Life Insurance for Over 60s
As we build families and get older, it becomes more and more important for us to keep our loved ones as safe and supported as best we can. For many people over 60, securing a life insurance policy is an important step in making sure your loved ones will continue to be taken care of if you weren’t there to provide for them.
It’s still possible to get life insurance if you’re 60 or over, with an option being a specialist over 50s life insurance policy. We’ve put together a guide to help you understand what this is and how you and your family can benefit from having one.
What is Over 60s Life Insurance?
Over 60s are eligible for an over 50s life insurance plan, which requires policy holders to be at least 50 years old to be accepted.
There are no medical assessments or checks when it comes to over 50s life insurance, and your loved ones will receive a guaranteed cash lump sum payout when you pass away.
The price of your monthly premium will depend on the level of cover you would like, and whether you choose to opt into any extras offered by the insurer – such as add-ons providing additional protection, like terminal illness cover. Additionally, with some insurers, you’ll only have to make payments for a set number of years, sometimes until you turn 80 or 90.
Why should Over 60s get Life Insurance?
Choosing to take out this type of life insurance policy comes with several benefits, the main one being that your loved ones will have some money to pay towards things like your funeral costs and settle any outstanding debts you may leave behind.
At times of grief, finances are the last thing any of us want to worry about. Your loved ones will already be coping with a difficult time, and it can take a lot of pressure off to know that they will receive a lump sum to help with your funeral arrangements.
Alternatively, the lump sum could be left to a friend or family member to use if you don’t have to worry about unexpected bills or funeral costs.
It’s also worth noting that over 50s life insurance guarantees acceptance, even if you have a pre-existing health condition. As long as you’re between the ages of 50 and 80 when you apply, you’ll be able to get cover without any questions about your health.
How Much Does Life Insurance Cost?
How much life insurance costs depends on the age of the person, the level of cover they opt for, and the insurer that provides it.
For example, with our Over 50s life insurance, a 65 year old who doesn’t smoke could pay as little as £23 a month. If they continued these payments until they reached 80, their final payout would be £5,316.
What types of life insurance are available for over 60s?
Your options for life insurance don’t disappear when you reach 60 – you still have some options to explore and decide what works best for you. Here are two of the most popular options available.
Over 50s Life Insurance
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 is a popular option for over 60s.
While some types of whole of life insurance require your medical history, when you apply for a Shepherds Friendly Over 50s Life Insurance plan you won’t be asked any medical questions, and you’re guaranteed to be accepted.
For more information about our Over 50s Life Insurance plan, watch our video:
View video transcript
A 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 covers you for a set period of time, and guarantees a payment if you pass away during this time period.
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 any pay out or be refunded any of the premiums you’ve paid over the years. However, if you do pass away during the specified time period, the payout can be higher.
You’re likely to be asked for your full medical background, and if you have any existing injuries or conditions you could end up paying more.
What type of life insurance is best for over 60s?
There’s no single answer to this question as it depends on the individual needs of the policy holder. However, generally speaking, over 50s life insurance is a popular choice for people in this age group who are looking to help cover the costs of their funeral and any outstanding debts. If unsure, an individual should seek advice from an appropriately qualified financial adviser.
Our Over 50s Life Insurance offers guaranteed approval, without the need for a medical assessment. This can give you the reassurance and peace of mind that you need, regardless of your lifestyle or health status.
The type of insurance that is most suitable will depend on an individual’s own circumstances. If unsure, an individual should seek advice from an appropriately qualified financial adviser.
Be sure to read through our plan summary and terms and conditions. Remember that when you invest, your capital is at risk.
More information about over 50s life insurance
Important things to consider
- If your circumstances change and you stop paying the premiums, your life cover will end after three missed premiums.
- Over 50s Life Insurance has no cash in value at any time, so if you cancel it after the first 30 days you will get nothing back.
- Your life cover does not start until after the second anniversary of your plan start date, as shown in your plan illustration, unless you die as a result of an accident, in which case your life cover begins from the start date shown on your plan illustration.
- This life plan is not a funeral plan and therefore may not cover the full cost of a funeral.
- Over time, although the amount we pay out on death is fixed, this amount is likely to reduce in value because of the effects of inflation.
- If you live long enough the total premiums you have paid may be greater than the amount payable on death.
All references to taxation are to UK taxation and are based on Shepherds Friendly Society’s understanding of current legislation and H M Revenue and Customs practice which may change in the future. Please ensure that you read the full terms and conditions of this plan which are available from your financial adviser or by contacting us directly.
Please note: No advice has been provided by Shepherds Friendly. If you are in any doubt as to whether a plan is suitable for you, we recommend getting in touch with a financial adviser, who will be happy to take you through what options are available. Should you consult a financial adviser there could be a cost involved and you should confirm this cost beforehand.