According to government statistics, life expectancy in the UK has now reached 79.5 years for men and 83.1 years for women.During the 1970s, the average life expectancy was just 71 years of age. Whats more this figure is expected to rise further in the coming years.This welcomed rise in our life expectancy has led to more and more people looking into life insurance for over 60s and provisioning for living longer."Average life expectancy has increased steadily in England in recent decades. In the UK there are now half a million people in their 90s, more than two and half times the number in 1985." (www.gov.uk)

THE POLICY OPTIONS

If you are in your 60s, you will be aware of how difficult securing traditional life insurance at an affordable price is.Unfortunately, the older we get, the greater risk we present to insurers. As a result, they will cover their risk by demanding higher monthly premiums.Whilst it is possible to secure term-based cover, the monthly premiums are normally very expensive and the insurer is unlikely to offer you a lengthy term. But, what are the alternative options?* A guaranteed over 50s plan* A whole of life policyThe important thing to consider here is what is it you wish to protect and what is your available budget?For example, many choose to leave some money to their family after they are gone; others want to use the pay out to cover rising funeral expenses.If you only want to cover the cost of your funeral and nothing else, then a prepaid funeral plan may suffice.

A GUARANTEED OVER 50S PLAN

A very popular way of provisioning for the future is to take out a guaranteed over 50s plan.Most UK insurers guarantee acceptance if you are aged 50 to 85 and are a UK resident. Like other life insurance options, a cash lump sum is paid out to your beneficiaries after you pass away.* Guaranteed acceptance aged 50 85* Easy application process, (no health questions)* No medical exam* 12 - 24 months qualifying period (before a full pay out is made)* Good option for those in ill-health* Guarantees to pay out (after qualifying period has passed)* Premiums start from just 4-a-month* No cash in value (meaning if you are alive and stop paying your premiums you will lose any investment)

WHOLE OF LIFE INSURANCE

Whilst an over 50s plan is the best option for many, if you are healthy with no medical problems, you may find that a whole of life insurance policy provides greater protection, for a similar premium.Like an over 50s plan, whole of life cover is a form of life assurance, as a pay out is assured when you die, (assuming you continue to pay your premiums).This is in contrast to life insurance, which will only pay out if you die during the policy term, (usually 15 - 25 years).Yet, the difference between a whole of life insurance policy and an over 50s plan is more than the guaranteed acceptance and cost of monthly premiums.In fact, a whole of life insurance could provide you with 40% more coverage than its heavily advertised big brother, the over 50s plan.* Guarantees to pay out when you die* Application involves health questions and/or medical exam* Good option if in you are in your early 50s and healthy* Pay premiums for as long as you live* Longer application process, (compared to over 50s plan)* Often larger pay outs, (compared to over 50s plans)* No cash-in value, (non-investment policies).

IN SUMMARY

So, whilst it is possible to secure a form of cover protection when you are in your 60s, the cost of premiums can vary wildly. Therefore we would suggest shopping around and comparing multiple quotes in order to secure the very best deal.You can do this online yourself or alternatively use an FCA registered life insurance broker to do it on your behalf. Good luck!