How does over 60s life insurance work?

If you are over 60, one option for life insurance is to take a type of policy typically aimed at people aged between 50 and 80 – usually called ‘over 50s insurance’. The big difference compared to other life insurance is that you are accepted with no health questions and no medical. It’s potentially a great option if you’ve struggled to get life insurance in the past.

It guarantees a cash payout to your loved ones when you pass away, as long as you've held the policy for a set period – typically 12 months. After that, you're fully covered for life, no matter what happens with your health.

On this page, we concentrate on this type of ‘over 50s’ plan. But bear in mind that these are not designed to take care of all your loved ones’ financial needs as the sum assured tends to be relatively low. If you require more cover in your 60s, you may wish to look at more flexible policy types including whole of life insurance and term insurance.

Why choose over 60s life insurance?

According to the Office for National Statistics (ONS), around 13% of people aged 65 and over were still in work at the end of 2025 – up from 10.6% a decade earlier. The figures show that many of us are continuing to earn, support loved ones, and manage financial commitments past the typical retirement age.

In fact, data from UK Finance reveal that almost 1 in 5 mortgages (19%) are held by homeowners aged 55+. If you’re still working to pay off your mortgage, credit card bills or loans in your 60s, it’s worth thinking about how the people close to you would manage financially if something were to happen to you. Would your partner, children or anyone else struggle if you weren’t around?

Over 60s life insurance is also often chosen by people who want to make sure their funeral is paid for, or to leave a little something behind. You can relax knowing there’s a plan in place – and you will be helping your loved ones during a difficult time.

If you want to put a safety net in place for your family, over 60s life insurance is a reassuringly straightforward option. You don’t have to answer any awkward health questions: you're guaranteed to be accepted, regardless of your medical history.

Once you've had the policy for the required waiting period (typically 12 months but can be longer), the payout is guaranteed. Some policies even offer partial payouts if you pass away due to an accident within the waiting period.

Reasons to choose over 60s life insurance:

  • Guaranteed acceptance if you’re aged 50–80 (typically).

  • No medicals, no health questions.

  • Fixed premiums that won’t go up.

  • Cover for life, after the initial waiting period.

  • Helps with funeral costs or leaves a gift for loved ones.

  • Some plans let you reduce cover and premiums later on.

What does over 60s life insurance cover?

Once you’ve passed the waiting period (e.g. 12 months) your cover kicks in for life. No matter how long you live or what health conditions you develop, your loved ones will receive the agreed payout when you die.

What isn’t covered?

Over 60s life insurance offers valuable protection, but there are a few situations where a claim may not be paid:

  • If you die during the waiting period: Policies won’t typically pay out for death from illness during this time, but some will pay out if you die due to an accident.

  • Missed payments: Like other types of insurance, missed payments can lead to your policy being cancelled.

  • Serious illness: Over 60s plans typically pay out on death alone. It may not be possible to add terminal illness cover or critical illness cover, unlike some other life insurance plans.

Please see each policy’s exclusions and limitations: always read the small print to make sure you understand the terms and conditions.

How much does over 60s life insurance cost?

The good news? Over 60s cover is generally affordable, especially if you take it out sooner rather than later. Your monthly premium will depend on a few things:

Your age

The younger you are when you take out a policy, the cheaper your premiums will usually be.

The ‘sum assured’

A policy that pays out £10,000 will cost more than one for £5,000.

Whether you smoke

Smokers often pay more than non-smokers.

The insurer

Each provider sets their own rates, so comparing quotes is key.

The best way to find out how much cover would cost for you is to compare quotes from leading insurance companies.

How to keep costs down

Looking for an affordable way to protect your loved ones? Here are some ways to get the best value from your over 60s life insurance:

Start as early as you can

The younger you are when you take out a policy, the lower your premiums are likely to be.

Choose the right level of cover

Look at your wider financial situation, such as any savings, property or investments, and choose a level of death benefit that makes up the shortfall without buying unnecessary cover.

Look for free extras

Some insurers offer added benefits like a funeral benefit option. This pays out directly to a funeral provider, with a discount on funeral costs.

Shop around and compare quotes

Each insurer has its own pricing model, so it’s essential to compare quotes before committing to a policy.

By making a few smart choices, you can reduce your premiums without compromising on the protection you need.

What are the leading causes of death for over 60s?

Nobody likes to dwell on the more difficult parts of getting older. But having a clearer picture of the conditions that most often affect people later in life can help make sense of why planning ahead matters. The figures below, taken from the Office for National Statistics (ONS), outline the leading causes of death in 2024 in England and Wales.

Leading causes of death in England and Wales

Rank

Cause of death

Number of deaths (in one year)

Share of all deaths

Examples of health conditions

1

Dementia & Alzheimer’s disease

68,272

12.1%

Alzheimer’s, vascular dementia

2

Ischaemic heart diseases

54,097

9.6%

Heart attacks, coronary artery disease

3

Chronic lower respiratory diseases

31,087

5.5%

COPD, emphysema, chronic bronchitis

4

Cerebrovascular diseases

29,207

5.2%

Strokes, mini‑strokes

5

Malignant neoplasm of trachea, bronchus & lung

27,826

4.9%

Lung cancer

6

Influenza & pneumonia

23,061

4.1%

Flu complications, pneumonia

Source: Office for National Statistics - Deaths registered in England and Wales: 2024. (The ONS breaks causes such as cancer and circulatory diseases into different subtypes.)

Things to consider

Over 60s life insurance can offer peace of mind, but it’s not the right fit for everyone. Here are a few things to think about:

  • You may end up paying more in premiums than the policy pays out, especially if you live for many years.

  • The payout is fixed and inflation could reduce its value over time.

  • It’s not designed to cover large debts or provide full financial support, and it may not cover the full costs of a funeral.

  • If you miss payments, your policy may be cancelled and you won’t get any money back.

  • Other types of life insurance may offer more coverage.

That said, for many people it’s a simple and stress-free way to make a thoughtful gesture and ease the financial burden on loved ones. If you’re unsure whether over 60s life insurance is right for you, it might be worth exploring your other insurance options.

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Page updated on 30th October 2025, Reviewed by Richard Groom