What is the best life insurance for over 60s?
The best life insurance for someone over 60, would be whole of life plan or a term life insurance policy. If you suffer from bad health a guaranteed over 50 plan can be an alternative.
Life insurance if you are over 60 gives you and your family peace of mind. Your loved ones could receive a cash sum when you die. To spend on a funeral or be used as a small inheritance.
Discover which over-60’s life cover is best.
Who is the best provider of life insurance for people over 60?
There is no one best insurer for people over 60. All insurers are different and view health conditions differently. Future Proof searches the market to find the best provider on your behalf. Saving you time and money.
Here are some frequently asked questions that new clients often ask us about over 60s life insurance
-
If you apply for a guaranteed over 60s plan, then you are guaranteed to be given life insurance. However, these can be more expensive than level term life policies and also come with terms and conditions about when they pay out and when they don’t. It is important to seek financial advice. Your Future Proof adviser can talk you through your options in plain English – no jargon! At no-obligation.
-
Over 60s plans are for individuals only and are not available as joint life cover.
-
It is best to seek expert advice for the best mortgage insurance. A medically underwritten decreasing term policy may be more cost effective for you if you have a capital repayment mortgage. Why not request a call back from one of Future Proof’s qualified advisers to talk through your situation? Our advice comes at no-obligation and could save you time and money?
-
If you are over age 60 you can get a level term policy up to age 90. A whole of life policy, over 50s or over 60s plan will also run until you die.
-
If you still have a job, there will be no impact on your insurance premiums.
-
Yes, you can still get life insurance if you are over 60 and retired. A fully underwritten plan will focus on your health, rather than the fact you have retired. If a fully underwritten plan is not possible a guaranteed over 60s plan will provide cover.
What are the different types of cover for people over 60?
For people over 60 the different types of life cover are:
- Level term insurance
- Whole of Life cover
- Guaranteed 50s plan
Each has its merits for different life situations.
How much does life insurance for over 60s cost?
The table below highlights the difference in premiums between different types of life insurance for over 60s
| Age in years | Sum assured in £s | Type of policy | Monthly premium in £s |
|---|---|---|---|
| 60 | £10k | Level to age 90 | £10.93 |
| 60 | £10k | Whole of life | £27.98 |
| 60 | £10k | Over 50s | £44 |
| 75 | £10k | Level to age 90 | £28.43 |
| 75 | £10k | Whole of life | £47.50 |
| 75 | Max is £5766.00 | Over 50s | £50 |
Can I get life cover over 60 without a medical exam?
It is possible to get life cover over 60 without a medical exam if you have no pre-existing conditions. Or, if you apply for a guaranteed over 50’s plan.
Do I need life insurance if I’m over 60?
It is important to think about the reasons behind why you would need to leave a benefit after you die. Do you have enough savings available for your funeral? Would you like to leave your family a small gift? Do you have any outstanding debts that need to be paid off?
Over 60’s insurance, typically is another name for over 50’s insurance. These policies offer a guaranteed payout with no medical exams and no medical questions asked. Since they are guaranteed to payout and are not medically underwritten, they are often more expensive than other life insurance policies such as whole life insurance and level term insurance. Your Future Proof adviser can advise you on the best course of action for your circumstances.
If you have pre-existing medical conditions which are serious, an over 60s plan can be worth it. This is because they are not medically underwritten and you are guaranteed acceptance. However, they can be more expensive than a medically underwritten life insurance plan, so expert advice should be sought. Your adviser can review your medical history with several insurers and check if you will be accepted for a medically underwritten plan in the first instance.
Are there any risks involved with over 60’s cover?
The risks of an over 60’s policy are:
- Over time, inflation will reduce the value of the cash sum paid out at your death, so some insurers offer an indexation option to combat this. With these plans, the final sum increases in line with inflation as do the monthly premiums. Find out more about the importance of index linking here
- The full cash sum assured is not payable within the first two years. However, if you pass away within the first two years, your estate will receive 150% of the premiums that have been paid. Should you have an accident and pass away, the full benefit or more will be paid
- Over-60’s plans are insurance schemes, so once the money is paid in, you can’t get it back. However, if you miss just one payment and the plan lapses ( ie ends due to non-payment) there will be no payout and you won’t get any of your premiums back
- Depending on how long premiums are paid, the total premiums paid may be greater than the cash lump sum payable on death
- An Over 60’s plan is likely to provide a lower sum assured than a fully underwritten policy on a like-for-like premium.
These plans are a good alternative for those who do not meet the required criteria for a whole of life policy. but it is always best to talk through your situation with an experienced adviser in the first instance.
Does life insurance payout over 60?
Life insurance is guaranteed to pay out over 60 if you have a whole-of-life policy or a guaranteed over 50s plan. A level term policy with a term greater than 60 years of age will pay out if you were to die within the term. You must have kept up your monthly premiums on all of these policies and have been honest and open about your medical disclosures at outset.
Are there any reasons an over-60s policy won’t pay out?
- An over 60s policy won’t pay out within the first two years. However, if you pass away within the first two years, your estate will receive 150% of the premiums that have been paid. Should you have an accident and pass away, the full benefit or more will be paid.
- If you miss just one payment and the plan lapses ( ie ends due to non-payment) there will be no payout and you won’t get any of your premiums back.
Can I get a quote for over 60s life insurance?
Your qualified Future Proof adviser will provide you with an exact quote for over 60s life insurance. They can also advise you on the most suitable policy for your circumstances, all at no-obligation. No hard sell just expert advice.
Can I sign up for an over 60s policy online?
Whilst it will be possible to sign up for an over 60s policy online, it is a good idea to get no-obligation advice to give you peace of mind that it is the most cost-efficient policy for your needs.
