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.

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Is it worth getting life insurance in your 60s?

Even for over 60s, life insurance cover is still a worthy investment. While you may no longer have dependents or children to provide for, there are still important reasons to have coverage.

For example, if you have outstanding debts or a mortgage that your spouse or children would struggle to pay off without your income, life insurance can provide financial security for them. It can also help cover final expenses, such as funeral costs, so that your loved ones are not burdened with these expenses.

Another reason to consider life insurance in your 60s is if you want to leave a financial legacy for your family or charity. Life insurance can help ensure that you leave behind a sum of money for your beneficiaries, allowing you to continue supporting them even after you're gone.

So why do some people put off getting cover? Here are just a few reason:

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.

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3. I'm in good health, so I don't need life insurance

No matter how good your health is, unexpected accidents and illnesses can happen at any stage. While keeping active and eating right can reduce risk, it can't guarantee that you won't develop a serious health condition.

The real question is - do you really want to take the risk? Say you suddenly developed a serious illness or had an accident that left you unable to work. Without life insurance, your loved ones such as your spouse, could be left struggling to cover bills and living expenses on their own.

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.

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5. I have enough savings to cover expenses after I pass away

While having savings is definitely a smart financial move, it may not always be enough to cover all your expenses. Life insurance can provide an additional layer of protection for your loved ones in case the unexpected happens.

For example, if you were to unexpectedly pass away, your savings may need to be used for costs such as funeral expenses, or outstanding debts. And while perhaps your savings could cover these costs, they could also be used in other ways - such as retirement. Which is why it can be worth taking out a policy alongside your savings.

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.

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Give our advisers a call today.

Our team of friendly and professional advisers are on hand to help with any questions you may have regarding Life Insurance.

The advisers can also make recommendations tailored to your current situation and will research the market on your behalf, ensuring you secure the cover you need and supporting you every step of the way. 

01392 43 61 93(Monday to Friday, 9am - 5.30pm)

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