Best Life Insurance For Over 60s 2024 Guide

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 6th June 2024

life insurance over 60

Welcome to our newly updated best life insurance for over 60s guide. Discover the cheapest life insurance for seniors currently available in the UK.

Insurance Hero has access to specialist insurers, some not available on the comparison sites, that understand the needs of people over 60.

Discover the top brands currently competing for the over 60s marketplace, offering value and quality cover.

It doesn’t matter if you are retired, still working, or running a business. Insurance Hero can help you get the cover that fits.

Over 60s Life Insurance In Summary:

Securing life insurance in your 60s is more crucial and attainable than ever. It empowers you to provide for your loved ones even when you’re no longer around.

Insurance Hero can help you find the most comprehensive and cost-effective policies available.

  • Peace of Mind: Life insurance offers financial security for your family, easing the burden of debts or ongoing living expenses upon your passing.
  • No Medical Exam Required: Many policies now offer guaranteed acceptance without a medical exam, making obtaining coverage easier for those with pre-existing conditions.
  • Affordability: Competitive premiums and the absence of medical exams lower the barriers to obtaining life insurance, making it a sensible choice even later in life.

Searching For The Best Life Cover For Over 60? Easily Compare Over 60’s Life Cover Simple Quote Process

life insurance over 60 no medical questions

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Life Cover For Over 60. Some Sound Reasons To Make A No-Obligation Enquiry Today:

  • Reliability – Honesty – Caring – Trustworthy – UK Based Staff
  • Life Insurance Cover From Only £10 per month
  • Premiums for those 60 and over are often better than other insurers
  • Specialist Life Coverage gives your family protection without straining your bank balance
  • Excellent customer reviews for customer service
  • Terminal illness coverage at no extra charge (available on all term policies)
  • Assistance throughout the entire process, you’ll know you’ve got the best policy to protect your family

Life Insurance For The Over 60’s Overview:

Key PointNotes
Types of Life Insurance for the Over 60sTerm Life, Whole of Life, Guaranteed Over 50s Plans
Guaranteed Over 50s Plan EligibilityUK residents aged between 50 to 85
Minimum Payout TermsUsually between one and two years
Types of Fixed-Term CoverageIncreasing Term, Decreasing Term, Level Term
What About Funeral Plans?Generally, premiums are paid for between one and ten years
Factors Determining Over 60s Life Insurance CostAge, Smoking Status, Alcohol Consumption, Occupation, Medical History, Hobbies/Lifestyle
Importance of Over 60s Life InsuranceAlleviates financial concerns for loved ones and peace of mind

What Is Over 60s Life Insurance?

Advancements in medical care have improved life expectancy and made it much more likely that people will live past sixty.

Some people call this age the new 40 because many live until their 80s or 90s. This cover is for those who did not purchase life insurance at an earlier age and want to save money when doing so now. Any age can be good for buying such a policy—it’s never too late.

The over-sixties age group is no longer prominently placed in higher-risk categories and benefits from lower life insurance rates. Several UK insurance companies now offer terms explicitly designed for this age group, with guaranteed acceptance for certain levels of coverage.

Guaranteed acceptance eliminates the need to undergo medicals to qualify for life insurance. Over-sixties who know or suspect they have underlying medical pre-conditions need not worry about being denied coverage.

A premium considers coverage levels, age, gender, and smoking status. By quitting smoking at least a year before applying for an over sixties plan, people will significantly reduce their premiums.

Men of all ages will pay more than women because they do not tend to live as long. However, the premium difference is insufficient to justify going without coverage.

These life insurance plans provide a payout amount upon the death of the insured, allowing a person over sixty to arrange for a cash lump sum or one-off payment amount to be paid to one or more designated beneficiaries following a claim.

When considering how much life insurance coverage to purchase, you should factor in expenses resulting from your death and ongoing expenses such as mortgage payments, loan payments, or debts from other lenders.

Many seniors over sixty have entered or are nearing retirement, making it essential to leave enough money for a surviving spouse or partner to live comfortably during their golden years.

best life insurance for over 60

Should You Buy Life Insurance In Your 60s? Some Good Reasons

  • Life insurance is a great way to protect your family from financial hardship
  • You can use the life insurance money for any number of things, such as paying off debts or a mortgage
  • Your children will be able to go to college and pursue their dreams without worrying about how they’ll pay for it
  • You’ll want peace of mind that if anything happens, your spouse won’t have to worry about making ends meet on his/her own
  • If you die before retirement age, this could mean that your spouse would lose out on any pension benefits he/she might receive from your employer – with life insurance in place, these benefits are protected
  • You may need life insurance to pay for your funeral expenses
  • In many cases, it’s possible to convert a traditional policy into a whole or term policy at no cost
  • It’s never too late – even if you’re over 65, there are still ways to get coverage
  • The cost of premiums increases with age, but the amount of coverage stays the same

Providing for Children or Grandchildren

Many people have children later in life, meaning they may not be financially self-sufficient if their parents die. Over sixty-year-olds may also have young grandchildren whose parents may be struggling due to the economy.

