Life insurance over 60 is an insurance policy that pays out a lump sum to your family if you die. It ensures that your family will be looked after financially after you're gone.
Though it can be harder to get life insurance over 60, there are still policies out there that will give you the benefits of life insurance.
What types of life insurance are there?
It can be hard choosing the best life insurance for over 60s as there are several different kinds.
Here are some types of life insurance you can consider:
Decreasing life insurance: The lump sum paid out if you die becomes less over time, as your outstanding mortgage or debts reduce. The cover ends when your debts are paid off. Your policy will be cheaper if you choose this option.
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 that would be paid out if you die goes up each year. This is designed to keep it in line with inflation (the rising cost of living).
Whole of life insurance: Most life insurance policies expire when you reach a certain age. But whole of life insurance 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. The later in your life you get it, the more expensive it will be.
Should you buy life insurance in your 60sGenerally speaking, life insurance makes sense when you are young and may want to have some protection in place for your family should the unexpected happen to you.
Typically, people in their 60s have adult children who are independent, so they're less likely to need that kind of protection.
But everyones life situation is different. So there may be a few reasons to get life insurance in your 60s such as:
You have children who are dependent on you. You may have had children later in life, thus some may still depend on you. Or you may be taking care of grandchildren whose parents aren't around to support them
You want to leave a financial Legacy . You simply want to leave your children or spouse some form inheritance to help them out when you're gone.
What are the benefits of life insurance?
The benefits of life insurance are for you and your loved ones. Life insurance means your family would be financially looked after if you pass away. It also means you’ll have peace of mind about their financial security. If you died, your insurer would pay a lump sum to your family.
The money paid out would help your partner or children to pay for any financial commitments you have, which could fall on them if you pass away. This could include debts, mortgage payments,, bills and anything else you’d usually pay for such as food or education.
Alternatively, your family might use it to help with funeral costs, for a holiday or to donate to a charity.
What is the best life insurance for over 60s?
To get the best life insurance for over 60s that you can afford, you should compare life insurance from different providers.
You’ll need to fill out a simple form giving your personal details and life insurance needs. Then you can get a range of quotes from the best life insurance for seniors over 60, based on the cover you need. From those, you can pick the cheapest.
How long can you get life insurance cover for?
Every life insurance policy will have a ‘maximum term’ – which means how long the policy lasts for. But, if you’re looking for life insurance over 60, you may not get cover for the maximum term.
Potential insurers might have a maximum age you can be to 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’ cover if you apply at 60.
How much is life insurance for a 60 year old?
The price of over over sixties life insurance doesn't only depend only on your age. Your medical history, the amount of cover and how long you want it for also factor into the cost of your policy.
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.p>The price of over 60 life insurance in the UK is based on your age, as well as how much cover you want, how long you want it for, and your medical history.
However, 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.
Here are some ways you could cut the cost of your life insurance.