Life Insurance for Over 60s
Written and Verified by Mark Francis - Last Updated 10/9/2024
Can you get life insurance over 60? Yes! Find out how over 60 life insurance works, if it’s different from normal life insurance, what it covers and more.
Excellent
4.86 Average rating
Want to Know More?
Fill out this form and we'll get in touch with you to book a free session with one of our protection advisers.
Can I Get Life Insurance Over 60?
Absolutely! Obtaining life insurance over 60 is entirely possible and can be a crucial step in securing peace of mind for you and your loved ones. Whether you’re looking to pay off any outstanding debts or leave a financial legacy for your family, there are many options available tailored to the needs of individuals over 60.
The Topics Covered in this Article Are Listed Below:
- Can I Get Life Insurance Over 60?
- What Is Over 60 Life Insurance?
- How Does Over 60 Life Insurance Work?
- Difference Between Life Insurance Over 60 and Normal Life Insurance?
- What Does Over 60 Life Insurance Cover?
- Is Over 60s Life Insurance More Expensive?
- How to Get the Best Life Insurance for Over 60 UK
- Get Life Insurance Quotes Over 60
What Is Over 60 Life Insurance?
Over 60 life insurance is simply a life insurance policy taken out by someone aged 60 or above. Like with other kinds of life insurance, it will of course be tailored to the unique needs and considerations of the policyholder, who in this case would be an older adult.
How Does Over 60 Life Insurance Work?
Typically, these policies offer a fixed payout amount upon death, which can help pay off outstanding debts, or provide a financial gift to loved ones. Premiums can be fixed for life or set for a certain period, making it easier to budget.
Difference Between Life Insurance Over 60 and Normal Life Insurance
Life insurance for over 60 year olds is normal life insurance. It isn't any different and it's not a separate product; it's simply when someone over 60 takes out a normal life insurance policy.
It's worth noting that taking out life insurance when you're over 60 can be more expensive than taking out a policy when you're younger.
What Does Over 60 Life Insurance Cover?
Life insurance for 60 over primarily covers the following:
- Outstanding debts: providing funds to settle any remaining debts, such as a mortgage or personal loans
- Financial legacy: leaving a monetary gift for your children, grandchildren, or a charitable cause
- Living expenses: offering additional support to your spouse or dependants to maintain their standard of living
The exact coverage can vary based on the policy you choose, so it’s important to review the terms carefully and consult with a life insurance broker.
Is Over 60s Life Insurance More Expensive?
Generally, life insurance premiums increase with age due to the fact that the older you are, the higher the risk to your health. Therefore, over 60s life insurance can be more expensive compared to policies taken out at a younger age. However, many insurers offer competitive rates and tailored policies to ensure affordability. Factors such as the level of coverage, the type of policy and your health can influence the premium costs.
How to Get the Best Life Insurance for Over 60 UK
Finding the best life insurance policy over 60 in the UK involves several steps:
- Assess your needs: determine what you want the policy to cover – debts, inheritance, financial gifts, etc.
- Compare policies: look at different insurers and the types of policies they offer. Consider the coverage, premiums, and any exclusions
- Consider fixed premiums: policies with fixed premiums can help with budgeting and ensure that your payments do not increase over time
- Read reviews and seek advice: read customer reviews and consider consulting with a financial advisor or insurance broker to find the best policy for your needs
Get Life Insurance Quotes Over 60
Ready to find the right life insurance policy for you? At John Charcol, we make it easy to get tailored quotes that fit your needs and budget. Simply fill out our online form or give us a call, and our expert brokers will help you find the best options available. Don’t wait – secure your peace of mind today with the right life insurance coverage.