What is the best life insurance for over 60?

The best life insurance for seniors over 60 will depend on an individual’s circumstances and needs.

For example, if you have a medical condition and you’re looking for affordable lifelong cover, then the best policy may be a guaranteed over 50s plan.

Or, if you’re in good health, you may consider term life insurance. This can provide low-cost cover for a set period, for example, to help pay off your mortgage if you pass away. There’s also the option of whole of life insurance.

In this guide, we explain the key features, benefits and prices of each of these policies to help you decide which option is best for you.

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Is it worth getting life insurance over 60?

Yes, for many reasons it could be worth getting life insurance over 60.

For example, if you’re still working full-time, paying off a mortgage or supporting any dependents (such as children), life insurance can provide a vital financial safety net.

After 60, you may want to take out life insurance to help cover:

  • Your outstanding mortgage or other debts in your name
  • The cost of your funeral (average UK funeral is £4,141[1])
  • Living costs for your loved ones
  • Any lost income or to help replace death in service employee benefit
  • An inheritance for your children and/or grandchildren
  • A donation to charity

What is the best life insurance policy for over 60?

There are different types of life insurance that could be available to applicants over 60. We outline the key features of each policy below to help you decide which may be the best option for you.

Over 50 life insurance

Over 50s life insurance is usually best for people over 60 who have pre-existing medical conditions, as the application has no medical questions or exam. It also provides lifelong cover at an affordable monthly premium.

Policy key features:

  • Guaranteed acceptance to UK residents aged 50 - 85. No medical questions or exam during the application process
  • Provides a cash lump sum pay out (sum assured) up to £18,000. The amount you can secure will depend on your age, smoking status and budget. The pay out could help towards funeral costs, unpaid debts or living expenses for loved ones
  • Full cover after a waiting period. A pay out is guaranteed after a waiting period has passed, which is usually 12 or 24 months depending on the insurer
  • Immediate accidental death cover. Your loved ones receive a full pay out if you pass away due to an accident during the waiting period
  • Fixed monthly premiums that could start from just 20p-a-day + . As the cover lasts for life, you’ll need to continue paying premiums until you pass away or until you turn a certain age (which is specified by the insurer)
Compare Guaranteed Life Insurance Over 60 »

Term life insurance

Term life insurance for over 60s could be suitable if you’re in good health and want to help protect your mortgage and/or dependents in the event you pass away.

Policy key features:

  • Protects you for a specified length of time (the term). Depending on your exact age and how much cover you need, your policy term could last up to 30 years
  • Provides a cash lump sum pay out to your loved ones if you pass away during the term. Choose between a fixed lump sum (level) or decreasing lump sum. If you’re in good health, term life insurance could offer a higher sum assured than an over 50s plan
  • Application requires your medical information. This means your health and wellbeing could impact the cost of your life insurance
  • Free terminal illness cover included as standard. Receive an early pay out if you’re diagnosed with a life-threatening illness with less than 12 months life expectancy
  • Fixed monthly premiums from 20p-a-day †

Whole of life insurance

Whole of life insurance for seniors over 60 provides immediate cover which lasts for the rest of your life. It’s usually best for applicants who are in good health, as the application includes medical questions and premiums could get expensive for those with pre-existing conditions.

Policy key features:

  • Provides a lump sum cash pay out when you pass away. This could help towards inheritance tax bills, funeral costs and other expenses
  • Can provide a higher sum assured than an over 50s plan. If you’re in good health, for the same monthly premium you could get a larger pay out with whole of life cover
  • Application requires your medical information. This means your health and wellbeing could impact the cost of your premiums
  • Fixed monthly premiums from 27p-a-day ± . As with an over 50s plan, you’ll need to continue paying your premiums until you pass away (or until a certain age with some insurers) to keep cover in place

Which are the best life insurance companies for those over 60?

It’s possible to find the best life insurance companies for seniors over 60 by shopping around.

However, we’ve provided a few examples of highly rated providers and premium prices to help you with your search.

