Not so long ago, the average person did not live into their 60s. Because of this, many life insurance companies did not even offer special coverage for those looking for insurance past the age of 59.
Lifestyle changes and medical advances have now made it the norm for people to live well into their 70s and 80s, opening up a new niche for life insurance.
Today, middle-aged people are no longer considered to be 30. Some will say middle age does not even begin until you turn 50!
For this reason, many people do not even bother to obtain life insurance coverage until they turn 60 because it enables them to save over 20 years’ worth of premiums.
However, being financially savvy, they are still looking for attractive premiums that will offer them the coverage they need at a reasonable price.
Times Change And So Do Policies
Go back as little as ten years ago and over 60s life insurance was considered a risky market and the premiums reflected this risk.
Because people are living longer, insurance companies are now able to offer policies at much friendlier rates.
The policies are developed for people in this age bracket, and some policies even offer guaranteed acceptance.
This means no medical underwriting is required, making this policy very attractive.
While there is no medical exam for many of these policies, things such as gender, age, and smoking status will affect the price of the premium.
Click To Compare QuotesIf you are not yet ready to purchase but are just shopping for options and are a smoker, it would be a good idea to quit now.
The difference in price between smokers and non-smokers can be significant, and you only need to quit a year before qualifying as a non-smoker.
The policy will pay out one lump sum if the covered person dies, with exceptions.
Each policy will have its own terms regarding delayed coverage or death events that are not coverable, such as suicide or drug and alcohol abuse.
When deciding on the exact amount of the policy, it is important to budget for future expenses and income of the beneficiaries.
Leaving a Financial Legacy for Your Loved Ones
These days, people are having children much later in life. While you may have had your children in your 20s, they could be in their 40s and just beginning to start their own families.
If this is the case, you may want to make sure the grandchildren are taken care of in the event of your death.
This will help relieve the pressure on your children and allow them to set up their own futures, knowing that your insurance policy has already provided for their futures.
Something else to consider is the cost of your estate settlement. It is common for the children to handle this for their parents, but sometimes, settlement costs exceed the actual value of the estate.
Click To Compare QuotesIf this is the case, settling your estate will cost your beneficiaries money.
An over-60s life insurance policy can ease your mind, as your policy will now take care of all estate and burial costs.
Over 60s Life Cover Caveats
While insurance coverage is recommended for everyone, there are always some stipulations that you need to be aware of before signing and contacting us.
For instance, many of these policies require a no-pay term that must pass before benefits are paid.
This is common; you need to be aware of the policy’s specific terms.
However, it should be noted that if a death occurs during this time, most companies will offer to refund the premiums paid during this period.
The policy is contracted to last the entire term, but coverage will cease if payments are missed.
This means that all premiums to that point, as well as expected benefits, will be forfeited.
Depending on how much time has passed since the initial coverage was secured, premiums for new coverage may have increased.
If, for any reason, you think that you cannot make a payment, we strongly recommend you contact the insurance company to try to make suitable arrangements.
Compare Life Insurance Over 60s Premiums to Save Money
Claybrooke wants you to find the best policy and rates.
You can use our comparison tool to shop around for the best prices and then call one of our insurance experts to help you lock in the best policy for you.
We realise that budgets can become very tight as people age, which is why we have a team here to help you make your decision.
At Claybrooke, we will not force you to buy a policy or recommend one company over another.
Our goal is to get the most affordable coverage that satisfies your beneficiaries’ future financial needs.
Claybrooke Life Insurance Is Here To Help You
Today, virtually everyone is computer-oriented when shopping around for almost anything, including insurance.
However, we recognise that many people in their 60s and beyond do not like to use computers to secure their insurance.
This is why we provide live customer service to our clients to finalise or compare policies.
Our customer service team is available every weekday and Saturday. If no one is available when you call, simply leave a message, and one of our experts will call you back as soon as they are available.
If you are making an enquiry when our offices are closed, you may also want to have one of your children or grandchildren assist you.
Rest assured, our initial request form will require very little personal information, so you do not have to worry about sharing personal information you want to keep to yourself.
Once we receive the form, we will respond with a quote, and you can contact us during normal business hours.
When that 60th birthday arrives, you no longer have to worry about not being able to qualify for life insurance coverage.
Claybrooke makes it simple to apply and secure coverage for anyone over 60.
Use our comparison tools to find the best policy for you, and then give us a call to secure your policy. This will provide peace of mind and financial security for your loved ones.
Does Claybrooke Life Cover do Life Insurance?
Yes, Claybrooke Life Cover do life insurance at £7.1 per month for £274000 of cover.
Does Claybrooke Life Cover do Life Cover?
Yes, Claybrooke Life Cover life cover is £11.62 per month for £215000 of cover.
Does Claybrooke Life Cover do Life insurance over 60?
Yes, Claybrooke Life Cover Life insurance over 60 is £6.79 per month for £269000 of cover.
Does Claybrooke Life Cover offer Income protection insurance?
Yes, Claybrooke Life Cover Income protection insurance is £7.62 per month.
Does Claybrooke Life Cover do mortgage life insurance?
Yes, Claybrooke Life Cover mortgage life insurance is £10.86 per month for £281000 of cover.
What are the current Claybrooke Life Cover rates for critical illness cover?
Claybrooke Life Cover interest rates for critical illness cover is £10.77 per month for £225000 of cover.
Does Claybrooke Life Cover have positive reviews for life insurance?
Yes, Claybrooke Life Cover reviews are splendid for life insurance.
Does the Claybrooke Life Cover life insurance calculator show the monthly costs?
Yes, the Claybrooke Life Cover life insurance calculator shows the positive monthly direct debit payments.
Does a Claybrooke Life Cover life insurance advisor charge a substantial fee?
No, Claybrooke Life Cover life insurance advisors are free.
Does Claybrooke Life Cover do whole of life insurance?
Yes, Claybrooke Life Cover Whole Life Insurance is £8.91 per month for £268000 of cover.
Does Claybrooke Life Cover do Joint life insurance?
Yes, Claybrooke Life Cover Joint life insurance is £7.02 per month for £251000 of cover.
Does Claybrooke Life Cover do Terminal illness cover?
Yes, Claybrooke Life Cover Terminal illness cover is £6.21 per month for £216000 of cover.
Does Claybrooke Life Cover do Term life insurance?
Yes, Claybrooke Life Cover Term life insurance is £9.23 per month for £239000 of cover.
Does Claybrooke Life Cover do Decreasing term life insurance?
Yes, Claybrooke Life Cover do decreasing term life insurance at £10.64 per month for £241000 of cover.
Does Claybrooke Life Cover do Increasing term life insurance?
Yes, Claybrooke Life Cover do increasing term life insurance at £6.25 per month for £258000 of cover.
Does Claybrooke Life Cover do Level term life insurance?
Yes, Claybrooke Life Cover do level term life insurance at £10.68 per month for £255000 of cover.
Does Claybrooke Life Cover do Family income benefit life insurance?
Yes, Claybrooke Life Cover do family income benefit life insurance at £6.25 per month for £266000 of cover.