Over 60s Life Insurance
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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?
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?
Insurance is based on risk and the bigger the risk, the higher the monthly or annual premiums tend to be. That's just the way it works.
This applies to life insurance too, meaning that age is taken into account when considering the risk and likelihood of paying out. The outcome for over 60 life insurance is that the premiums may be higher, but it doesn't have to be this way!
Healthcare is only getting better, as are the standards of living, so our life expectancy is only going up. This means that access to inexpensive over 60 life insurance is getting easier for many people.
By running a quote you can compare some of the top insurers in the country to find the right level of life insurance for you.
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.
What are the different types of insurance available?
As I'm sure you can imagine, the type of insurance you opt for does affect the cost. Life assurance plans can be more costly than term life insurance. For people over 60, this additional cost does need to be considered.
An important consideration if you're 65 years old (for example) is how many years' worth of life cover you realistically may need. You may find that one insurance company will provide you with a life assurance plan, covering you even if you pass away at 101 years old. There could be another insurance company that will give you up to 20 years.
A good thing to do is look at the costs for each of the plans. Think about how important the final cash lump sum that you will leave your loved ones is.
Finally, (and most importantly in some case), read the fine print, this will outline under what circumstances you are able to claim. This can be the deal-breaker and it's so important that you understand these terms!
One term that is not uncommon to find is that life insurance policies tend not to pay out if you die within the first 12 months of you taking out the life insurance plan.
Having said that, over 60 life insurance doesn't have to be expensive. There are a few factors you are able to control to keep that cost down.
Does price change if I'm a smoker?
In short, yes - a non-smoker will pay less than a smoker, much like younger people pay less for life insurance than someone older. It's all about risk for the insurance company. There is no way to get around this.
One thing that isn't worth the risk, is not being honest on your application and risking your cash sum payout.
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.
How does age affect the cost of life insurance?
We already know that life insurance is there to be paid out in the event that you pass away. Your named beneficiary/ies will receive this payout. In exchange for this cover, the insurance company will determine the risk and this will impact how much you are charged for the cover.
This doesn't mean that getting life insurance policies over 60 is always expensive - though it can be as expensive as you want it to be! The best way to get inexpensive over 60 life insurance policy is to compare over 60's life insurance here.
In order to truly get the best life cover, you should look at different steps you can take to lower your risk. Higher risk = higher premiums. Lower risk = lower premiums.
One fact nobody can run away from is we all get older. This means the risk gets higher. However, if you're somebody who smokes, has a poor medical history, or drinks regularly, then these are going to increase your risk factor sizably when looking for life insurance for over 60s. Women tend to live longer than men, the effect on life insurance is that they usually get a better deal.
So while you can't change the fact we all age, you can change your premium costs by staying fit and healthy!
Are funeral costs covered?
According to Sun Life's latest report, the average cost of a funeral by burial in the UK is £4,975. Cremations currently cost £3,858 and the average cost of a funeral in London will cost around £5,963. These costs are expected to rise by £146 every year.
The prices above are only taking in the basics. When you add on the cost of flowers, a memorial, or catering at the wake, you can expect to add at least another £2,000 to the total cost.
As these costs continue to rise, more and more people are thinking about how to pay for their funeral so that their family don't bear the cost during this emotional time. With funeral costs in the UK set to continue to rise it is worth thinking about whether any life insurance plans will cover the cost. The good news is that is an option with many policies!
A lot of life insurance policies now have the ability to add on the funeral cover as part of a package. This has proven to be popular in over 50 life insurance and over 60 life insurance plans as more people want to give their family that peace of mind.
The funeral cover will mean that a lump sum of money from your life insurance policy will automatically go towards your funeral costs - a good way to provide peace of mind to your family and loved ones, knowing that the funeral costs are covered. Losing a loved one is emotional and this can help remove some of the stress associated with funeral planning.
What happens if you stop paying your insurance policy?
One of the biggest reasons people choose to stop paying for their life cover policy is because they can no longer afford the cost of the premiums. If you are thinking about cancelling, its important to weigh up the cost of the premiums and the benefit to your family and what they would receive in the event of your death.
One of the common reasons people take out a life insurance policy is that it can provide peace of mind to their family that any mortgages or debt repayments can be paid off.
If you stop paying your life insurance because of the financial strain of paying the premiums, it's important to understand what that in itself might be demonstrating - especially if you are the main breadwinner in the household.
When times are tough and you find yourself wondering what cuts to make to the budget, your life insurance shouldn't necessarily be at the forefront of your mind. Yes, it will save money in the short term but longer-term it may not be the best saving you can make. As we have already discussed, a life insurance policy is cheaper the younger you are when you take out the policy. So if you are then intending to reinstate it at a later date, this may prove to be difficult, and your payments could be higher.
