Securing your tomorrow: Over 60s life insurance
If you are over 60, you may be thinking about how to protect your family and loved ones after you pass away. You may also be wondering how to cover the costs of your funeral and any outstanding debts you may have. That’s where over 60s life insurance can help.
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The Insurance Surgery
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- 20 years’ experience & price match promise
What is special about over 60s life insurance?
Over 60s life insurance is generally a whole life cover insurance policy that pays out a lump sum when you die, no matter when that happens. For some over 60s, a term life insurance policy may be more suitable, guaranteeing that your beneficiaries receive a payout as long as you keep paying your premiums.
One of the main benefits of over 60s life insurance is that it is easy to apply for and be accepted. You generally don’t need to take a medical exam or answer any health questions. As long as you are a UK resident aged between 50 and 85, you are eligible for most over 60s life insurance plans.
Over 60s life insurance can provide peace of mind and financial security for your family. You can choose the amount of cover you want, depending on your age and budget. You can use the lump sum to pay for your funeral expenses or leave some money behind for your loved ones to help them with their living costs, debts, or inheritance tax.
At The Insurance Surgery, we can help you find the best over 60s life insurance for you. We compare quotes from different providers and offer you impartial advice on the best plan for your needs and circumstances. Whether you want to leave a legacy for your family, cover your funeral costs, or simply have peace of mind, we can help you get the right over 60s life insurance for you.
Over 60s life insurance: when it’s not necessary
When it comes to life insurance, our reputation is built on offering honest advice. We will only ever sell you the policies that you need.
In some circumstances, you might discover that you do not need a specific over 60s life insurance plan.
For example, you may not need over 60s life insurance if:
- no one depends on you financially, such as your partner, children, grandchildren, or other relatives
- you have enough money to cover your bills, funeral, taxes, or any other costs that may come up after you die
- you have other ways to provide for your loved ones when you’re gone, such as a will, a trust, or a gift
- you share a mortgage with your partner, and they can afford it without your financial help
- you have a term life insurance policy that lasts until you retire or pays off your bills
If any of these are true for you, you may not need over 60s life insurance. However, you should regularly check your situation and talk to an expert before you stop or change your current policy.
Our advisors will always talk to you over the phone to check what protection you have in place. No one should ever pay more for insurance than they need to, so we’ll take the time to talk to you about what you need.
How to calculate the right amount of life insurance for over 60s
An over-60s life insurance plan can help to protect and support your family when you’re not around, paying for your funeral, providing a financial gift, or just covering the bills.
To find out how much life insurance you need:
- Work out how much money your family would need to live without you.
- Think about how much your family will receive from other sources, such as savings, pensions, or other insurance plans.
- Take away the second amount from the first amount.
The difference is how much your over 60s life insurance should cover. If this is complicated, please talk to us. We’re pretty handy with a calculator, and we will work through your expenses to check that you’ve got a level of cover you are happy with.
From the moment you pick up the phone, everything we do is about making your life insurance journey as easy as possible.
How to lower your life insurance costs: 4 top tips for over 60s
Life insurance can be expensive, but there are ways to save money and get the best deal for your needs. Here are four tips to help you lower your life insurance costs and protect your family.
- Calculate the amount of life insurance cover you need to protect and support your family when you’re gone.
- Reduce your risk factors. For instance, quit smoking, drink less alcohol, or get more exercise.
- If you don’t need lifelong coverage, choose a term life insurance policy instead of a whole life one.
- If you need to cover a decreasing debt, such as a mortgage, opt for a decreasing term policy.
These are some of the ways you can lower your life insurance costs and get the best value for your money. You can also compare quotes from different insurance companies to find a cheaper deal.
The Insurance Surgery can help you to do that easily and quickly. Our access to the whole insurance market means we can find deals unavailable directly to the public. What’s more, with our price promise, we can guarantee you’ll never pay more for a like-for-like policy anywhere else.
Term life insurance for over 60s
Life insurance for the over 60s doesn’t have to be whole life cover. You can opt for a term policy, depending on your needs and preferences. A term policy is a type of life insurance that covers you for a fixed period of time, such as 10 or 20 years. If you die within that time, your beneficiaries will receive a payout. If you outlive the term, the policy will expire, and you won’t get anything back.
A term policy may be suitable for you if you only need life insurance for a specific reason, such as paying off a mortgage or leaving money for your children’s education. A term policy may also be cheaper than a whole-life policy, especially if you’re in good health and don’t smoke.
