Can You Take Out Life Insurance Over 60
You can purchase life insurance if you are above 60.
In your 60s, you can still find reasonable life insurance and guarantee that your loved ones will get a cash payout when you pass away.
Which policies are ideal for you will depend on your age, circumstances, and financial situation.
If you have a health concern, for instance, you might think about over 50s life insurance since you can obtain coverage without submitting medical information.
By comparing free quotes from Life Expert, you may learn about your alternatives and lock in the best pricing.
Compare quotes to find the best life insurance over 60?
Going directly to an insurer for a quote may not present you with all your available options or the best life insurance rates. This is where our broker service can help you.
Why Use Life Expert For Over 60s Life Insurance:
Free quotes from our panel of UK insurers.
Save time and money as we source you the best quotes with expert advice.
We offer a choice of policy options for applicants in their 60s.
No need to fill in any forms as our life insurance experts do all the hard work for you.
Free trust writing service available on most policies.
We’re FCA regulated so you’re protected when buying through us.
What is over 60s life insurance?
Simply put, over 60s life insurance is life insurance that has been purchased by a person over the age of 60.
As previously indicated, Life Expert offers numerous policy alternatives to people in their 60s, including:
Over 50s life insurance – Guaranteed approval for applicants between the ages of 50 and 85, with a pay-out sum up to £20,000 based on your financial situation and personal circumstances.
Whole life coverage – A guaranteed death benefit that could be higher than the benefit offered by an over-50s plan. ideal for older adults in good health.
Term life insurance offers coverage for a predetermined duration (the term) and pays out if the insured person passes away during the term. cost-effective compared to other types of policies.
The one that is best for you will depend on your unique situation and the things you want to safeguard.
For the period of your coverage under any sort of life insurance, you’ll pay a monthly payment, and if you die away within the policy term, your loved ones will be paid.
Because a payout is guaranteed, over 50s plans and whole life insurance are typically more popular among people in their latter years.
They are therefore perfect for paying for funeral expenses and/or leaving an inheritance.
Can you get over 60s life insurance with no medical?
Yes, it is possible to purchase over 60s life insurance without having to get a physical or submit any medical history.
This is made possible by an over 50s plan, which ensures acceptance to people between the ages of 50 and 85 without requesting any medical information.
You can apply for this kind of policy without disclosing any health issues or giving the insurer access to your medical information.
You must reveal your medical history when applying for term or whole life insurance, but a medical exam is not likely to be required.
Contact Life Expert today to learn how we may assist you in obtaining over 60s life insurance without a medical exam.
Is it worth getting life insurance over 60?
Your personal and financial situation will determine whether it makes sense for you to purchase life insurance in your 60s.
While some people in their 60s are retired with less financial obligations, many are still working full-time and paying down their mortgage.
Life insurance can give you peace of mind in either situation by ensuring that your financial needs will be met and that your loved ones won’t be saddled with unforeseen expenses after your passing.
Life insurance is taken out for a variety of reasons. At age 60 these reasons may include:
To pay off the remaining mortgage balance.
To cover the cost of your funeral.
To clear outstanding debts in your name.
To fund living costs for your loved ones.
To replace death in service employee benefit.
To leave an inheritance to your children and/or grandchildren.
To leave a lump sum to charity.
In the UK, people are living longer than ever before, with the average life expectancy being 78.7 for men and 82.7 for women[1].
With this in mind, many over 60s are choosing to secure cover to protect their loved ones throughout their later years.
What is the best life insurance for over 60s?
Your age, health, the things you want to protect, your budget, and the best life insurance for people over 60 will all be different.
An over 50s life insurance plan, however, is one of the most widely used types of life insurance for people over 60.
This is so because an over 50s life insurance plan doesn’t consider your medical history and assures acceptance to those between the ages of 50 and 85. Since health issues are more prevalent in older people, obtaining some types of life insurance may be more challenging.
An over 50s life insurance plan may be a smart choice for you if you’re in your 60s and your health isn’t what it once was. View the many insurance types listed below to determine which would be the best fit for your requirements.
Over 50s Life Insurance Plans
Guaranteed acceptance to UK residents aged 50-80.
