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

5 reasons to consider over 60s life insurance

Justin Cole - Life business director.

Justin Cole

Life Business Director

Last updated 5th May 2022 by the SunLife Content Team

3 min read

What is over 60s life insurance?

An over 60s life insurance plan is usually a whole of life insurance policy that covers you for the rest of your life. Designed with people over 60 in mind, the policies are affordable, simple to apply for and don’t require a medical exam.

Having an over 60s life insurance policy in place 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 save it for a rainy day.

Is there a difference between over 50s and over 60s life insurance?

It’s rare to see life insurance for over 60s advertised, as it’s usually called an over 50s life insurance policy. It is sometimes referred to on its own to make its applications and benefits for people over 60 clear. But the policy is the same for people over 60 as it is for everyone over 50.

How does over 60s life insurance work?

An over 60s 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 for.

With most providers, if you're a UK resident aged between 50 and 85, you're guaranteed to be accepted for an over 50s plan.

Many providers won’t ask you any medical questions to get cover. So, if you’re worried you’ve left it too late or have health concerns, this type of life insurance could be a good option for you.

Is over 60s life insurance right for me?

Here are the top five reasons why over 60s life insurance might be right for you:

1. To help with funeral costs

A lot of people choose over 60s life cover to help pay for their funeral.

SunLife’s 2022 Cost of Dying report found that the cost of an average funeral in the UK now stands at £4,056. (We use the cost of both burials and cremations from across the UK to calculate this figure).

If you don’t already have a funeral plan in place, or savings that your family can dip into, life cover might be the right choice for you.

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.

2. To leave some money for loved ones

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.

young woman and elderly relative sit on the sofa together

3. To leave some money to a good cause

Some people choose to leave it as a donation to their favourite charity or cause.

4. To help settle outstanding debts

With the average age of a first-time buyer now standing at 32 years old according to the government’s English Housing Survey, 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.

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 relies 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.

To find out more, visit our comprehensive guide to over 50s life insurance.