If you’re looking for over 50s life insurance, then some of the best UK life insurance companies that specialise in this type of cover include:

SunLife

SunLife [guaranteed over 50s plan]

SunLife offer the UK’s most popular over 50s plan which is rated 5 out of 5 stars by Defaqto. New customers receive free access to health and wellbeing services provided by RedArc and acceptance is guaranteed if you’re a UK resident aged 50 - 85.

A 60 year old non-smoker could secure £5,000 of cover for £21.92 a month.

One Family over 50 life insurance

One Family [over 50s life cover]

The One Family over 50s plan includes a £300 funeral benefit option and terminal illness cover as standard. It’s rated 5 out of 5 stars by Defaqto and acceptance is guaranteed if you’re a UK resident aged 50 - 80.

A 60 year old non-smoker could secure £5,000 of cover for just £20.00 a month.

We’ve provided a full list of the top UK over 50s life insurance providers in our best life insurance for over 50s guide »

If you’re looking for term life insurance, then the best life insurance companies for over 60s through Reassured include:

Aviva life insurance

Aviva

Aviva are the UK’s largest insurer, offering a range standard life insurance policies to applicants aged up to 77. Customers receive free access to the Aviva Digicare+ app which provides a range of health and wellbeing benefits.

A 60 year old non-smoker who’s in good health could secure £50,000 of level term life insurance cover over 10 years for £20.55 a month.

Legal & General life insurance

Legal & General

Legal & General are the UK’s leading life insurance provider. They offer term-based and whole of life cover to applicants aged up to 77. Policies come with free access to Wellbeing Support provided by RedArc.

A 60 year old non-smoker who’s in good health could secure £50,000 of level term life insurance cover over 10 years for £22.16 a month.

Based on our internal research, Legal & General and Aviva offer the lowest monthly premiums to applicants aged over 60 from our panel of insurers.

Although, the exact price you pay will depend on your personal circumstances. Please get in touch to compare your free quotes.

How much is life insurance in your 60s?

The cost of life insurance over 60 could start from just £5 a month through Reassured + .

However, the exact cost of your policy will depend on your age, smoking status and the policy you choose.

If applying for term-based cover or whole of life insurance, your health will also impact the cost of your monthly premium.

The table below shows the four main policy types and the average monthly premium for applicants aged 60 - 69:

PolicyTermSum assuredAverage monthly premium
Decreasing term10 years£50,000£16.98
Level term10 years£50,000£29.20
Whole of lifeUntil you pass away£40,000£93.08
Over 50s planUntil you pass away£5,000£27.33

The information in this table is based on policies we’ve sold through Reassured. Quotes are for a non-smoker in good health

Compare over 50s plan quotes

The table below shows example over 50s life insurance quotes for applicants in their 60s from two leading insurers, based on a non-smoker taking out £5,000 of cover:

Age SunLife logo OneFamily logo
60£21.92£20.00
61£22.62£21.00
62£23.42£22.00
63£24.34£24.00
64£25.40£24.00
65£26.59£25.00
66£27.95£27.00
67£29.48£29.00
68£31.19£31.00
69£33.11£33.00

With SunLife, your premium payments stop on the policy anniversary date after your 95th birthday. With One Family, your premium payments stop on your 90th birthday.

Compare term life insurance quotes

The table below shows example quotes for term life insurance from UK insurers, based on a non-smoker in good health, taking out £50,000 of cover over 10 years:

Age Aviva logo Legal & General logo LV= logo
60£20.55£22.16£22.29
61£22.22£24.80£24.86
62£24.67£27.58£27.76
63£27.72£30.52£31.03
64£31.14£33.63£34.71
65£34.33£37.01£39.72
66£38.56£41.53£43.78
67£44.32£46.29£48.27
68£52.88£51.31£53.25
69£58.52£56.62£58.76

The cost of life insurance over 60 varies from insurer to insurer, therefore, comparing quotes is important to find the best price.

