How Age Impacts Life Insurance Premiums For Seniors Over 60
The cost of life insurance goes up with age. This is because the older you get, the more likely you are to have health conditions, and as you near your life expectancy, you pay less into the policy.
However, this doesn’t mean that all policies you encounter at an older age are expensive. With research and the right tools, you can still find the best value life insurance for over 60s.
Senior Life Insurance Is More Affordable Than Ever. Get A No-Obligation Quote Today
How Much Is Life Insurance for Seniors Over Sixty?
Life insurance for those over sixty can cost as low as £20 a month, though the average premium paid by seniors is around £40 a month.
The amount you pay depends on several factors, primarily the cash sum you need and the health conditions that come with your age and daily habits.
Many seniors experience a reduced income after retirement, so getting life insurance may be costly in some cases. However, there are over sixty life insurance policies designed to accommodate this situation.
These policies require a small amount to cover individuals who want to leave something behind for their loved ones without paying too much each month.
| Age Range | Estimated Monthly Premium* |
|---|---|
| 60–64 | £45 – £85 |
| 65–69 | £70 – £120 |
| 70–74 | £95 – £160 |
| 75–79 | £130 – £200 |
| 80–84 | £160 – £240+ |
| 85+ | £200 – £320+ |
*Premiums vary based on health, coverage amount, and policy type.
How Are Life Insurance Premiums Calculated?
Life insurance premiums are calculated based on several factors. Age is a significant, if not the most important, factor because older individuals are closer to their life expectancy and pay less towards the policy.
What seniors should know about whole life insurance is that they can expect to pay more for it than their younger counterparts.
The extent of coverage that you get will also impact your premium. Life insurance with larger cash payouts covering a wide range of illnesses will be more expensive.
How Much Life Insurance Coverage Do I Need at Sixty?
The amount of life insurance coverage you need at sixty depends on how you want to utilise your policy.
Do you want to finance unpaid debts, pay funeral costs, cover inheritance taxes, or leave behind a legacy to your loved ones?
You may even want to consider how to use life insurance as an income replacement after retirement.
A good way to calculate your coverage is to tally the costs you want to pay after you pass away. For example, suppose you’re leaving behind a partner or children still living in your home and want to sustain their lifestyle.
- You must factor in that mortgage debt averages at £133,000 in the UK, and ongoing household bills typically cost £153 per month.
- If you’re hoping to remove the burden of end-of-life expenses from your beneficiaries, consider that funerals usually cost £4,200 on average.
Inheritance tax is also a big consideration, especially if you pass on a large estate.
Tips to Get More Affordable Life Insurance After Sixty
Here are some tips to help you lower your over-sixty life insurance premiums:
Start as Early as You Can
As soon as you decide to take out a life insurance policy at sixty, find a policy and lock in a contract.
Even at this age, the same rule is true: premiums are cheaper the younger you are. Getting life insurance at sixty-two is more affordable than getting it at sixty-seven.
Shop Around
Look at different providers and quotes to find senior life insurance that fits your budget and the amount of coverage you want. Insurance Hero can assist you in comparing what’s available.
We have access to whole-of-market and “boutique insurers” who specialise in unusual risks or those with pre-existing medical conditions.
Is It Worth Getting Life Insurance at Sixty?
Getting life insurance is worth it, even at sixty. You can still maximise the benefits of a policy and use the money to help your loved ones financially after you pass.
We hope you found this how age affects life insurance for seniors guide useful.
At Insurance Hero, we’re committed to helping you find the best life insurance by simplifying the life insurance shopping process. Get in touch with us today for a personalised quote.
Some other helpful resources:
- https://www.lv.com/life-insurance/guides/life-insurance-over-60
- https://www.investopedia.com/articles/personal-finance/022615/how-age-affects-life-insurance-rates.asp
- https://www.frontiersin.org/journals/public-health/articles/10.3389/fpubh.2024.1426366/full
Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
