Life Insurance Over 60: Best UK Life Insurance for Over 60s

Life Insurance Over 60
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A life insurance policy for people over the age of 60 is usually a whole life insurance policy that protects you for the rest of your life. The insurance policies are frequently reasonable and straightforward to apply for because they are designed with people over the age of 60 in mind. If you’re a UK resident aged 50, 60 or 85, you’d still be able to get an over-60 life insurance plan from most providers — you won’t be turned away. 

Again, if your family still depends on you or if you owe money, life insurance may be a good idea to make your loved ones feel more ready for the future – and to give yourself some extra peace of mind. Read further to learn about the best life insurance options available for UK residents approaching 60

Life Insurance for People Over the Age of 60

Life insurance for those over the age of 60 is a type of policy that provides a lump sum payment to your family when you die. It assures that your family will be financially secure when you pass away. Having life insurance coverage for those over the age of 60 can give you and your family peace of mind. 

If you have the policy for one or two years, your loved ones may be eligible for a cash payout after you pass away. Also, it’s possible that your family will use it to help with funeral expenses, pay debts, or perhaps take a vacation.

It’s uncommon to see life insurance for those over the age of 60 promoted; instead, it’s usually referred to as an over 50s life insurance policy. Although it may be more difficult to obtain life insurance after the age of 60, there are still policies available that will provide you with the benefits of life insurance.

What Is the Cost of Life Insurance for a 60-Year-Old in the UK?

Just in case you were wondering about the actual cost of an over-60 life insurance policy, the truth is, your life insurance premiums are not only determined primarily by your age. It’s also influenced by the amount of coverage you require, the length of the insurance, and whether or not you smoke. An over 60s life insurance plan does not require a medical exam or any information about your medical history, which can make it a much cheaper option when you’re in your 60s.

An over 60s life insurance plan with £4,000-£5,000 whole-of-life cover costs £21.42 a month on average for someone in their 60s.

Best UK Life Insurance for Over 60

When seeking the best life insurance for over 60, you should compare life insurance from multiple UK companies to find the best life insurance for over 60s that you can afford. The likes of Barclays, Legal & General, LV, Aviva, Scottish Widows etc are a good place to start. Simply fill out a short form with your personal information and life insurance requirements. Then, based on the coverage you require, you can obtain a number of estimates for the best life insurance for over 60. You can choose the cheapest one out of those.

Maximum Amount of Time You Can Purchase Life Insurance For

Every life insurance policy has a maximum term,’ which refers to the length of the policy. However, if you’re over 60 before seeking life insurance, you might not be able to acquire coverage for the full term.

Although, you may be able to apply for new insurance at a certain age, or perhaps renew your current policy at a certain age. If your life insurance policy’s maximum term is ’40 years or until you are 75,’ you might only be offered 15 years of coverage if you apply at 60.

What Effect Does Age Have On the Price of Life Insurance?

The cost of life insurance rises as you get older. This is due to the fact that the older you get, the less time you’ll be paying into the policy, and the more likely you’ll develop health problems.

According to reviews, a standard level-term life insurance policy with a term of up to 10 years would cost an average of £77.88 per month for someone in their 60s. In a term of 20-29 years, it would cost an average of £8.70 per month for someone in their 30s.

This merely goes to demonstrate how conventional life insurance for UK residents over the age of 60 may be excessively expensive. If you’re under the age of 65, a certain insurer can only assist you in comparing prices for standard life insurance. If you’re 65 or older, on the other hand, you can compare over 50s life insurance.

Furthermore, there would be an age limit on all insurance, although it would differ amongst insurers. As a result, some companies will only issue insurance to people under the age of 75, while others will only issue policies to people over the age of 80.

Different Types of Over 60 Life Insurance in the UK?

It can be difficult to choose the best life insurance for people over 60 because there are so many options.

If you’re above the age of 60, you may want to look into several types of life insurance. Over 60 Fixed Life Insurance is for UK residents aged 50 to 80, and it provides fixed premiums and guaranteed acceptance without medical questions. It could also be a cost-effective way to give money to your loved ones after you pass away.

