Life Insurance for the Over 60. Broker Deals & Quotes on Over 60’s Life Insurance.
‘OVER 60’s LIFE INSURANCE’ =
Cover Ongoing Bills or Leave a Legacy?
Do I need Life Insurance after 60?
As brokers we are sometimes asked ‘do I need life insurance after 60’ or ‘is over 60 life insurance worth it’? This is often a common question now due to the cost of living crisis 2020’s.
But the reality is with average uk life expectancy now around age 80, and if you are over Sixty, it could be you may well live on for 20 or more years….
We would say consider those loved ones that rely financially on you & your income – if you sadly died prematurely.
Are you an Over 50’s working still or now retired on a pension? Would your family be entitled to any ongoing benefits, like your pension or you’re unsure?
If not, then consider some ‘life insurance for over sixty’ options we will discuss in this article.
3 Reasons for ‘Life Insurance for the Over 60’ in 2024?
- You still need to provide for your Family
- You still have the Mortgage & Bills to pay
- You still intend to carry on working for a while yet
3 Main Types – Over 60’s Life Insurance
- Over 60 Whole of life assurance (YES > Medical & lifestyle evidence)
- Term life insurance Over 60 (YES > Medical & lifestyle evidence)
- Over 60’s Life Insurance cover (NO > medical or lifestyle evidence)
* Over 60 Life Insurance – No Medical
No Medical Over 60s Life Cover | General Key Features
- 1 or 2 years exclusion period before any natural causes death claims
- Sold as Over 50’s plans not branded as Over 60 Life Cover
- There are usually no in depth medical & lifestyle questions to qualify
- Smoker or vaper status is asked & affects life insurance for over 60s pricing
- Accidental death claims only during this initial exclusion period
- Refund of premiums only if you die of natural causes during this exclusion period
- Insurers may stop taking premiums from age 90/95 but maintain your life insurance
- These life insurance for over 60 no medical plans are rest of life or whole of life meaning indefinate cover
No Medical Over 60s Life Cover | General Key Features
- Age at entry usually up to age 85 dependant on Insurers
- Most life insurance no medical plans are available on a single life basis only
- Providers may limit premiums per plan or a total amount of Lifecover per person
- Fixed premiums usually with no investment cash in values
- Lower life insurance levels generally offered versus other life insurance for over 60s plans
- Compared and bought sometimes just for their free gifts
- Can often pay in more to the policy than the life cover amount paid out
- Many use Over 60’s plans toward funeral funding than family life cover or prepay funeral plan
- Funeral benefit option may top up £250 | £300 for Funeral directors eg; Dignity or COOP
The origins of no medical life insurance plans were originally setup back in 1979 by SunLife & when average UK life expectancy was around 10 years lower than in 2024.
They were often advertised back in the day by various golden oldies over 60’s celebrities like like Michael Parkinson, Cilla Black or Carol Vorderman.
Although these no medical policies were promoted by various Seniors Life Insurers as offering immediate peace of mind, this type of plan is often not actually a get onto cover today life insurance for over 50’s.
What it is actually is having to wait for 1 or 2 years period before getting onto cover today insurance over 60’s policy.
Although maybe advertised as a low cost life insurance for over 60, you could possibly also pay in more than the premiums paid with some plans.
What’s Martin Lewis view on Over 60’s Life Plans?
What does Martin Lewis say about Over 60 insurance life plans? Well, he doesn’t mention anything specifically about Over 60s life insurance but instead refers to the more heavily marketed ‘no medicals’ Over-50’s lifecover.
Note: there are several Insurers now that do offer no medical guaranteed over 60 insurance life policies. These operate very similarly to no medical Over-50’s schemes he is referring to.
He is not a big fan of these no medicals lifecover schemes it seems, IF you are in reasonable good health. As brokers we may agree here on that point.
BUT he does see their lucrative value IF you are in poor health & with a reduced life expectancy ie; no medical exam questions.
*Does Martin Lewis recommend ‘Over 60 Insurance Life’ Cover?
Martin Lewis says…‘Let me be blunt: this means that if you’re likely to die sooner than the average, these Over-50’s plans can be lucrative’.