Providing for these younger generations through an over 60 insurance plan is one way to brighten their future. Children can establish themselves comfortably, and grandchildren can attend university without taking out student loans. It is also a simple way to leave money as a gift for loved ones.

When parents pass away, family and loved ones are often left to handle the estate. Having extra money on hand to cover final bills, the funeral cost, and the repayments to the mortgage lender until the home sells is helpful.

A funeral benefit option offered with most life insurance for over 60s can help cover funeral costs. It means children will not need to dip into their savings to cover expenses related to a parent’s estate.

If each parent purchases a separate life insurance policy, beneficiaries will receive payouts when each individual dies.

Looking For The Best Value Life Insurance For Over 60s? Complete Our Questionaire And Find Your Cheapest Quote

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Caveats with Over 60-Plus Life Cover

Reading the fine print is always a smart idea, especially with insurance. A life insurance policy does not pay out within an initial coverage period of one or two years (determined by the insurance company) unless the death of the insured is an accident.

However, some companies will return premiums paid when death occurs during this period.

This policy lasts for the lifetime of the insured unless premium payments cease. If the individual stops making payments or decides to cancel the life insurance policy, premiums already paid will not be refunded.

People should consider all their options before purchasing because this product never has a cash-in value. If a person elects a high coverage level and lives for 20 or 30 years, the total premiums paid could be more than any benefits provided at death.

Life Insurance For 60 Year Olds, Shopping Around Does Matter

Research shows that rates for over 60 life insurance vary by as much as 50 percent between insurance companies.

Finding the best deal can be difficult because most people do not know where to look. As experts, we know who offers this cover and can quickly find competitive premiums to get you the best deal. You complete our online quote request form, and we return policy quotes for you to consider.

Our service is impartial, and you are not obligated to purchase a life insurance policy. However, we recommend considering several things if you choose to purchase one.

A guaranteed acceptance plan is the easiest to qualify for, and an insurance company with an excellent financial strength rating is considered the best. The Insurance Hero team will work hard to secure the cheapest life insurance for over 60s quotes for your specific needs.

life insurance for over 60

Technology and Affordable Life Insurance For Those Over Sixty

Though shopping online with us is the most convenient way to find inexpensive life insurance for over 60s here in the UK, we understand that some people in this age group are uncomfortable with computers.

Therefore, a customer service number provides the same quotes offered through an online search. We wade through the policies from the best life insurance companies and come back with a bespoke quote that meets your expectations.

Customer service representatives are available for our customers during extended hours throughout the week and on Saturdays. If you cannot reach us, request a callback, and one of our experts will contact you.

Children and other family members can help those over 60 years old look for the best available life insurance.

Our online quote request form will be secure for them to complete because it does not require complicated information. For example, children can submit a decreasing life insurance quote request and view the provided quotes with the individual requesting the coverage.

No parent wants to think about death; we want a rose-petal path that lets us see our children through their happiest childhoods into adulthood with full education and a trauma-free upbringing.

Sadly, for 1 in 29 children across the UK, that doesn’t happen. Research by Parsons UK estimates that by the age of 16 years, one in twenty children has lost one or both parents. 

That same research also shows that social class and geography affect the risk level. The more disadvantaged an area a person lives, the higher the risk of parental bereavement becomes. Of those who lose a parent, it’s more likely the surviving parent will not be in work. 

For those with the highest risk of parental grief, given that mortality is linked to social class and geography, the unfortunate part is that those most in need of life insurance are likely going without it.

This topic needs highlighting because an over 60 life policy is more affordable than most people think. Of those who are perhaps parents struggling with existing health problems, that may be a reason for going without life insurance because of the higher cost of premiums.

For that, the most straightforward approach is to buy a level-term insurance policy based on what you can easily afford.

The rule of thumb generally used as guidance is to have a life insurance plan equivalent to ten times the amount of the primary income earner in the household. For some parents, that’s not feasible, especially if pre-existing illnesses increase the cost of cover.

life insurance for over 60s

What types of life insurance are there for over 60s?

When people grow older, the type of life insurance policy they are offered changes. What may have been suitable for them in their 20s, 30s, 40s, and so on may not be appropriate now that they are over 60 years old.

Many term life insurance plans offer coverage until you reach the age of 65 or 70, which then converts to regular life insurance plans. What can be done is to continue paying the higher premiums for the term life insurance plan.

However, more and more people find that employer-provided group policies do not renew after age 65 or 70. This means that if you have a group policy at work, it will only cover you while you are working. In this case, you need to look into a life insurance policy for the over 60s.