Get free personalised quotes through our award-winning comparison service.

Best over 60 life insurance calculator UK

How much over 60s life insurance do you need? Add up the costs you’d like your policy to cover using our handy calculator and work out your ideal cover amount.

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More than 50% of UK residents who have a mortgage expect to pay it off between the ages of 65 and 74.

Life insurance could help towards your remaining mortgage debt if you pass away before it’s cleared.

Source: https://www.uswitch.com/
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Research carried out by SunLife has found that the average cost of a funeral in the UK is £3,953 and the average cost of dying in total is £9,200.

The pay out from your life insurance policy could help to relieve some of this financial burden for loved ones.

Source: https://www.sunlife.co.uk/
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A cash gift can be used by your children and/or grandchildren to help them with higher education costs, mortgage debt, retirement and so on.

A life insurance pay out could be used to help cover 40% inheritance tax charged on your estate if the policy is written in trust.
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Many UK adults delay retirement or retire part-time due to financial reasons, and 20% of new retirees in 2022 planned to rely on their state pension.

You could help your partner to retire in comfort with a life insurance pay out after you’re gone.

Source: https://www.thisismoney.co.uk/
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44% of UK adults aged 55 to 64 and 31% aged 65 to 74 have a form of personal debt.

If you have outstanding debts in your name, such as a credit card or overdraft, then you could factor these in when calculating how much cover you need.

Source: https://researchbriefings.files.parliament.uk/
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If you have other types of financial protection already in place such as an existing life insurance policy or a prepaid funeral plan, then this might reduce the amount of new cover you need.
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Your total cover estimate

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Let us find the cheapest quote we can offer you.

Compare Over 60 Life Insurance Quotes »

What is the best life insurance for smokers over 60?

For smokers over 60, it’s best to compare quotes from different insurers to find the right cover to suit your needs.

This is because life insurance for smokers is more expensive than for non-smokers, and quotes will vary significantly.

In many cases, you may find that over 50s life insurance is the most affordable option due to your age and smoking status.

The table below shows example premiums for a smoker taking out an over 50s plan with £5,000 of cover:

Age SunLife logo OneFamily logo
60£38.02£33.00
61£39.38£34.00
62£40.84£37.00
63£42.45£39.00
64£44.24£42.00
65£46.22£45.00
66£48.42£47.00
67£50.88£49.00
68£53.63£52.00
69£56.76£56.00

What is the best life insurance for parents over 60?

The best life insurance for parents over 60 will depend on the age of your children and whether they are financially dependent on you.

If your children are still financially dependent, and perhaps still living at home, then you may consider term life insurance as the best option.

Term-based cover could last until your children are older (for example, at an age when they’re likely to be able to cover their own living costs) or when the mortgage is paid off.

It’s also usually the most affordable if you’re over 60 and have no medical conditions.

If your children are financially independent adults, and you’re just looking to help protect them from the cost of your funeral, provide a cash gift or help towards any inheritance tax liability, then you may consider whole of life insurance or an over 50s plan.

How to find the best value life insurance for over 60s [Top tips]

  1. Take out your ideal policy as soon as possible, as premiums increase with age
  2. Compare multiple quotes from different insurers and for different policy types (term, whole of life, over 50s)
  3. Carefully consider how much life insurance you need and how long you want to be covered for before applying
  4. Consider your budget, as missing any premium payments could cancel your policy
  5. If you have a pre-existing medical condition and/or have been declined for standard life insurance in the past, then an over 50s plan may be your best option
  6. Use a fee-free broker, such as Reassured, to get personalised quotes from some of the UK’s best life insurance providers

Compare affordable life insurance for seniors over 60 through Reassured

When looking for the best over 60 life insurance, comparing quotes could help you find the right policy at the right price.

At Reassured, we can compare deals from some of the UK’s biggest insurers for various policy options, free of charge.

Our experts are also on hand to provide any information you need to make a fully informed choice and support you through the application process.

