Over 60s life insurance
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 over 60s life insurance? In this guide we’ll take a closer look.
What is over 60s life insurance?
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.
What is the best life insurance for over 60s?
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.
Can I get Over 50s Fixed Life Insurance without a medical?
Yes, if you’re a UK resident and aged between 50 and 80, you’re guaranteed to be accepted with no medical. Full cover payable after just one year. If you pass away within the first year, we will refund any premiums paid. However, if you die as a result of an accident then full cover will be paid.
Bear in mind that if you stop paying your premiums when due, your plan will be cancelled and you won’t get anything back.
How does it work?
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.
Why would I need life insurance over 60?
As with any financial or insurance product, it’s important to do your homework if you’re thinking of taking out over 50s life insurance. You should remember that such policies 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.
Ultimately, the best reason to get over 50s 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.
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 180 years of experience behind us, and a Defaqto 5-star rating for our Over 50s Fixed Life Insurance. Rest assured that 100% of claims are paid and we'll be there to help bereaved family members making a claim, so you can rest assured your family get the support they need should the worst happen. Whether you’re just shy of retirement or well into your seventies, it’s never too early to get the protection your loved ones need.