Life Insurance in Your 60s: Common misconceptions

No matter what stage you are at in life, having a form of protection in place might be a good idea.

This is especially true as you enter your 60s, when many people think about their legacy and how they can help provide for their family/loved ones after they are gone. However, for some, getting life insurance may seem unnecessary or too expensive at this stage.

We'll look at some misconceptions about getting life insurance in your 60s and why it's still a valuable investment.

Is it worth getting life insurance in your 60s?

1. 60 is too old for life insurance

Many people may mistakenly believe that once they reach their 60s, it is too late to get life insurance. However, this is simply not true. In fact, most insurers offer cover well into your 80s and even beyond. So, age should not be a barrier to getting the protection you need.

After all, everyone has different circumstances. Some marry young, others don't find the right partner until later in life. Some have children young, others wait until their 40s or even 50s to start a family. Regardless of when these milestones occur, having life insurance can be an ideal way to protect the ones you love.

2. I don't need life insurance because my children are grown up

While it's true that the financial burden of raising children may no longer be a concern, having cover in your 60s is still worth considering.

For one, it can help cover any debts or expenses that your children may be left with after you are gone. For example, if you pass away, your may children need to pay for your funeral - which can be quite expensive. But with life insurance in place, they could use the money provided by the payout to cover such costs.

It could also be useful for leaving an inheritance. While your children may be financially stable, the proceeds could be passed on to your grandchildren. This could help them with things like university tuition or buying their first home.

4. It's too expensive to get life insurance in your 60s

While it is true that monthly premiums for life insurance tend to increase with age, there are still affordable options available for those in their 60s. Term life insurance, for example, can provide cover for a specified period of time at a lower cost than whole life insurance.

In reality, life insurance is different for everyone as we all have different circumstances and health considerations. But that shouldn't put you off buying cover. Instead, it's worth shopping around. In fact, the results may surprise you with how affordable some options can be.

Which life insurance is best for over 60s?

When it comes to finding the best life insurance for someone over 60, it is important to consider individual needs and circumstances. For some people, they may have existing medical conditions that could impact their options for cover.

In this case, an over 50s life insurance plan could provide the reassurance needed without requiring a medical exam. So you won’t have to worry about your health or medical history affecting your chances of getting covered.

However, for those who need a higher amount of cover and are willing to undergo a medical examination, standard life insurance may be more suitable.

Remember - it's never too late to get cover

The truth is that it's never too late to protect your loved ones financially. Even if you haven't had cover before, taking out a policy now can still provide peace of mind for both you and your family. 

Applying for life insurance has never been easier. At Cavendish Online, we can help you find a suitable policy that suits both your needs at low costs. For more information, speak with an adviser to discuss your options and get a personalised quote.