Provides a cash lump payout.
No medical information required.
Full cover after just 6 months.
Fixed monthly premiums.
For those over 60 who want lifetime coverage, an over 50s life insurance plan is a reasonable choice.
Once the initial waiting period has passed, it promises to pay out when you pass away. If you die unexpectedly during the waiting period, it also promises to pay out when you pass away.
Although the waiting period varies depending on the insurer, it is often 12 or 24 months after the plan’s start, here at Life Expert, we can get you full cover after just 6 months.
A pay out won’t be paid if you pass away during this time due to natural causes, but your premiums will be reimbursed. Your age, whether or not you smoke, and the sum assured (payout amount) will all affect how much your premiums will cost.
The maximum value assured is £26,000, but the precise sum you can get will depend on your financial situation and personal circumstances. You must continue paying premiums until you pass away, although with some insurers, you may be able to stop after reaching a specific age, like 90.
As previously said, one of the key advantages of over-50 life insurance is that you are guaranteed acceptance regardless of your condition. However, if you’re in good health, a whole-life insurance can let you to acquire a higher degree of protection.
With the cost of a burial in the UK averaging around £5000, over 50 life insurance can offer enough protection for your ultimate send-off. For your free quotes, contact Life Expert.
Whole of Life Insurance
Provides a guaranteed lump sum cash payout.
Can provide a higher sum assured than an over 50s life insurance plan.
Requires your medical information.
Whole life insurance offers immediate protection that is guaranteed to last the remainder of your life. A life insurance plan for people over 50 is likely to have a larger maximum sum promised.
Due to the impact that your medical history has on the cost of premiums, this sort of coverage is better suited to people over 60 who are in good condition.
Additionally, you’ll have to keep paying premiums until you pass away (or, with certain insurers, until you reach a specified age). Contact Life Expert if you need assistance getting the best whole life insurance for seniors over 60.
Term Life Insurance
Protects you for a specified length of time.
Provides a cash lump sum payout to your loved ones if you pass away.
Level or decreasing term policy options available.
Requires your medical information.
Term life insurance may be best suited to those over 60 who want to protect their remaining mortgage balance, as the term can end when the mortgage is paid off.
There are two-term based life insurance options:
Level term life insurance: the pay out remains fixed over the policy term, which is ideal for covering an interest only mortgage.
Decreasing-term life insurance: the pay out decreases over the policy term, which is ideal for covering a repayment mortgage.
How to get cheap life insurance for over 60
While the cost of life insurance increases as you age, it is still possible to get affordable life insurance in your 60s. You can help ensure you secure the cheapest premium by:
Taking out cover sooner rather than later.
Only securing as much cover as you need.
Looking after your physical and mental health (not smoking, staying active, eating well etc).
Having regular check-ups with your GP.
Ensuring you receive the right medical care if you have any health conditions.
Comparing your policy options and comparing quotes.
Can I avoid or minimise inheritance tax with over 60s life insurance?
Yes, some over 60s life insurance policies can be written in trust to help you avoid or minimise inheritance tax. Writing your life insurance in trust is a process which detaches your policy from your estate. When you pass away, the funds are placed in a trust and managed by a trustee which is chosen by you.
Benefits of writing a life insurance policy in trust:
Reduce or eliminate inheritance tax (40% on anything over the £325,000 threshold).
Bypass probate for a faster payout.
More control who benefits from the policy and when they receive the funds.
At Life Expert, we offer a free trust writing service with most of the policies we sell, offering all the support and guidance needed to ensure this process is completed smoothly and correctly.
Compare life insurance quotes for over 60s
As discussed, arranging life insurance in your 60s can be affordable. The most important thing is to choose the right life insurance policy that best meets your needs. The cost and cover available will differ between insurers, making it more important than ever to compare quotes.
Using a life insurance broker enables you to compare quotes and gain all the information required to make an easy decision.
Can you get critical illness cover over 60?
Critical illness cover is designed to pay out a cash lump sum to you if you’re diagnosed with a critical but not life-threatening illness, which would be specified within the insurers list of illnesses, during a specified term.
The pay out could be used to make necessary adaptions to your home, fund medical treatment or enjoy with your loved ones.