Life insurance for Over 60s

Regardless of the provider, life insurance over 60 usually refers to plans known as over 50s life insurance. These policies, such as our Over 50s Fixed Life Insurance, are given this name as you have to be over 50 before you can take one out.

If you’re over the age of 60, there are various types of life insurance you may wish to consider. Over 50s Fixed Life Insurance is designed for UK residents aged between 50 and 80, and offers fixed premiums and guaranteed acceptance without any medical questions. It could be an affordable way to leave some money for your loved ones after you die.

Those over 60 could also consider Life Insurance, which could pay a cash sum if you die during the length of the policy. You choose how much cover you need and how long you need it for, subject to eligibility. It could help financially protect your loved ones and minimise the financial impact that your death could have on your loved ones. 

The ‘best’ life insurance for someone in their 60s depends on their individual needs and circumstances. If you have existing medical conditions and a restricted budget, an over 50s plan like our Over 50s Fixed Life Insurance could give you the reassurance you need. But alternatively, you may need a higher amount of cover and be happy to undergo a medical, in which case you could consider taking out Life Insurance.

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.

Generally speaking, whether you’ve just turned 18 or you’re aged over 60, life insurance can benefit policyholders and their loved ones in a number of ways. Firstly, the cash sum from a Life Insurance payout could support your family financially if you were no longer around. This money could cover expenses like childcare for children or grandchildren, paying the mortgage or rent, and other costs like hobbies and activities. Taking out Life Insurance is about getting some peace of mind in knowing that your family’s financial future has a degree of protection.

As for Over 50s Fixed Life Insurance, one of the benefits for those over 60 is the guaranteed acceptance; if your medical history means that you wouldn’t be able to take out Life Insurance, the payout from an over 50s policy could at least help your loved ones meet final expenses, such as funeral costs.

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 5 working days directly to the personal representative of the deceased person, usually the executor of the will.

Overall, we paid 97% of life claims in 2021, which means we were able to support over 12,405 customers. For our Over 50s Fixed Life Insurance, 100% of claims are paid in full and most in 1 day, which can mean claims are processed more quickly.

Here are some of the key product features we offer:

• Premiums from £5 to £75 a month depending 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.

• Full cover payable after just one year.

• Fixed premiums – your premiums will never go up.

• You can reduce your premiums after a year if your circumstances have changed. If you choose to reduce your premiums, your cash sum will also be reduced.

This is not a savings or investment product and has no cash value unless a valid claim is made.

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. If you do choose to decrease your premium your cash sum will also be reduced.

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.

You should remember that policies like Over 50s Fixed Life Insurance aren’t designed to cover the full costs of a funeral. Instead, the cash sum could help when it comes to paying off smaller debts, like credit card bills and some of your funeral costs. As with any financial or insurance product, it’s important to do your homework if you’re thinking of taking out life insurance over 60.

Ultimately, the best reason to get over 60s life insurance is that you’ll have peace of mind knowing that your loved ones will have some additional financial support after you pass away.