For many people, reaching 60 can mean a change in lifestyle and financial priorities as they shift from the world of work into retirement. It could also prompt you to start planning for a time in the future when you’re no longer around.
Taking out whole of life insurance can give you comfort knowing that those closest to you will benefit from some help with funeral costs, or some added inheritance money when you die. It’s one less thing to worry about while you get on with your life.
What is over 60s life insurance?
Once you hit 60, you might worry that it’ll be harder to get life insurance. But the reality is providers will have a range of life cover that’s specifically aimed at covering your needs. You’ll still have the option of taking out a standard life insurance plan, also known as ‘term’ insurance as you’re covered for a set period. But by now you’ll also be eligible for whole of life or over 50 life insurance.
And while you may have heard that 60 is the new 40, fortunately feeling 40 doesn’t stop you getting over 50 life insurance. It can be an affordable option to put in place for the rest of your life, giving you the security of a guaranteed payout, without the hassle of answering questions about your health.
What’s the difference between over 50s and over 60s life insurance?
In short, there usually isn’t one. Most companies offer over 50 life insurance rather than cover that’s specifically for people over 60. That’s because many over 50 life insurance plans, such as the one we offer, can be taken out at any age between 50 and 80 as long as you’re a permanent UK resident.
How long does over 60s life insurance last?
When you take out over 50 life insurance in your 60s, it’ll last for the rest of your life. This means those you care about most are guaranteed a payout from your cover when you die.
With our Over 50 Life Insurance policy, we guarantee to pay out every penny of the cover amount as a lump sum if you die for any reason after the first 12 months of having the policy – or if you die because of an accident within the first 12 months. However, if you die before the first 12 months are up, and it wasn’t an accidental death, we won’t pay out the cover amount, but we’ll pay a sum that’s equal to the premiums that have already been paid. It's also worth knowing at this point that an over 50 life insurance policy has no cash-in value. This means, if you no longer want the cover and cancel it, your cover will end and you won't get back any of the money you've paid in.
Standard life insurance is different because it’s taken out for a set term, such as 10, 20 or 30 years. You’ll pay premiums during this time, but when the period ends, so does your cover. This means your policy will only pay out if you die during your insured term. Our term life insurance covers you for a set time and we'll only provide you with cover until you turn 90. At this point your policy will end and we won't pay out if you die.
What is the best life insurance for over 60s?
Only you can decide what’s right for your circumstances, so make sure you take the time to research the benefits on offer before taking out any cover.
Life insurance tends to get more expensive when you get older as you’ll usually be paying premiums over a shorter amount of time and are more likely to experience health problems. For people in their 60s, over 50 life insurance can be a more affordable option with the added benefit of sticking around for as long as you do.
You can find more information about different types of life insurance in our handy article.
Why choose over 50 life insurance?
Explore some of the key benefits of our over 50 life insurance:
- You’ll have cover for the rest of your life.
- We pay 100% of claims after your cover has been in place for 12 months.
- There’s no need for a medical, we just need to know whether or not you smoke.
- The people you care about are guaranteed a cash payout when you die.
- A payout can help with funeral costs, debts or other costs so your family have less to worry about.
- With premiums starting from £5 a month, it's an affordable insurance option.
- Your premiums are fixed so they’ll never go up or down and you won’t pay any after age 90.
- You can have one, or several plans, as long as your premiums total less than £100 each month.
- You’ll get access to the Aviva DigiCare+ app which provides a range of health and wellbeing services.Footnote 1
Getting a quote for over 50s life insurance
Sashay into your 60s with our whole of life cover. All we need to get started are a few details, such as your contact information, date of birth and smoker status. You’re guaranteed to be insured if you’re a UK resident aged between 50 and 80, with no health-related questions asked.
Get a quote today by heading to our dedicated over 50s life insurance page.
And remember, you can still explore whether standard life insurance could be a good fit for you. Find out more on our life cover and protection page.