The following are some types of life insurance available to people aged 60 and above:

Term Life Insurance

One type of life insurance policy offered to those over the age of 65 but under 75 is known as a Term Life Insurance policy. Term life insurance provides an affordable way to protect a person’s family should they die before retirement.

Mortgage Life Insurance

Another type of life insurance for those over the age of 60 is Mortgage Life Insurance. This plan would pay off a person’s mortgage if they were to die before the mortgage was paid off.

This means you always have a home once you’ve retired, regardless of your health condition. This policy does not pay for a person’s medical expenses, food and other living costs. It should be used as a secondary insurance policy to provide for those additional needs once the mortgage has been paid.

Increasing-term Insurance

Increasing-term life insurance policies are another type of life insurance available to those over the age of 60. This policy increases in value each year for as long as the premium continues to be paid.

This means it will pay out a higher death benefit should you die during one of these periods where it has increased. You must remember to keep paying the premium for as long as you want the policy to continue rising in value.

It can be concluded that as people age, they change, and their life insurance policies should reflect those changes.

This means that if you were suitable for a specific type of life insurance policy when you were younger, you might not be ideal for it now that you are older. Changing your type of life insurance policy as time goes by instead of cancelling it all together can be done.

What is the best life insurance for over 60s?

Level term cover is the cheapest.

The longer the term of a 60 plus life insurance policy, the higher the cost. The harsh reality is that you’re more likely to die, resulting in the insurer needing to pay out, pushing the premiums higher.

Consider the term you need cover for based on the age of your youngest child. For example, for a family with two children, the youngest of which is eight years old, you may want to invest in a level term policy to protect up until your youngest reaches either 16, 18, or 21 years of age.

The shorter the term is, the cheaper the premiums will be because of the lower risk level of you passing within that time frame. Using the example above, for life cover until your eight year old child reaches 16, it would be an 8-year term policy. That will cost a lot less than a whole of life policy.

Another good thing about level term coverage is that it’s only based on death and not any additional coverage, such as critical illness or terminal illness conditions, which are optional extras.

There will be the usual exclusion of suicide within the first year of the policy, which is worth mentioning as parental suicide affects around 6,000 children annually.

The Association of British Insurers estimates 98% of life insurance claims successfully payout. They can invalidate, though, by non-disclosure of any mental health problems or other conditions. Life insurance for over 60s is for protection and not an answer to financial difficulties.

over 60 life cover

Some advice to get the best price on level term life insurance

  1. Don’t go directly to a life insurance company for quotes. You’d need to be lucky to get the best price and cover available. The UK life insurance market is competitive, with many more providers than most people know.
  2. Comparison websites can help with life insurance because you can obtain numerous quotes to suit your needs. It bases on your age, existing health and family background, among many other health and lifestyle factors, including if you are a smoker
  3. Once you have chosen one or more providers from No2 above, obtain a tailored quotation from them because arranging over 60 life insurance can be tricky, given how personalised the quotes need to be.

The best over 60s life insurance specialists at Insurance Hero work with you to help you understand your real requirements.

We provide tips, guide you through the jargon of terms and match you with a suitable provider with a life insurance policy that fits your needs and budget. Being a senior does not mean that your life is not worth insuring.

Individual policies are available for life insurance for over 60 age groups and also life insurance for retired persons. Insurance Hero makes such cover easier to find.

The application process for a life insurance quotes for over 60 policy is as easy as requesting a quote. Buy that perfect cover today and take care of loved ones after you have left them.

Related Reading:

Summary Of Over 60s Life Insurance

“Over 60s Life Insurance” is a specific type of life insurance plan designed for individuals aged 60 and above. It often falls under the category of over 50s life insurance plans.

These plans do not require a medical check and offer a fixed lump sum payout upon death. The policy requires monthly payments, and if these are stopped, no benefits are paid out.

The cost of the insurance and the payout can vary based on several factors including age, health, and the policy’s terms.

Age Eligibility60+ years
Medical Check RequirementNot required
Payout TypeFixed lump sum
Payment TermsMonthly; ceasing payments can lead to loss of benefits
Policy TypeOften falls under over 50s life insurance plans
AgeHigher age can increase the cost
Cover AmountDepends on the desired payout
Policy DurationAffects the monthly premium
Smoking StatusSmokers might pay higher premiums
Age GroupAverage Monthly CostCover Amount
60s£21.42£4,000 – £5,000
Insurance TypeDescription
Standard Life InsuranceTerm-based; can be more expensive for over 60s
Over 50s PlanNo term limit; more affordable for over 60s
DecreasingPayout reduces over time, often aligned with debts
LevelFixed payout amount throughout the policy term
IncreasingPayout increases annually with inflation

Can I get life insurance over 60?

Yes, you can purchase life insurance over the age of 60. This can be done by buying group insurance or a private insurance policy.