Life insurance, which pays a cash sum if you die during the policy’s term, is another option for those over 60 in the UK. Subject to eligibility, you can choose how much coverage you need and for how long you need it. It may be able to assist you in financially protecting your loved ones and minimizing the financial impact that your death may have on them.

Consider the following types of life insurance:

#1. Decreasing Life Insurance: 

As your outstanding mortgage or obligations decrease, the lump sum paid out if you die decreases. When your debts are eventually paid off, the cover disappears. If you go with this choice, your policy will be less expensive, though.

#2. Life Insurance at a Basic Level: 

From the commencement through the conclusion of your policy, the amount that would be paid out if you passed is fixed. Life insurance premiums rise each year, increasing the lump sum that will be paid out if you die. This is to ensure that it remains at pace with inflation (the rising cost of living).

#3. Whole Life Insurance: 

When you reach a particular age, most life insurance plans will expire. However, no matter how old you are when you die, whole life insurance pays out. This form of insurance is only available to those who are in good health. Therefore, it will be more expensive if you wait until you fall sick later in your life to obtain it.

Reasons to Buy Life Insurance Policy

Generally, life insurance makes sense while you are young and want to provide some security for your family in the event that something unforeseen happens to you. People in their 60s are more likely to have independent adult children, so they don’t require as much protection.

However, each person’s situation is unique. So there could be several reasons to purchase life insurance in your 60s, including:

  • The sole provider for your children. You may have had children later in life, and as a result, some of them may still rely on you. You could also be caring for grandchildren whose parents are unable to assist them.
  • Financial legacy for your dear ones. You merely want to leave something to your children or spouse to help them out after you pass away.
  • To assist in the repayment of outstanding bills. According to the government’s English Housing Survey, the average age of a first-time buyer is now 32 years old. So it’s not uncommon for people to be paying off debts and mortgages far into their later years. If the worst happens, life insurance might help your partner or children pay off bills or fund monthly mortgage payments.
  • It’s possible to get it for a reasonable price. As we become older, life insurance becomes more expensive. However, don’t be turned off by this because it’s possible that life insurance is less expensive than you think. Life insurance for people over the age of 60 can cost as little as £4 per month.

Advantages of Having Life Insurance

Life insurance has advantages for both you and your loved ones. If you die with life insurance, your family will be financially secure. It also means you won’t have to worry about their financial well-being. Your insurer would pay your family a lump payment if you died.

The payout would help your partner or children meet any financial commitments you may have after you die. Debts, house payments, bills, and everything else you’d normally pay for, such as food or schooling, might all be included.

Alternatively, your family might use it to aid with burial expenses, a vacation, or a charitable donation. 

It’s vital to remember that policies like Over 50s Fixed Life Insurance don’t cover the total funeral expense. Instead, the money could be used to pay off minor debts, such as credit card bills and some burial expenses. If you’re considering purchasing life insurance after the age of 60, do your research as you would with any financial or insurance product.

Ultimately, the best benefit of obtaining over 60 life insurance is the peace of mind that comes with it. That is in knowing that your dear ones will be financially supported if you pass away.


At what age is life insurance no longer necessary?

The majority of life insurance policies have an upper age limit. Many insurers refuse to accept applications from customers above the age of 75 or 80, while others have far lower age limitations and a few have significantly higher limits.

Is it possible to purchase life insurance at the age of 62?

For 62-year-olds, there are a few different sorts of life insurance coverage options. Term life and guaranteed universal life are the two best solutions for seniors. Both of these solutions can be beneficial to seniors, but you should choose the one that best suits your needs.

What is the average life insurance cost per month UK?

Depending on whatever research you consult, the average cost of life insurance in the UK ranges from £30.40 to £13.24. While the average cost of life insurance may be far greater than you had hoped, the price varies greatly amongst applicants.

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Depending on whatever research you consult, the average cost of life insurance in the UK ranges from £30.40 to £13.24. While the average cost of life insurance may be far greater than you had hoped, the price varies greatly amongst applicants.

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