This marketplace is characterised by Insurers offering their life insurance with free gifts. Or TV adverts promoted by some well known current or past TV celebrities like Michael Parkinson, Cilla Black or Carol Vorderman.
For Martin Lewis best Over 50 Life Insurance Money Saving Expert advice, however he says many people waste a fortune on this ‘no medical’ style of policy.
So, as Brokers we may agree here to some extent reviewing his comments ie; no medical Over 60 insurance life cover deals are not the best value out there if in average to good health. There are alternative options, which we review here.
Commenting, Martin Lewis on over 50’s plans, he says they are often sold to you on the basis of help toward covering funeral costs.
Maybe more importantly, Martin Lewis on Over 50 Life Insurance he points out that on certain plans, you could potentially pay in more in policy premiums than the life cover value is worth.
So in their Money Saving Expert Martin Lewis Over 50 Life Insurance review, he spends a long time putting down these no medicals life cover schemes.
But ultimately giving his usual balanced financial views, we would sum this up as follows
Martin Lewis Over 60’s Life Insurance no medical style plans view is Only a Fan – IF in poor health for life expectancy…but NOT so if in average to good health.
In terms of the large range of Life Insurance for those Over 60 products available, Money Saving Expert are fully impartial with all their best buy reviews. As you maybe aware, neither Martin nor MSE never endorse products.
Note: Yes, they mention individual products & services on MSE site, but they make it very clear don’t ‘support’ them.
CONCLUSION: Best Life Insurance for Over 60’s | If generally in Poor Health
* Whole Life Assurance Over Sixty – Medical evidence
General Key Features
- Policy is underwritten insurance so Insurers do ask medical & lifestyle questions before offering cover
- Whole life assurance means you covered even if life expectancy is until 190
- Terminal Illness is often included for free on whole life assurance plans
- It means you sadly have less than 12 months to live, so pays out earlier ‘death claim’ in advance
- Could involve GP reports and medical tests before agreeing underwriting terms
- Deals usually available for those who have no real serious health or lifestyle issues
- Age at entry available in your 60’s dependant on best life insurance for over 60 insurers
- Even if you do have some medical issues Insurers may still try to offer a policy
- Immediate cover with no initial exclusion period before a whole of life insurance claim
- Suicide exclusion clauses may initially apply on over sixty life insurance
- Own life, dual life or joint life policies upon death or terminal illness
- Plan options for fixed or reviewable premiums and must be paid for rest of life ie; until a claim
CONCLUSION: Best Life Insurance for the Over 60’s | IF fit & healthy
* Over 60 Life Insurance Term Cover – Medical evidence
General Key Features
- Term Over 60’s Life Insurance is ‘underwritten’ cover but only for a fixed period ie; max available upto age 90
- Unlike whole life insurance you may live out that term period leaving no lifecover after
- Terminal Illness is also included for free on 60 years old life insurance term plans
- May have much more affordable costs than whole life assurance as the plan runs a defined term
- Age at entry available for life insurance for over 60 uk is dependant on Insurers
- Once underwritten, this Life Cover has no initial exclusion period before claim
- Suicide exclusion clauses apply on level term life insurance for over 60
- Premiums usually fixed and have to be paid for life of the policy term with no cash value
- These life insurance plans can be level, decreasing, increasing
- Lump Sums or Family Income Benefits options re death insurance or terminal illness
- Options of own life or joint life policies for this level term life insurance for over 60
- Life Cover upto age 90 as a bills back up plan or ‘cheap life insurance for over 60’ instead
CONCLUSION: Best Life Insurance for the Over 60s | IF no cover needed after age 90
‘Life Insurance for the Over 60s’ & Covid 19
- You are covered is the answer re Coronavirus / Covid 19 for most Insurers re ‘Life Insurance for the Over 60s’
- ‘No medical’ Over 60s Life Cover plans usually have initial 1 or 2 years exclusion period anyway before death claims
- Some Insurers have waived their waiting periods on plans taken out before Covid 19 was known
- Underwritten life insurance for over 60’s plans will still ask specific Covid related questions to proceed
- Valid as long as you honestly answered the Insurers questions at the time of application
- The policy must not have lapsed & the premiums must be up to date
CONCLUSION: Insurers still accepting Over 60s Life Insurance re 2020’s Pandemic
FAQ: Over Sixty Life Insurance
*Do I need Life Insurance after 60?