A term policy also has some drawbacks. You may not be able to renew or extend the policy after it expires, or you may have to pay higher premiums if your health deteriorates. You may also have to undergo a medical exam or answer health questions to be accepted for a term policy.
Whole life insurance for over 60s
A whole-life policy covers you for the rest of your life as long as you keep paying your premiums. You don’t have to worry about the policy expiring or renewing. You also don’t have to take a medical exam or answer health questions to be accepted for most over 60s life insurance plans.
A whole-life policy may suit you if you want to leave a legacy for your family, cover your funeral costs, or have peace of mind that your loved ones will receive a payout whenever you die. A whole-life policy may also offer some cash value you can access during your lifetime, depending on the provider and the plan.
However, a whole-life policy also has some drawbacks. You may have to pay higher premiums than a term policy, especially if you’re older or smoke. You may also have to pay into the policy for one or two years before the full payout is guaranteed. If you die within this period, your beneficiaries may only receive the premiums you paid in or a reduced amount.
Critical Illness for Over 60s
It may be to your benefit to add critical illness coverage to your over-60s life insurance policy. Critical illness covers for over 60s can provide financial security if you face a severe health problem.
Critical illness cover pays out a lump sum if you are diagnosed with a serious illness or disability, such as cancer, stroke, heart attack, or Parkinson’s disease. This can help you cover the costs of medical treatment, care, or living expenses if you cannot work or need extra support.
Even if you’ve got a complicated medical history, we’re confident we can still find you a suitable critical illness policy.
How to get over 60s life insurance
If you are over 60 and looking for life insurance, you may have a hard time finding a good and affordable policy that fits your needs. You may pay more, get less, or face more rules than younger people. But this doesn’t mean that you can’t get life insurance. You can still compare different options and find the best deal for your situation with the help of The Insurance Surgery.
The Insurance Surgery is a specialist broker that helps people who have trouble arranging life insurance because of their health, job, hobby, or age. We can help you find the best over 60s life insurance policy for your needs and budget.
To get started, fill in our online quote form. You will need to provide some basic information about yourself, such as your age, gender, and the amount and type of cover you want.
The Insurance Surgery will search the market and find the best quotes for you from our insurers. We’ll explain the pros and cons of each policy and answer any questions you may have. You can compare the quotes and choose the policy that works for you. The Insurance Surgery will help you apply and send it to the insurer.
The insurer will check your application and decide whether to accept you, reject you, or offer you different terms. They may request more information. or ask you to take a medical exam or answer health questions. If you’re accepted, you will receive your policy documents and start paying your premiums.
Getting over 60s life insurance through the Insurance Surgery can save you time, money, and hassle. We can help you find a policy that covers your needs and gives you peace of mind.
Frequently Asked Questions
We answer your most frequently asked questions.
There’s no simple answer to this question. It will depend on your personal circumstances and how you want to provide for your family once you’re gone. It might help to consider how much money you and your family spend each month, how much income you and your family make each month, debts, belongings, and how many people depend on you for money and support.
It depends on the type of life insurance policy you choose and the insurer you apply to. Some types of life insurance policies may require you to have a medical exam or provide some health and lifestyle information, while others may not.
Age is one of the main factors that affects life insurance rates and availability. Life insurance companies charge more for older people than younger people, even if they have the same health and lifestyle. Some types of life insurance policies may not be available or may have lower payouts for older people.
But age isn’t the only factor that affects life insurance. Your health, lifestyle, occupation, family history, and the type and amount of cover you choose also play a role.
There’s no fixed age for taking out life insurance because it depends on your personal circumstances, for instance, your dependents, your debts, and your health. Life insurance is generally cheaper and easier to get when you are younger and healthier, so many financial experts recommend taking out life insurance before you reach 35. This isn’t a rule though. You should always compare different options to find the best one for your needs and budget.
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Tom has been incredibly helpful throughout the whole process of getting my life insurance set up. Very knowledgeable and absolutely ‘on it’ to get me the best product out there.
Mat Wise
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Service was first class, Simon kept me informed at every step in the process.I would have no hesitation in dealing with him again.
Duncan Fordyce
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Dealt with Karl who could not have been more helpful. Made the whole process of getting life insurance far easier than other providers I had approached.
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Approved immediately. Process was so fast and a lot cheaper than I thought. Highly recommended.