Life insurance for over 60s
There’s no need to put an age on financial protection. Find out the benefits of life insurance for over 60s and how it can help you secure your loved one’s future.
Provided by L&G
Understanding your options: over 50s life insurance vs. standard life insurance
There are various types of life insurance options for over 60s. You can choose from a comprehensive whole of life policy, which can begin at a younger age and offers substantial cover amounts (often up to £2million). Over 50s cover, also a whole of life policy but with a restricted lump sum (up to £10,000). Or term life insurance, which could offer substantial cover but only over a set policy term. These policies are all available to potential applicants in their 50s, 60s, and 70s.
| Feature | Over 50s life insurance | Term life insurance | Whole of life protection |
|---|---|---|---|
Age eligibility and period covered | 50 - 80 years old | 18 - 77 years old (74 for a decreasing policy) | 18 - 84 years old |
Medical exam necessary | No | Sometimes required | Sometimes required |
Acceptance conditions | Guaranteed acceptance (pays out the full sum assured if you die after the policy has been in force for one year) | Based on medical history, lifestyle and sometimes a medical exam | Based on medical history, lifestyle and sometimes a medical exam |
Payout | Guaranteed payout in the event of a valid claim after one year (or return of premiums if the policy holder dies of natural causes in the first year) | Fixed, increasing or decreasing payout | Guaranteed payout in the event of a valid claim |
Coverage duration | Whole of life | Term-based (must end before 90th birthday) | Whole of life |
Suitability | Towards funeral costs and a small inheritance | Mortgage, everyday expenses, childcare | Mortgage, everyday expenses, childcare; to help with funeral costs, or to leave an inheritance |
Learn more about life insurance and over 50s life insurance and choose a policy that suits your individual circumstances.
Please note: we don't offer 'Whole of life' protection as listed in the table above.
Why life insurance matters
As you get older, your circumstances may change – and so may your insurance requirements. You may be faced with retirement, illness or mobility issues, funeral costs, or your older children flying the nest.
Life insurance can help your loved ones manage end-of-life expenses a little easier.
Is it worth having life cover over 60?
If you’re over 60, it may be worth having life insurance in place. It can help you leave money for your family to cover the costs of any funeral arrangements when you die. You may consider over 50s life insurance if:
- You want to help pay towards your funeral costs
- You want to leave a gift for your loved ones
- You want to help pay towards outstanding debts when you die
- You don’t have life insurance and want whole of life cover
Is life insurance worth it if I’ve paid off my mortgage?
If you’ve paid off your mortgage, it could still be worth getting over 50s insurance if you have other financial commitments, or to provide help towards funeral costs or to leave a small gift.
How long does over 50s life insurance last?
Over 50s life insurance is a ‘whole of life’ policy, so you’re covered for the rest of your life. The minimum age to take out this policy is 50 years old, and the maximum age is 80. With this type of life insurance, you’ll stop paying premiums at age 90.
How much does senior life insurance cost?
With Sainsbury’s Money, over 50s life insurance policies start from as little as £5 a month. The amount of cover you get depends on your age, personal circumstances, and how much you choose to pay each month. The maximum cover available is £10,000. Remember, acceptance is guaranteed for UK residents aged 50-80, and medical exams aren’t required.
Disclaimer: It's your responsibility to make sure any policy you purchase is right for you. If you have questions or need advice, you should speak directly with a financial advisor.