In 2022, our award-winning service helped more than 16,000 over 60 year olds secure affordable life insurance to protect their loved ones.

Give yourself peace of mind today by getting in touch.

Get our Best Life Insurance Rates for Over 60 »

Over 60 life insurance UK FAQs:

Can you get over 60 life insurance no medical?

Yes, you can get over 60s life insurance without the need to undergo a medical exam or provide any medical information.

The best life insurance for seniors over 60 with no medical exam is an over 50s plan, which guarantees acceptance to those aged 50 - 85 with no medical questions asked.

You can apply for this type of policy without disclosing any health problems or releasing your medical records to the insurer.

If applying for term or whole of life insurance, then you’ll need to disclose your medical information. A medical exam may be required in some cases, for example, if you have a pre-existing condition.

Can I avoid or minimise inheritance tax with over 60s life cover?

Yes, some over 60s policies can be written in trust to help you avoid or minimise inheritance tax.

Writing your life insurance in trust is a process which detaches your policy from your estate. When you pass away, the funds are placed in a trust and managed by a trustee (chosen by you).

The trustee will be responsible for distributing the pay out according to your wishes.

Benefits of writing a policy in trust:

  • Reduce or eliminate inheritance tax (40% on anything over the £325,000 threshold)
  • Bypass probate for a faster pay out
  • More control who benefits from the policy and when they receive the funds

At Reassured we offer a free trust writing service with most of the policies we sell.

Our customer service team will be happy to talk you through the process step-by-step, so contact us today.

Can I take out joint over 60 life insurance?

Yes, it can be possible to secure joint over 60 life insurance, but this is only possible with term or whole of life insurance.

It’s not currently possible to secure an over 50s plan on a joint basis.

A joint life insurance policy will cover two lives simultaneously (such you and your partner) for one monthly premium and provides one pay out (usually upon the first death).

Is over 60s life insurance guaranteed to pay out?

This depends on the policy you have taken out.

Over 50s life insurance will guarantee to pay out if you pass away after the initial waiting period (either 12 or 24 months depending on the insurer).

Whole of life insurance also pays out when you pass away, not if.

Term life insurance will only pay out if you pass away during the specified term, so a pay out isn’t guaranteed.

Can I get life insurance for parents over 60?

Taking out life insurance on behalf of your parents is not uncommon, particularly when they’re in their senior years.

Any of the above policy options will be available for you to take out on their behalf.

The policy will remain in their control as they’ll be the main policyholder and they’ll need to be aware of the policy you have taken out for them.

Therefore, determining the beneficiaries and any changes to the policy will require their permission.

If medical questions are required, then the policyholder will have to complete these with one of our consultants.

Do you lose life insurance when you retire?

No, your life insurance policy will stay in place after retirement.

Your policy will only end when one of the following happens:

  • Your policy term comes to an end
  • You pass away and/or make a successful claim
  • You stop making premium payments
  • You cancel your policy

However, upon retirement, it’s important to remember that any work-based benefits (such as death in service) will no longer be in place.

This highlights the need to re-evaluate your life insurance needs to ensure you have the right level of cover to meet your new circumstances.

Over 60 life insurance what does Martin Lewis think?

Martin Lewis offers the following steps when taking out an over 50s plan:

  1. Obtain a variety of quotes. Martin Lewis recommends securing quotes from the following insurers:
    - Shepherds Friendly
    - National Friendly
    - Assurity
    - Legal & General
    - OneFamily
    - Sainsburys Bank
    - SunLife
  2. Consider a comparison service to find a cheaper quote
  3. Check if you can get cashback

Reassured can help you compare quotes from SunLife and OneFamily. Simply get in touch for your free quotes.

Sources:

[1] https://www.sunlife.co.uk/funeral-costs/

RedArc is a support service that isn’t regulated by the Financial Conduct Authority. These services aren’t part of the terms and conditions of the SunLife Guaranteed Over 50 Plan and may be amended or withdrawn at any time

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