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We all have loved ones and family we want to take care of. Wouldn't it be great to know that they will be financially secure in the event of your death?

Losing someone close to you is challenging -going through the period of loss and mourning while also trying to carry on living our day to day lives is a hard burden to bear. Your family and loved ones shouldn't have to have the extra worry of not being able to pay the mortgage, rent, or council tax. Over 60 life insurance can take away those worries.

Taking our a life insurance over 60 policy can ensure your family and their needs are covered - who wouldn't want that reassurance?

If you're looking for over 60s life insurance UK quotes or over 50 life insurance, it's never too late to take out a policy and protect your family.

What is over 60s life insurance?

over 60s life insurance

Life insurance provides cover and the provider will pay out a cash lump sum when the policyholder passes away (and in some cases, when you're diagnosed with a terminal illness).

Over 60s life insurance provides some financial support to your loved ones when you are gone. This could mean paying off the mortgage or ensuring they are able to maintain a certain standard of living.

There are two main types of life insurance; term life insurance and assurance cover. We cover these in more detail below, including the advantages and disadvantages of each cover, so be sure to take a look!

One thing which is always worth knowing is that life insurance does not have a cash value. If you stop paying, your cover will end. You will not see any value to it. The value only comes if you are still paying at the time of your death, so it is important to keep the payments going once you start them.

The only exception to this is Single-Premium Insurance - which we also cover further down!

How does over 60 life insurance work?

One of the benefits of over 60s life insurance is that it typically offers guaranteed acceptance, meaning that individuals are not required to undergo a medical exam or provide detailed information about their medical history in order to qualify for coverage. This can be particularly beneficial for individuals who may have pre-existing medical conditions or who are concerned about being declined for coverage.

Monthly premiums for over 60s life insurance policies are typically based on the policyholder's age, with older individuals generally paying higher premiums. However, many insurance providers offer affordable cover options that can fit within most budgets.

When the policyholder passes away, their beneficiaries can make a life insurance claim to receive the cash sum provided by the policy. The life insurance claim process typically involves submitting a death certificate and other documentation to verify the policyholder's death.

One important thing to note about over 60s life insurance is that the cash sum provided by the policy may increase over time, but the monthly premiums will also likely increase as a result. This is because insurance providers often use a form of "reviewable" premiums, which means that the monthly premiums may increase periodically to keep pace with the rising cost of providing coverage.

To qualify for over 60s life insurance, individuals must typically be a UK resident and meet the age requirements set by the insurance provider. Some insurance providers may also have restrictions on coverage for pre-existing medical conditions or other factors that may impact the policyholder's life expectancy.

When considering over 60s life insurance, it's important to compare options from different insurance providers to find the best policy for your individual needs and budget. Factors to consider when comparing policies may include the size of the cash sum provided, the monthly premiums, and any restrictions or limitations on coverage.

In conclusion, over 60s life insurance can provide an affordable life insurance option for individuals over the age of 60, offering guaranteed acceptance and a cash sum payout upon the policyholder's death. While the monthly premiums may increase over time, the policy can provide financial security for outstanding debts, funeral costs, and other expenses. To find the best over 60s life insurance policy for your individual needs, it's important to compare options from different insurance providers and consider factors such as monthly premiums, cash sum size, and any restrictions on coverage.

Does it matter what age you buy life cover?

As we’ve discussed, life expectancy is increasing. That’s a good thing in many ways, including life insurance! Age isn’t the most important factor when you’re looking for a life insurance policy. However, age is still a factor in life insurance and is taken into consideration when you receive a quote. Depending on the life insurance cover, you may be offered a ‘life assurance’ policy. This means that you’ll have cover for the whole of life. These policies also guarantee you a payout when you pass away -a great way to leave your loved ones something, and peace of mind for them and you. These can be really good policies and a way to get the best life insurance cover. This amount of cover is known as life assurance. One thing to be mindful of is that some insurance companies have a maximum age limit for 60s life insurance. This means that when you reach an agreed age, your policy will no longer be valid. Should you wish to carry on with that amount of cover then you will need to manually renew your life insurance. This insurance cover is commonly referred to as term life insurance, as it will run for an agreed time period.

How does Life insurance over 60’s vs over 50’s compare?

Over 50’s life insurance is similar in many ways to over 60 life insurance. The obvious difference being age. We know that whatever the type of insurance is, it is calculated by risk, home insurance, life insurance car insurance. It is all calculated by risk. As a result of this, over 50 life insurance tends to be cheaper than that for those over 60, as there is less risk in insuring someone in their 50s.

What are the benefits of over 60 life insurance?

Reduces the stress, anxiety, and disruption of losing you

Losing a loved one is never a good thing. It’s a stressful time and can bring on anxiety. Along with general disruption to life to your family. Knowing things are all in one place and secure can really reduce this stress. If you choose good insurance for over 60s then the insurance provider will be more than happy to handle and arrange the payout for you. Again, minimising what your loved ones and family will need to think about at the time. Over 60s life insurance can be the difference between your family being comfortable or struggling once you have passed away.

Compensates loss of earnings

If you are were still working when you pass away, without over 60s life insurance, your family may be left short due to no longer benefiting from that income. Insurance providers understand these needs and policies can help bridge that gap.

Can go towards unpaid debt

A lot of people in the UK may pass without paying off their mortgage. What does that mean for the people you leave behind? Does that mean that they lose their home? It doesn’t have to, with life insurance for over 60s, the payout can be used to pay off the mortgage. Leaving your loved one’s mortgage-free is a truly great thing to be able to do.

Funeral Costs

Just like our life expectancy, funeral costs are rising. With the average cost of a UK burial being close to £5,000 in 2020, disregarding additional costs of headstones, flowers, catering and anything else. Funerals are big business and can result in people going into debt just to cover the cost of them. This is far from ideal. You can protect your family from this by taking out a life insurance policy that means that funeral costs will automatically be accounted for when paying out.

What Is The Best over 60 Life Insurance?

The best life insurance for over 60s really depends on the individual but there are some facts that everyone can take into account. Prior to taking out an over 60s life insurance, spend some time considering how important the payout is. Some people take out life insurance as a way to ensure that their mortgage will be repaid when they die. This can be a fantastic use of life insurance, especially when it comes to over 50s life insurance and above. You can make use of an over 60 life insurance calculator to work out how many years it would take to pay off your mortgage when you’re alive. Using this as a guide for how long your insurance policy ought to be. Other people would like a payout no matter what. If you are one of these people then you will most likely need to get insurance coverage that will last longer, sometimes this may even be a whole of life insurance policy. Whether you’re looking an over 50 life insurance or insurance for over 60s, one thing to always keep in mind is that the older you get, the higher the premiums will be. When looking for insurance for over 60s, it is worth considering the whole of life policy. These can be a great way of managing your premiums. Overall, it comes down to what type of insurance cover is best for you and your family. Our team are always happy to discuss the options and we are authorised and regulated by the financial conduct authority in the UK and you will only deal directly with us!


Discount Life Insurance…Why Use Us

We are an online advice service and as such have little overheads which enables us to give away more commission enabling us to me extremely competitive on price.

Having said all this, life insurance is not always about price and there are differences in the types of cover offered by providers. So we also provide an “advised sale” which means that we take on responsibility to make sure the policy you take is the right one and the most suitable for your circumstances.

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