It’s a common misconception that finding reasonably priced life insurance is near impossible once you reach your 60s. The truth is, a standard life insurance policy might not be a suitable option for those in their retirement years, but British Seniors offer a policy specifically designed to help meet the needs of anyone aged 50 to 80.
You see, health is a big factor when it comes to the cost of your life insurance policy. Unfortunately, as we grow older, we’re more susceptible to health conditions associated with old age. This means that life insurance can be more expensive the older we get. Because of this, it could prove difficult to secure affordable life insurance as we enter old age.
But, what a lot of people don’t know is that over 50s life insurance is guaranteed life insurance for UK residents aged 50 to 80 and health isn’t a factor when applying. Here’s why you could still consider life insurance at 60...
What is over 50s life insurance and how could it help me?
Our over 50s life insurance is a type of guaranteed acceptance policy meaning UK residents aged 50 to 80 can get it regardless of their health and medical circumstances. So, if you’re aged 60+ you can apply for a policy today.
When it comes to life insurance for people over 60, it’s not so much about what it can do for you, than what it can do for your loved ones. Our Guaranteed life insurance policies offer a way of helping to ensure your family receives a lump sum payment when you die. Considering the average funeral can cost up to £4,000 depending on the choices you make, many families now rely on life insurance to help with funeral costs. It can also be used to help with other end-of-life expenses, or it can even be left as a cash gift for your loved ones.
Life insurance for people over 60 is often used for:
- Funeral costs
- End of life expenses
- Leaving a cash gift for your loved ones
- A substitute for death in service when entering your retirement years
How does life insurance work for over 60s?
With British Seniors, you can easily secure affordable over 50s life insurance online or over the phone. You will begin by choosing a benefit amount (that’s how much you are covered for) and a rate of monthly premiums (how much you pay each month) that you’re comfortable with.
As long as you keep up with your monthly premiums, you have peace of mind knowing your family will receive the cash lump sum amount when you pass away. We try to process claims within a few days keeping in mind that it is often used to help with funeral costs.
How much does life insurance for over 60s cost?
Your chosen benefit amount combined with your age and your smoker status will determine the cost of your monthly premiums. You can choose a benefit amount from £1,000 to £10,000 - depending on your age. Once your policy is valid, you’ll be protected for accidental death immediately and death by any cause after 12 months.
This is a whole of life policy meaning it lasts your entire life as opposed to a set term of say 20 or 30 years. The amount you pay will never increase unless you choose to add the Increasing Benefit Option to help protect your policy from the effects of inflation. You will continue to pay premiums until the age of 95, after which point you will remain fully covered but no longer pay any monthly premiums.
Our benefit amounts are as follows:
- £1,000 up to £10,000 (aged 50-69 at start date)
- £1,000 up to £9,000 (aged 70-74 at start date)
- £1,000 up to £6,000 (aged 75-80 at start date)
You should bear in mind that:
- Inflation may reduce the value of your benefit amount over time. If you choose the Increasing Benefit Option, this can help to protect your policy from the effects of inflation
- Depending on how long you live, you may pay in more than we pay out
- This policy has no cash-in value
Is this kind of policy right for me?
If you’re worried that your loved ones might struggle to meet the cost of your funeral or you would like to leave something behind as a cash gift, then you could consider a British Seniors over 50s life insurance policy.
You can even choose to add on the optional Funeral Benefit Option which gives a FREE £300 contribution towards the cost of your funeral. All you have to do is buy your policy online through the British Seniors website or give our UK based call centre a call to arrange your policy by phone.