over 60, even if those policies can be harder to find.

FAQs

Is life insurance for over-60s worth it?

Life insurance for over-60s can be worth it if you want to leave a lump sum to your loved ones in the event of your death. However, your premiums are likely to be higher than for other forms of life insurance.

How much does life insurance for over-60s cost?

The cost of life insurance for over-60s vary according to each individual. Factors that influence the cost include your age, your medical history, how much cover you require and how long you want the cover to last. Here’s how to cut the cost of life insurance.

Is over-60s life insurance guaranteed to pay out?

Over-60s life insurance is not always guaranteed to pay out. Your cause of death must be covered by your policy, and you must die during the policy’s term, for it to pay out. Find out more about how life insurance works.

Can I have more than one life insurance policy?

Yes, you can have more than one life insurance policy. However, a single policy offering the exact cover you need may prove cheaper.

Can I still get life insurance if I have poor health?

Yes, you can still get life insurance if you have poor health. However, not only is it more difficult to find cover, but you’re also likely to incur higher premiums than someone in better health.

How long can I get life insurance cover for?

You may not be able to buy cover for the policy's maximum term when taking out life insurance later in life. Insurers only accept new policy applications up to a maximum age. They may also put a limit on the age you can be when the cover ends.

Explore our life insurance guides

Find out more about how life insurance works and whether it's right for you
Which life insurance policy is right for you?
Which life insurance policy is right for you?
How to cut the cost of your life insurance
How to cut the cost of your life insurance
How to claim on a life insurance policy
How to claim on a life insurance policy

About the author

Salman Haqqi
Salman Haqqi spent over a decade as a journalist reporting in several countries around the world. Now as a personal finance expert, he helps people make informed financial decisions.

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References

1. Association of British Insurers: Protection insurers pay out £6.85 billion to support individuals and families