Updated: October 15, 2019

Life Insurance for People Over 60

A good life insurance deal can be more difficult to get if you're over 60. Read our guide to find out how to get the best policy available

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: October 15, 2019

If you’re in your 60s, it’s likely prime time to set up a life insurance safety net to protect your assets and loved ones after you’re gone.

The good news is that life insurance cover for over 60s is affordable and straightforward to get. Most high street insurers have offers for over 60 year olds which you won’t be paying through the nose for.

But as with all insurance policies, there are many circumstance-specific factors which will have an impact on premium price.

Should I take out life insurance?

Younger adults often take out insurance to protect loved ones, dependants, or their mortgage from financial loss if they or another primary breadwinner were to pass away. But if you’re past 60, you don’t have dependants, and you’ve paid off your mortgage, there are still plenty of reasons for getting life insurance.

Some common reasons why people over 60 get life insurance include…

  • A quick payout to help pay for funeral arrangements.
  • A straightforward way to leave money behind and ensure it goes directly to your chosen beneficiaries.
  • A way to leave a donation to your favourite cause or legacy.
  • A designated gift to your family to help with bills, debts, or any other payments.
  • A way towards helping your beneficiaries to pay inheritance tax if you have a large estate

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What is the best life insurance?

Here are some of the most common types of life insurance for over 60s:

Before you decide which insurance type would work best for you, you’ll need to know what purpose you want the payout to serve.

Do you want to protect assets? Put money aside for the funeral? Or leave a gift to loved ones? Knowing exactly why you need life insurance and how much cover you want as a lump sum payout is the first step to ensuring you get the policy that’s right for you.

An expert financial advisor can help you identify which cover you need and take you directly to your best offer. Call  0808 189 0463 or make an enquiry to be connected to an experienced insurance advisor.

All the advisors we work with are fully independent with access to all the insurance providers across the UK. Advice is free and there’s absolutely no obligation.

How does over 50s life insurance work?

Life insurance in brief

  • Guaranteed for applicants from 50-85 years old.
  • Simple application process.
  • Most policies won’t pay out if death occurs in first 1-2 years
  • No medical exam required – making it good for those with health concerns.
  • Affordable premiums that can be as little as £5-10 per month.

Most life insurance offers for over 60s will be advertised as an over 50s life insurance policy – this is the term you’re most likely to come up against when you begin the search for life insurance. This cover is available to anyone over the age of 50 and up to your 80s.

Over 50s life insurance cover pays out a fixed lump sum when you pass away, in exchange for a monthly premium. It gives you the security of knowing exactly how much your family or loved ones will receive, eliminating any investment risk.

Anyone is eligible to take out this plan, as many providers don’t require a medical before approving an application.

The final breakdown of how much you’ll pay for this plan will depend on how old you are when you sign up and how much cover you want. However, you won’t get the lump sum payout if you pass away within the initial two years of the policy term.

Life insurance without a medical

If you’re concerned about how your medical history could impact on premium rates, your best plan of action would likely be to get life insurance cover that doesn’t require a medical exam.

While term life insurance usually requires a medical, over 50s plans offer the benefit of being able to apply for life cover without a medical exam. These premiums guarantee payouts when you die and can come at affordable rates.

This makes over 50s plans a viable option for many of those with health concerns, or a medical history of critical illness. However, you need to have held the policy for a period of one – two years before triggering the payout in order to get the agreed lump sum.

Many insurers will guarantee acceptance for life insurance applicants provided you’re between 50 and 85 years of age and resident in the UK.

Whole of life insurance

Whole of life insurance in brief

Guarantees a lump sum payout when you die.

More for your money if you’re early 60s and in good health.

Cover may not be affordable if you’re older or have a serious medical history

Application process takes longer than the over 50s plan.

Policies are non-investment.

You’ll pay premiums into whole of life cover for the rest of your life.

True to its name, whole of life insurance lasts until you die – there’s no set term period. This is an affordable policy that’s fairly straightforward to get, but unlike an over 50s plan, it does require you to submit a medical record.

This type of life cover can be viable if you don’t have any serious medical conditions. It can be especially cost efficient for those who have only just turned 60 and are generally healthy and fit. If this is the case for you, a whole of life policy could give you the added benefits of a greater level of cover for a similarly priced premium. In fact, whole of life insurance could give you 40% more cover than the over 50s plan.

