Life Insurance for Over 60s

As we get older, keeping our loved ones as safe and supported becomes even more important. For many people over 60, a life insurance policy is an important step to keep their family financially secure when they’re gone. There are plenty of options for life insurance after the age of 60, including specialist policies tailored to your needs, like our Over 50s Life Insurance.

We’ve put together this comprehensive guide to help you understand life insurance after 60, from the types of insurance plans available to how they work, and the benefits they offer.

What is Over 60s Life Insurance and why is it important? 

Life insurance for people over 60 is designed to provide financial support for loved ones after you pass away. It can help cover end-of-life expenses, lift financial pressure, and offer peace of mind that your family is secure. Let’s explore the key benefits of taking out a life insurance policy.

1. End-of-life expenses: Life insurance can help cover funeral costs and any money you still owe, like loans, credit cards, or a mortgage. Life insurance helps to cover these costs and takes the pressure off your family, so they can focus on remembering you.

2. Financial security for loved ones: Life insurance after the age of 60 provides money to support your family after you’re gone and maintain the same standard of living. This helps them pay for essential expenses like the mortgage, bills, and everyday living costs
3. Peace of mind for policy holders and families: Life insurance gives you peace of mind knowing your loved ones will be financially secure, even when you’re no longer there to provide for them.

What types of life insurance are available for over 60s?

Your options for life insurance cover don’t disappear when you reach 60. You still have options to explore and decide what works best for you.

Here are two of the most popular options available:

Over 50s Life Insurance

Terms and eligibility

• Over 60s are eligible for an Over 50s Life Insurance plan, which typically requires policy holders to be at least 50 years old to be accepted. 
• Over 50s life insurance plans are a type of ‘whole of life’ insurance, which guarantees to pay a lump sum payment to your loved ones after you pass away. This plan is a popular option for over 60s.  
• Application approval is guaranteed when taking out an Over 50s Life Insurance plan with Shepherds Friendly.

Medical checks and costs 

• Some types of whole of life insurance require your medical history. However, when you apply for an over 50s life insurance plan with Shepherds Friendly, there are no medical assessments or checks.
• The cost of your monthly premium will depend on your age, how much cover you need and sometimes whether you’re a smoker.

For more information about our Over 50s Life Insurance plan, watch our video:

View video transcript

life insurance plan is designed to look after those nearest to you. So, when you pass away, your loved ones can receive support in the form of a financial payout, or a sum assured, to help them through a difficult period.

Our Over 50s Life Insurance is designed for people over 50 years old who want to provide financial security to their families in preparation for the end of their life. Nobody likes to think about dying, which is why we’ve created a plan that’s purpose-built to provide you with peace of mind for the future.

If you’re aged between 50 and 80 and living in the UK, you can take out Over 50s Life Insurance with us. You don’t need to fill out any complex forms or provide your medical history – we only ask for your age, if you are a smoker, and what level of cover you’d like. We guarantee you’ll be accepted with no further questions asked.

We also offer you the option to nominate Coop Funeralcare as your funeral provider, which means you’ll get up to an extra £250 for your funeral service on top of your sum assured, so your family has one less thing to worry about when the time comes.

Worried about the cost? Don’t be! Our plan is designed to be affordable, and you can choose from a range of premiums from as little as £10 up to £50 per month. To find out how much your cover could be, we can provide you with an instant quote on our website.

When you take out a plan, you’ll pay premiums monthly until 30 years have passed or until you reach age 90, whichever comes first. After this, you’ll stop paying, but your cover will remain in place, and we’ll look after your sum assured until the time comes for your family to make a claim. We also guarantee that we’ll never change your premium amount, meaning there’ll be no surprise increases along the way.

Make sure you let your family know that you have taken out life insurance, so they know to contact us when you pass away. We understand how difficult it can be to lose a family member, so our Member Services team is on hand to provide your family with tailored support to ensure the claims process is as smooth as possible. To make things easier, you may wish to include this information in your will, so we can ensure your sum assured reaches the right hands. We’ve paid out 100% of Over 50s Life Insurance claims, so you can rest easy knowing that every single penny of your sum assured will reach your family.

At Shepherds Friendly, our members always come first. From the moment you open a plan, you become one of our members, and we’ll do everything we can to ensure your needs are met. We appreciate that circumstances can change, so we do offer the option to decrease your monthly premium if you need to; however, please note that this will reduce the sum assured you were quoted when you opened the plan.

We’ve been supporting our members with their personal finances since 1826, providing them with valuable peace of mind when it comes to planning their financial future. Open a plan with us today and become a part of the Shepherds Friendly Society.

Term Life Insurance 

Term life insurance is a type of life insurance that covers you for a set time and guarantees a payment if you pass away during its term.  

Medical checks and costs 

• Term life insurance tends to cost more as you get older, and it may only offer cover for a short period of time. 
• If you outlive the term of the policy, you won’t get a payout or be refunded for any of the premiums you’ve paid over the years. However, if you do pass away during the specified period, the payout can be higher. 

With this type of insurance, the insurer is likely to request your full medical background. Plus, if you have any existing injuries or conditions you could end up paying more.

Over 50s Life Insurance vs Term Life Insurance: Compared

Insurance Type	Terms and eligibility	Medical checks and costs
Over 50s Life Insurance	– Must be over 50 years old – Whole-life insurance – Guaranteed approval – Pays out in guaranteed lump sum when you pass away	– No medical assessment or checks – Cost depends on level of cover and extras or add-ons
Term Life Insurance	– Fixed-term insurance – High payout if you pass away during cover term period – No payout if you outlive the policy term	– Full medical assessment and/or checks – – Existing injuries or conditions can result in higher monthly or annual costs

What is the best life insurance for over 60s?

There is no single answer to this question as the best life insurance depends on your personal needs. However, Over 50s Life Insurance is a popular choice for people in this age group who want to cover funeral costs and outstanding debts. But remember, the type of insurance most suitable for you depends on your own personal circumstances.

Here are some things to consider when choosing a policy after age 60:

• Coverage amount: Make sure the payout will cover your financial goals, like debts, funeral costs, or leaving an inheritance for your loved ones.
• Affordability: Choose a premium you can comfortably afford to maintain the policy over time.
• Health conditions: Many policies consider your health, so understand how your health status might affect your eligibility and premiums.

Learn more about Shepherds Friendly offer in our Over 50s Life Insurance Plan FAQs. If you’re still unsure, a financial advisor can help you find the best option for your needs.

Remember that when you invest, your capital is at risk.

Key takeaways

• Life insurance for over 60s helps provide financial support for your loved ones after you pass away.
• Financial support after end-of-life can cover funeral costs, outstanding debts, and daily living expenses.
• Over 50s life insurance offers whole-life coverage with no medical checks and guaranteed approval.
• Term life insurance provides fixed-term cover with higher payouts but no refund if the term ends.
• Consider the coverage amount, premium affordability, and health requirements when choosing the right policy.
• Speak to a financial adviser to find the best option for you.

Learn more about our Over 50s Life Insurance plan, including exact coverage, available add-ons, and how to apply.

Be sure to read through our plan summary and terms and conditions.

Remember that when you invest, your capital is at risk.