This is not forgetting the fact that you may develop health problems during the period when you aren't covered by a policy. The cost to reinstate could then be a lot more, removing any financial benefit you had initially gained.
If cancelling is still your choice, then it's good to know that cancelling a life insurance policy isn't too complicated. However, you won't get back any of the money you have already paid towards your premiums. On the flip side, you shouldn't be charged anything if you are ending your policy early.
Both options of cancelling are simple. The first route you can go down is to send a letter to your current life insurance policy provider and state that you wish to cancel. They will then see everything else is done for you. Job done!
You can choose to simply stop paying your direct debits by contacting the bank. This will stop the cover on your policy too. At some point, you will receive a letter from your insurance provider stating that your policy has ended.
Contacting the life insurance provider directly is a more clean-cut way of ensuring that your policy has ended so we'd always recommend that option.
If you are in a place where you are considering cancelling your current life insurance policy, then before you do so, it's absolutely worth taking a few minutes to compare life insurance quotes with us. This could enable you to have a life insurance plan and save money by paying less a month.
Our friendly UK team are always on hand to help if you have any questions.
Can I pay a lump sum of my life insurance policy upfront?
You certainly can. These are known are Single Premium Life Insurance Policies (SPL). For those who don't want to have to pay every month or every year, this can be the best life insurance option.
You make one single payment and that fully funds your insurance cover. What you get in return is a death benefit that will be guaranteed until you die. How does it work? Well, the value the lump sum you paid into the policy goes up, much like interest rates. It can also be borrowed against.
The benefit amount will depend on the time in which you took out the life insurance policy and also the amount invested. A 30-year-old in good health with a Single Premium Life Insurance policy for £50,000 could receive a death benefit of £250,000.
However, SPL insurance for over 60s requires a bit more thought because that same £50,000 invested at 60 years old could be worth £125,000 at the point of death.
It really comes down to what suits you, and what over 60s life insurance plan suits you and your family the most.
What are the benefits of life insurance?
There are many benefits to taking out life insurance over 60, so let's look at a few reasons why you might consider doing just that:
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 arranging 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.
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.
Peace of Mind
Peace of mind can't really be underestimated when looking at over 60s life insurance. Not only does it give you the reassurance that you're taking steps to look after your family, it also provides your loved ones with reassurance that they are safe.
Life insurance really does have many benefits. How many of us know what we're leaving behind? Few of us actually do. Life insurance in the UK can mean that you will be aware of what you're leaving behind. The great thing is, you can then comfortably plan the whole of life ahead of you.
What is the best life insurance for over 60s?
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!
How long can you get life insurance cover for?
If you are looking for a policy that will cover you for life then your best bet is to look at life assurance policies. This level of cover will stay in place until you pass away so long as you continue to pay the premiums.
If you're looking at over 50 life insurance or insurance for over 60s then you most likely have a decent grip on where your finances are headed and how much you can afford to pay every month.
A term insurance policy will last for a set amount of years. In order to carry the insurance on you will have to actively renew it. Some insurers use this as an opportunity to raise their premiums. If you find yourself in this situation, then don't be afraid to look elsewhere!
Our team can help you compare different levels of cover and find you the best life insurance for over 60s!
What is the best life insurance for over 60s?
The best life insurance is the one you are most comfortable with. It is worth taking some time comparing the different options and weighing up which one suits you the most.
Need someone to talk it over with? Contact us! We are authorised and regulated by the financial conduct authority in the UK, so you can be sure of great advice.
Is it worth getting life insurance at 60?
It absolutely is worth taking out insurance for over 60s! There are so many benefits to having life insurance, regardless of the time you take it out.
Ensuring that your family doesn't have to deal with any mortgage payments on your home on their own is a huge benefit to many. It can also help take away the stress for people when they are morning the loss of a loved one as the insurance company can help to deal with certain aspects, such as funeral costs.
How much is life insurance for a 62-year-old?
The short answer is, not as expensive as people first think.
We aren't able to give you an exact quote as prices will vary from person to person due to location, age, overall health condition and many other factors. However, you can get a quote within minutes using our online system.
How much does whole life insurance cost for a 60-year-old?
As people are different we can't give you an exact figure because there are so many variables but one of our team is happy too!
Contact us today to explore the various over 60 or over 50 life insurance options for you. We're proud to be authorised and regulated by the financial conduct authority - you can be sure of reliable and impartial advice from 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.