Can you get life insurance in your 60s?
Yes — life insurance is widely available to people in their 60s, though premiums are higher than for younger applicants. Most insurers will cover you up to age 70 or 75 for new term policies, with some extending to 80 or beyond for whole of life products.
Types of life insurance for over 60s
- Level term life insurance — a fixed payout if you die during the term. Available up to age 70–75 for new policies from most insurers.
- Whole of life insurance — covers you for the rest of your life with no fixed end date. Used for leaving a legacy or covering inheritance tax.
- Over 50s plans — guaranteed acceptance for UK residents aged 50–85, no medical questions. Premiums are fixed and the payout is smaller but guaranteed.
What does life insurance cost in your 60s?
Premiums increase significantly with age. A healthy 60-year-old non-smoker might pay £50–£120/month for £100,000 of level term cover over 10 years. Whole of life premiums depend on age and the desired sum assured.
Is life insurance worth it at 60+?
It depends on your circumstances. Good reasons to have cover include: a surviving partner who depends on your income or pension, an outstanding mortgage, estate planning needs, or wanting to leave a gift to family members. If you have no dependants and significant savings, it may be less necessary.
Frequently Asked Questions
Yes — most insurers offer life insurance up to age 65–70 for new term policies. Whole of life and over 50s plans are available past this age.
The best option depends on your needs. Term insurance suits those with a mortgage or dependants; whole of life suits estate planning; over 50s plans suit those who cannot get medically underwritten cover.