Life insurance for Over 60s
With life expectancy rising, and the average retirement age soaring, turning 60 isn’t what it used to be. These days, being 60-plus doesn’t necessarily mean you’ll have fewer financial commitments in later life. So what do we mean by life insurance for the over 60s?
In this guide we’ll take a closer look.
Learn more about our life cover options
How long does over 60s life insurance last?
If you take out Life Insurance when you’re over 60, your policy must end before you’re 90 years-old. The maximum policy length is 50 years and you can be no older than 77 when you buy Life Insurance.
If you opt for Over 50s Fixed Life Insurance, cover lasts for life, although you stop paying premiums at age 90.
How long does it take for a life insurance claim to be paid?
If you make a successful Life Insurance claim, our expert claims handlers will deal with the claim as quickly as possible and will keep loved ones informed throughout the process. Exact timeframes can be hard to predict, as sometimes we will need to check information with other parties. If the claim is accepted, we'll pay out within five working days directly to the personal representative of the deceased person, usually the executor of the will.
No, if you're over 60 and applying for a life insurance policy that's designed for people in later life - such as Over 50s Life Insurance - there is no medical required. In fact, if you're a UK resident between 50 and 80, you're guaranteed to be accepted with no medical. Full cover payble after just one year. If you pass away within the first year, we will refund any premiums paid. However, if you die of an accident then full cover will be paid.
In contrast, if you're applying for a standard term life insurance policy such as Legal & General Life Insurance, it's possible. That's because your health can affect the cost of this type of insurance. Whether a medical is necessary depends on your application e.g.the cover you need. We can offer most customers a policy straightaway.
With Over 50s Fixed Life Insurance, your premiums will never go up. That’s because your premiums (and cash sum) remain the same once your policy begins. However, you do have flexibility to reduce your premiums if you've had your plan for a year and your circumstances have changed. The minimum premium applies, and if you do choose to decrease your premium, your cash sum will also be reduced.
Similarly, when you take out Life Insurance or Decreasing Life Insurance, your premiums are guaranteed and won’t change unless you alter the details of your policy.
Over 50s Fixed Life Insurance and a standard Life Insurance policy are both available from £5 a month. However, the premiums you pay depend on the cash sum you need, as well as your age and smoker status. Depending on how long you live, total premiums paid may be greater than the cash sum payable on death. Both policies offer fixed monthly premiums to help you decide on an affordable level of cover.
These are not savings or investment products and have no cash value unless a walid claim is made.
Can I get over 60s life insurance on a low income?
Many people experience a reduction in income when they transition from work to retirement. Our life insurance is designed to cover individuals who want to leave something behind for their loved ones. This could be a modest contribution towards funeral costs with Over 50s Fixed Life Insurance, or following a valid Life Insurance claim, some money towards the mortgage or rent, bills or childcare, for example. You'll get to choose a premium you can afford now and in the future.
Ultimately if you're over 60, any type of life insurance will cover you as the policy holder. If you were to choose Over 50s Life Insurance this will only cover you as a single policy holder. However, Life Insurance can be taken as either a single or a joint policy. It's important to consider your needs at this stage in your life - to make sure you have the right level of protection in place for your and your loved ones.
Over 60? Legal & General can get you covered
Life’s too short to spend your later years worrying about leaving unpaid bills. But when you take out a policy with Legal & General, you’ll be safe in the knowledge that we’ve got over 180 years of experience behind us, and an expert Defaqto 5-star rating for our Life Insurance and Over 50s Fixed Life Insurance.
Get a quote today by heading to our dedicated over 50s life insurance page.
Also, you can still explore whether standard life insurance could be a good fit for you. You can get a quote and find out more on our life insurance page.
We’re always there to help bereaved family members making a claim, so you can rest assured your family will get the support they need should the worst happen. Whether you’re just shy of retirement or well into your 70s, it’s never too early to get the protection your loved ones need.