You can get life insurance over 60 years of age. There are no upper limits on life insurance policies. You can get a policy for any amount you need.

How much does life insurance over 60 cost?

The cost of life insurance depends on several factors, including your health, age, and tobacco use. You can search for life insurance rates and quotes with an insurance comparison tool.

How much does term life insurance cost for a 60 year old?

The cost of term life insurance for a 60-year-old in the UK varies based on health, lifestyle, and coverage amount. On average, premiums can range from £20 to £80+ per month. Factors like smoking status, medical history, and policy length significantly influence the cost.

How much is whole life insurance for a 60 year old?

As with term coverage, the price of whole life insurance for someone aged 60 in the UK depends on several factors, including health status, lifestyle, and the level of coverage desired.

Generally, monthly premiums can be anywhere from £40 to more than £200. For precise cost estimates, it’s important to obtain tailored quotes from insurance companies, as individual situations significantly affect the overall price.

Can I get life insurance over 60 with no medical?

A lot of life insurance companies require a medical exam when you apply for life insurance. However, if you are 60 years old or older, you can apply for and get term life insurance with no medical exam.

How long does it take for a life insurance claim to be paid?

The length of time it takes for a life insurance claim (for example decreasing life insurance) to be paid varies depending on the company and the policy. The company will typically require a death certificate and other paperwork to process the claim. Once all necessary documentation is received, the payout usually happens within a few weeks or months.

Will my life insurance premiums ever go up?

The answer to this question depends on a lot of different things.

For example, if you have a family and are older, then the premiums will most likely go up because, statistically, people who have families tend to be older. If you don’t smoke or drink excessively, your life insurance premium is more likely to stay level or go down over time as opposed to up.

Finally, suppose someone else in your household has life insurance through their employer. In that case, they may be able to trade in their old policy for something new once eligibility requirements are met – but again, these changes would depend on many factors. Hence, I recommend researching before making any decisions about this possibility.

How long does life insurance last?

The length of time that life insurance lasts varies depending on the type of life insurance policy that is purchased. Generally, however, life insurance policies have a term of 10-30 years.

At the end of the term, the policyholder must either renew the policy or let it lapse. If the policyholder dies during the term of the policy, his or her beneficiaries will receive a payout from the insurance company.

over 60 life insurance uk

Case Study: The Benefits of Term Life Insurance for those over 60

Meet John, a 65-year-old retired gentleman living in the picturesque Devon countryside in the UK. John had always been prudent with his finances, ensuring a comfortable life for himself and his family.

Now that he’s retired, he spends his days gardening, reading, and occasionally travelling with his wife, Margaret. Their two children, Emily and David, have moved out and started their own families, but they visit often.

Recently, John talked with a friend about securing one’s family’s future, even in retirement. This led him to consider a life insurance over 60 no medical exam policy.

John initially hesitated, thinking that the premiums would be exorbitant and the process tedious at his age. However, after researching and speaking to Insurance Hero, he was pleasantly surprised to find affordable life insurance over 60 that didn’t require a comprehensive medical examination.

John decided to get life insurance quotes over 60 from various providers. He was keen on finding a policy offering peace of mind without breaking the bank.

After comparing several quotes, he discovered that over 60 life cover was affordable and tailored to meet the needs of individuals in his age bracket.

One policy that caught John’s eye was the level term life insurance for over 60 year olds. This policy would guarantee a fixed premium for the term, ensuring no unexpected hikes in the cost.

More importantly, it would provide a substantial payout to Margaret and their children in the unfortunate event of his passing.

The best part? The policy came with life insurance over 60 no medical questions asked. This meant that John didn’t have to undergo rigorous health checks or answer intrusive questions about his medical history.

After discussing it with Margaret, John decided to take out the policy. They both felt a deep relief, knowing their loved ones would be financially secure, even in their absence.

Benefits for John and His Loved Ones:

  1. Peace of Mind: Knowing that his family would be taken care of financially brought John immense peace.
  2. Financial Security: The policy ensured that Margaret would have the means to maintain her current lifestyle and not worry about finances.
  3. Legacy for Children: Emily and David would receive a portion of the payout, further securing their futures.
  4. No Medical Complications: The no medical exam and no questions policy made John’s process smooth and stress-free.

Even in retirement, it’s never too late to consider the future. John’s proactive approach to securing over 60 life cover ensured his family’s financial well-being and gave him the peace of mind to enjoy his golden years to the fullest.

Over Sixty Life Insurance Final Thoughts

Many people of 60 or over think that life insurance is only for young families, but leaving some money for your loved ones after you die can be affordable.

An over-60s life insurance policy will pay out a cash sum if you die during the policy’s term. You get to choose how much cover you need and how long you need it. So why not get a no-obligation free life insurance quote today?

It could give you and your family peace of mind knowing that you’re taking care of whatever happens.