If you’re unsure of whether or not your medical history would qualify you for a good deal on whole of life insurance, get advice from a financial advisor who’s well-versed in the specifics of life cover for over 60s. An expert will ensure you aren’t paying any more than your due for the cover of your choice – give us a call on 0808 189 0463 or make an enquiry today!

Affordable life insurance

Your health and age play a major role in determining the type of cover you should apply for and how much premiums will cost.

If you’re in your early 60s and in good health, you’ll get more for your money if you take out whole of life insurance. But if you’re aged 60+ with a medical condition or history, you may find a more affordable option in the over 50s plan.

As with all major financial investments,  getting the most affordable life insurance cover comes down to first knowing what you’re looking for and then searching the whole market to compare rates.

Once you take out a life insurance policy, you’re generally permanently locked into paying the agreed upon premium for the full term-length. With this in mind, it’s wise to search the whole market with the help of an expert financial advisor to find the best deal.

Talk to one of the advisors we work with. They’ll be able to save you time, hassle and money by finding you the best policy at the most competitive price. The service is free and there’s no obligation either.

Call 0808 189 0463 or make a quick online enquiry to get started.

How do insurers decide how much cover will cost?

The cost of life insurance for over 60s will be determined by situation-specific factors such as your age, how much cover you need, your medical reports, and how long your term length is.

In addition to this, the type of life insurance you want can drastically affect the price. For example, if you’re over 60 it can be difficult to find affordable term-based life insurance. This is because as you get older, the risk of you passing away increases and insurers pass this increased risk on to policyholders by charging higher premiums.

On the other hand, whole of life insurance or over 50s life insurance are often more affordable options for people over 60.

However long the preferred length of your premium, don’t be put off by potentially higher rates.

Seeking help from a financial planner can help you understand which policy would be the best match to your needs and find an offer which may cost less than what you could find from a surface level search.

Make an enquiry  and we’ll connect you with one of the life insurance experts we work with.

How can I reduce the cost of my life insurance premiums?

Your life insurance premiums will depend on many factors specific to your situation.

These include:

Your gender – Insurers generally charge men a little more than women, because men have a lower life expectancy

Your age

How much cover you want to take out

Whether you smoke/vape: Smoking can seriously increase the cost of your premiums, so quitting at least one year before applying for life insurance could significantly reduce the cost of your life insurance premiums.

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Which providers offer life insurance for over 60s?

Compare life insurance quotes from providers across the whole UK market to find a policy that will payout the lump sum of your choice after you die.

Many UK insurance companies offer affordable life insurance for the more mature population.

Here are a few of the big name providers of UK life insurance:






Legal & General

Liverpool Victoria

Royal London

This list is by no means extensive and there are often banks or smaller lenders with deals on the market that aren’t immediately visible with a quick online search.

Getting the right policy and premium could save you thousands of pounds, so it’s worth speaking to an independent financial advisor, like the ones we work with, before making any financial decisions which can’t be reversed.

Don’t waste a fortune by going to the most obvious choice. Make an enquiry for professional support in finding life cover.

Should I use a life insurance calculator?

Online calculators for seniors life insurance will help you compare the insurance market and give you an estimate of how much you’ll pay in monthly premiums to get the lump sum payment you require. But bear in mind that these comparison tools provide a highly generalised service and don’t take the details of insurance policies into consideration.

This is why it’s recommended that you speak to a financial advisor who will consider the details of your situation before making a recommendation for which policy would best suit your needs.

Give us a call on 0808 189 0463, we only work with carefully selected financial advisors with high success rates in matching clients with their best bargain.

How can I compare life insurance quotes?

Shop around on online comparison sites or look up policy terms and premiums on insurers’ websites by submitting a request for a quote.

Alternatively, you can speak to an expert financial advisor for a more thorough comparison of the whole life insurance market (recommended).

An expert will have many years of experience in helping people get their top deal. They can also advise on policy type and how much cover to take out.

We work with carefully selected financial advisors who can help you get the ball rolling and remove the heavy legwork from your search for life cover. Make a quick online enquiry and we will connect you with someone with the right expertise to get you the policy you want.

Speak to an expert advisor

Life insurance protects your family members with financial stability, providing your family with vital support in the difficult period following your death. It will give them the peace of mind needed to make and pay for funeral arrangements. It could also help them deal with any outstanding debts or mortgage payments.

Alternatively, you may just want a lump sum payout to give away as a treat for loved ones, or to pay into a charity.

Whatever your situation, a financial advisor can give you the impartial advice you need to make the right decision. Give us a call on 0808 189 0463 or make an enquiry and we’ll connect you to an expert.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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