Given the costs of living crisis 2020’s affecting us all, you may still need to consider life insurance after 60 to help protect any lost ongoing income. Let’s consider a few questions that may apply to you….
For example, what is the age difference between yourself and partner? If you are already getting a pension, would they be entitled to get any ongoing income from this or state pension benefits?
Now, apart from perhaps still looking after your own kids financially growing up, Bank of Mum and Dad could still need help to pay-off their own mortgage, outstanding debts or credit cards. Plus all those regular bills that do not stop.
If you had life cover when younger but are you concerned now the policies may all end in your sixties? If you answered Yes to any of these questions, then we recommend you may need life insurance after 60.
*Should I put my Over Sixty Life Cover into Trust?
When any Over 60s Life Cover policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will, this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues ie; your cheap life insurance for over 60 could now become very expensive, as there is an additional tax bill to pay for your loved ones.
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs, now making your cheapest life insurance for over 60 very costly.
Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.
*Importance of Disclosure & Claims?
All Insurers are in business to protect, insure & payout re any ‘best life insurance for the over 60’s’. Insurance cover is therefore based on your full disclosure at the time you took the original Over 60s Life Cover policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying if medical questions are asked. The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Don’t advise a familial history of high blood pressure or cholesterol as the rates maybe higher. So, in this instance your cheap life insurance for over 60 could become very expensive.
Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your life insurance for over 60s claim is valid and cross check if you originally disclosed all the correct details.
Note: If you apply for a no medical life insurance policy, they often will still ask your smoking status. If you look at most Insurers recent claims payout, you will see that it maybe good but often not 100%.
*What if my health or lifestyle changes after taking the policy out?
Any health or lifestyle changes since, usually does not void your existing Life Insurance policy, if it wasn’t relevant at that time of initial life insurance for over 60s uk application. It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.
Take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future. For example, you quit smoking for a year before the Over 60s Life Cover policy but started again afterwards. Please check your original life insurance for the over sixties T&C’s.
‘Life Insurance for over 60′ summary
- Medically underwritten over 60 life cover may usually offer much better value
- Whole lifecover if it has to payout whenever & Term Lifecover upto 90 if not
- No medical lifecover plans are often useful if you have serious health issues
- Like all life insurance for over 60s, if you start to miss any premiums your cover may lapse
- Rising Funeral costs inflation may effect level life insurance for over 60s uk plan payouts
- Check if the life policy can be put into trust to help avoid probate delays & Inheritance Tax IHT
- Gender Neutral rates on life insurance for male over 60 or female
- Often similar Over 50’s lifecover seen advertised on TV and endorsed by personalities
- Don’t be persuaded to buy a life insurance for over 60’s plan just to get a free pen or gift voucher
- Martin Lewis is not a big fan of Over 50’s no medical style schemes if in reasonable health
CONCLUSION: ‘What is the Best Life Insurance for Over 60’
So even if you are Over 60 life insurance choices are still plenty and available in the Uk protection marketplace.
However, we would always suggest you approach a broker first, as often many direct providers & banks may not always offer best value cover.
Money Saving Expert also says never blindly buy direct from a bank or provider. Note: Martin Lewis Over 60’s Life Insurance and Over 50’s is a fan of no medical style plans BUT only if you have any pre-existing serious health problems eg; raised BMI obese, heart issues, heavy smokers etc;
We agree because if you are of average to good health, then even in your sixties your other protection options are more than likely better overall value.
As explained above, you may have 3 main options re affordable life insurance for over 60 before making any decisions.
- Over 60 Whole life cover (YES > Medical & lifestyle evidence)
- Term Over 60 life insurance (YES > Medical & lifestyle evidence)
- Life Insurance Over 60 (NO > medical or lifestyle evidence)
Looking for Best Life Insurance for the Over 60s? Unsure, then please Contact Us