Life Insurance Over 60 Options For 2021

life insurance over 60

In the past, many people died before the age of 60, making it unnecessary to offer life insurance over that age. If policies were available, they were costly, deterring all but the wealthiest individuals.

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

Some people refer to this age as the new 40 because many people live until their 80’s or 90’s. This cover is for those who did not purchase life insurance at an earlier age and want to save money when doing it now.

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

Easily Compare Over 60’s Life Cover Simple Quote Process


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 takes into account 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 not substantial enough 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 that will result from your death and those that are ongoing such as mortgage payments, loan payments or debts from other of 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.

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Providing for Children or Grandchildren

Many people have children later in life, and this means that children may not be financially self-sufficient if their parents die at this time. 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 make their future bright. 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 to cover funeral costs and means children will not need to dip into their savings to cover expenses related to the estate of a parent. If each parent purchases separate life insurance policies, beneficiaries will receive payouts when each of the individuals dies.

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 decide 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 an individual elects a high coverage level and lives for 20 or 30 years, total premiums paid could be more than any benefits provided at death.

Shopping Around Does Matter

Research shows that rates for over 60 life insurance vary by as much as 50 per cent 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 there is never any obligation to purchase a life insurance policy. However, we do recommend considering several things if you choose to purchase. A guaranteed acceptance plan is the easiest to qualify for, and an insurance company that features an excellent financial strength rating is considered the best.

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 not comfortable with computers. Therefore, we have a customer service number that 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 also on Saturdays. If you are unable to 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 very complicated information. Children can submit the 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 the happiest of 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 old, one in twenty children have lost one or both parents.  That same research also shows that social class and geography play a role in 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 who are most in need of life insurance, are likely going without it.

It is a topic that 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 are pushing up the cost of cover.

Level term cover is the cheapest.

The longer the term is of a life insurance policy, the higher the cost will be. The harsh reality of that is because you’re more likely to die, resulting in the insurer needing to pay out, they push 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 years old child reaches 16, it would be an 8-year term policy. That’s going to cost a lot less than a whole of life policy.

Another good thing with level term cover is 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, though, 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 any other condition.

Life insurance for over 60s is for protection and not an answer to financial difficulties.

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 very lucky to get the best price and cover available. The UK life insurance market is competitive, with many more providers than most people are aware.
  2. Comparison websites can be of 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.

Our team of life insurance specialists here at Insurance Hero work with you to help you understand what your real requirements are. 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.

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Just because you are a senior does not mean that your life is not worth insuring.

Individual policies are available for the 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 policy is as easy as requesting a quote. Buy that perfect cover today and take care of loved ones after you have left them.