Over 60 life insurance helps you leave your family with happy memories, not money worries. Here are our top five reasons why over 60s life insurance might be right for you.
Last updated 25th April 2019
What is over 60 life insurance?
An over 60 life insurance policy can help give you and your family peace of mind. If you have the policy for one or two years, then your loved ones could receive a cash sum when you die.
Your family might use it to help with funeral costs, put it towards bills or even use it to enjoy a holiday.
It’s rare to see life insurance for over 60s advertised, as it’s usually called an over 50s life insurance policy.
How does over 60 life insurance work?
If you’re looking for over 60 life insurance, there are two options that could work for you.
An over 60 life insurance plan is usually a whole of life insurance policy and covers you for the rest of your life.
Designed with people over 60 in mind, the policies are often affordable and simple to apply. Some policies won’t need a medical to get cover.
With SunLife, as long as you're a UK resident aged somewhere between 50 and 85 then you can get an over 50 plan – you can’t be turned down.
You won’t have the hassle of a medical or need to answer any questions about your health or lifestyle.
So if you’re worried you’ve left it too late or if you smoke or have other health concerns, this type of life insurance could be a good option for you.
Is over 60 life insurance right for me?
Over 60 life insurance is about peace of mind. It helps you leave your family with happy memories, not money worries.
Here are our top five reasons why over 60s life insurance might be right for you:
1. To help settle outstanding debts
With the average age of a first-time buyer now standing at 30 years old, it’s not unusual for people to still be paying off debts and mortgages into their later years.
Life insurance can help your partner or children deal with outstanding debts or cover monthly mortgage payments if the worst was to happen.
2. To help with funeral costs
Many people choose over 60s life cover to help pay for their funeral.
Whilst no one likes talking about death, putting off key end of life decisions could leave your loved ones having to plan and pay for your funeral.
Not only will it leave them short on cash, but they won’t feel like the decisions they have to make alone will actually be what you would have wanted.
3. To leave some money for loved ones or for a cause
For some, over 60s life cover provides a straightforward way to leave some money behind as a gift for children or grandchildren to remember them by.
Some people choose to leave it as a donation to their favourite charity or cause.
4. Cover through a job may be coming to an end
Some employers include ‘death in service’ as part of their benefits package. Even if you have this, if you’re not far from retirement or you’re leaving your job, it’s a good idea to put your own cover in place.
5. It can still be affordable
Generally, life insurance gets more expensive as we get older. But don’t let this put you off. Life insurance might cost less than you think.
Over 60s life insurance plans can start from less than £4 a month.
If your family still rely on you or you have outstanding debts, life insurance can make sense.
It’s not too late to help loved ones feel more prepared for the future – and to enjoy some extra peace of mind yourself.