Cost Of A Million Pound Life Insurance Policy At 60 Or Over

There are numerous types of life insurance for seniors over sixty, and premiums vary considerably. Costs depend on factors like your health, current or previous occupation, the amount of cover you need, how long you’d like the policy to last, and the product features you consider a priority.

So, how much does a million pound life insurance policy cost at 60?

Current market averages indicate that a £1 million policy for somebody aged sixty who is looking for comprehensive life insurance through a whole-of-life plan would cost up to £400 a month, but this would look very different for a similar life insurance policy linked to a fixed-term product.

Today, we’ll share some expert insights if you’re unsure how to choose senior life insurance plans, are having difficulty comparing products, or can’t work out the total amount of life insurance you need to provide for your loved ones in the future.

Looking For A Larger Over 60 Life Insurance Plan? Compare Quotes Today

Aspects of Buying Life Insurance Over Sixty to Bear in Mind

Like every type of insurance protection, life insurance comes in many different forms. As a sixty-year-old, you aren’t limited to a specific provider or pension product. Instead, you are advised to use our price comparison form to avoid paying over the odds.

The range of options is vast, and the premiums you’ll be quoted will depend on all sorts of factors, including but far from limited to the value of the policy you’d like to put in place.

For instance, a life insurance provider won’t quote the same premium to every applicant of the same age looking for a similar amount of life coverage because each person might have different requirements in terms of:

• The duration of their life insurance, with many comparing whole-of-life insurance vs term life coverage products with a pre-agreed expiry date.
• The features they want, such as cash or account values that act similarly to a savings account or investment product that accumulates value over time.

While buying life insurance at sixty inevitably means the premiums you are quoted are likely to be higher than those for somebody younger, providers will also need to evaluate any risk factors, such as pre-existing medical conditions or a riskier career, which can push up the premiums.

Deciding on the Amount of Life Insurance You Require as a Sixty-Year-Old Applicant

How much life insurance do you need at sixty? This is a common question, but unfortunately, one that doesn’t have a universal answer.

This is because most adults need to estimate their insurance requirements based on factors like:

• Whether they have an outstanding mortgage or other debts that they want covered by their life insurance.
• The lump sum or total value they’d like to be passed to their nominated beneficiaries, often a spouse, partner, or children.
• Other savings, assets, and pensions, how much they are worth, and how long they might be expected to last if inherited or passed onto a partner.

If, like most, you have a finite budget, this calculation is worth taking your time with. Although the highest possible amount of life insurance can provide a secure safety net, you must also be confident that the premiums are affordable.

Working Out the Right Types of Life Insurance to Buy at Sixty

We’ve touched on different insurance structures and features, and this may be just as important as the value of the life insurance product you choose. There is a wide scope of choice, from term life cover to whole-of-life products and guaranteed plans for those over fifty.

Likewise, you might want an increasing, decreasing, or level term product, where the pay-out associated with your life insurance stays static or gradually reduces or increases over time.

This is why there isn’t one life insurance product suited to everyone over sixty. It’s imperative you compare premiums, features, and coverage terms.

This is something Insurance Hero can do on your behalf in just a few minutes once you’ve answered a few questions.

Sources Used To Research This Topic:

• https://www.bristol.ac.uk/media-library/sites/geography/migrated/documents/pfrc1402.pdf
• https://www.fidelity.co.uk/markets-insights/personal-finance/saving-for-retirement/5-money-mistakes-people-make-in-their-60s/
• https://www.citizensadvice.org.uk/Global/Migrated_Documents/corporate/how-people-think-about-older-age-and-pensions.pdf