Here at The Cheapest Life Insurance we often talk to people who need life insurance. They all have one thing in common in that they are all 60 years of age or older. What may be surprising is that may people over 60 often think that they are too old for life insurance and therefore, this often puts them off applying.
Therefore, in an effort to clear things up, the Cheapest Life Insurance thought it would give a few pointers as to what kinds of policies are suitable for the over 60s, while hopefully dispelling the idea that you’re too old altogether.
In fact, you can get life insurance right up to the age of 80, so it’s actually never too late to provide a little financial security for your loved ones.
There are generally speaking, three kinds of life insurance that you can apply for at 60 and above. These are:
- Guaranteed Over 50′s Insurance
- Term Life Insurance
- Whole of Life Insurance
Obviously which one is most suited to you will depend upon your personal circumstances, but it does give you options that you perhaps may not have thought were there at all.
Over 60 – Whole of Life Insurance Cover
If you reach 60 years of age, then this kind of life insurance cover is useful if you want to help your family cover the cost of a funeral and other related costs. A Whole of Life policy will pay out a lump sum upon you dying, as long as your monthly payments are up-to-date.
Whole of Life Insurance means you can ensure your family or partner will get a payment upon your passing. However, this kind of policy tends to cost more, which is important to note. This kind of policy will need to factor in your age and any medical history too.
Over 60 – Term Life Insurance
Term Life Insurance is something you might consider if you are aged 60 or older. What this kind of policy offers is if you outlive the policy term your family will not receive a lump sum upon your passing. It is an affordable option for people and does at least offer you the chance to be covered for a period of time.
This kind of insurance will take into account your health and this could affect your premiums. However, that said, if you are healthy then it could be a relatively affordable way to get yourself insured.
Guaranteed Over 50′s Life Insurance
This kind of policy is great for you if you are 60 and have medical conditions, which would result in a higher premium with another type of insurance, such as Whole of Life.
This kind of policy offers a lump sum payout when you die, which can help your family with funeral expenses, unpaid bills and in some cases a financial legacy for loved ones.
This is most likely to be a more expensive option but benefits from being guaranteed, irrespective of your medical history.
In all cases, it is a good idea to look at more than one option to take in to account costs and benefits to any kind of policy.
If you are unsure which one might be more suitable for you, we usually recommend you get independent financial advice.
If you would like any help finding a life insurance policy, or even the cheapest life insurance policy, do contact us or fill out our quick quote form to receive a range of competitive quotes.