You are using an outdated browser. Please upgrade your browser to improve your experience.

5 reasons to consider over 60 life insurance

These days, people are living and working longer. We’re taking out long-term mortgages and often having children later in life. So it’s no surprise that over 60 life insurance can make sense for many of us.

If you’re looking for life insurance for people over 60, there are two options that could work for you. Over 50s life insurance covers you for the rest of your life. While term life insurance lets you choose the amount of time you’d like cover for, but eligibility is usually limited by age so do check you qualify.

Here are five reasons to consider taking out life insurance later in life.

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 in to their twilight years. Life insurance can help your partner or children deal with outstanding debts or cover monthly mortgage payments if the worst was to happen.

coins and monopoly houses

2. To help with funeral costs

Many people choose over 50s life cover to help pay for their funeral. Take a look at the average cost of a funeral in the UK today or use our funeral costs calculator to see what a funeral costs where you live. You might be surprised how all the elements that go into a proper send-off tot up.

3. To leave some money for loved ones or for a cause

For some, over 50s life insurance provides a straightforward way to leave some money behind as a gift for children or grandchildren to remember them by or as a donation to a favoured charity or cause.

father son with laptop

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 have put your own cover in place. This is when life insurance for people over 60 can really come into its own.

lady with computer

5. It can still be affordable

As a general rule, 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 50s life insurance plans can start from less than £4 a month and usually don’t require a medical.

They say 60 is the new 50 and many of us still feel young in our 60s and beyond, but 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 enjoy some extra peace of mind yourself.

Related articles

 

Funeral calculator

Use our quick interactive tool to find out the average funeral cost in your area.

Funeral calculator

SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, pet insurance, home insurance, car insurance, ISAs and Will writing services.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by AXA Wealth Ltd, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.