Cover after 50
Life insurance over 60: what the life tables say about the term
After 60 the choice is between a term that ends, a whole of life policy or an over 50s plan. Start with how long the cover has to last.
Independent site, not an insurer, broker or government service: benefit claims are made only on GOV.UK.
Ages your cover has to reach
Example, not your result yet· change a figure to see yours
Life expectancy
23.7 years
| Chance of reaching 80 | 75% |
| Chance of reaching 90 | 36% |
| Chance a term to 80 pays out | 25% |
At 60 and over, the length of cover matters more than at any other age, because the chance of a claim rises quickly with each year of the term. On the ONS National life tables for 2022 to 2024, a man of 62 in the United Kingdom lives on average another 21.1 years and a woman another 23.7. 66% of men and 75% of women of 62 reach 80. So a term policy from 62 to 80 pays out for about 34% of men, much more often than a term taken out at 40, and insurers price it that way. Three types of cover are sold at this age. Term cover is still the cheapest for a debt or a partner’s income that has an end. Whole of life cover pays whenever death happens. An over 50s plan pays a small fixed sum with no health questions. The calculator gives the odds for your age, sex and nation.
Rates read and sums checked by Radif Partners · Editorial policy · How the figures are worked out
Life expectancy from 60 to 80
Years left on average at each age, and the chance of reaching 85, from the ONS National life tables. These are period figures: they assume today’s death rates stay as they are.
| Age | Years left, man | Years left, woman | Reaches 85, man | Reaches 85, woman |
|---|---|---|---|---|
| 60 | 22.8 | 25.5 | 46% | 58% |
| 65 | 18.7 | 21.2 | 48% | 59% |
| 70 | 15.0 | 17.1 | 51% | 62% |
| 75 | 11.5 | 13.3 | 58% | 68% |
| 80 | 8.4 | 9.8 | 70% | 77% |
By nation, at 65
The ONS publishes separate tables for each nation. The table compares years left at 65 and the chance of reaching 90.
| Nation | Years left, man | Years left, woman | Reaches 90, man | Reaches 90, woman |
|---|---|---|---|---|
| United Kingdom | 18.7 | 21.2 | 25% | 37% |
| England | 18.9 | 21.3 | 26% | 37% |
| Wales | 18.4 | 20.6 | 23% | 34% |
| Scotland | 17.7 | 19.9 | 21% | 30% |
| Northern Ireland | 18.6 | 20.8 | 24% | 35% |
How often a term from 65 pays
| Term from 65 | Man | Woman |
|---|---|---|
| 5 years | 7.2% | 4.8% |
| 10 years | 18% | 12% |
| 15 years | 32% | 23% |
| 20 years | 52% | 41% |
A term policy from 65 pays out far more often than the same term from 40, which is why the premium is higher and why a short term is the usual choice. If the need is a debt with an end date, a short term matches it. If the need exists whenever death comes, such as a funeral or a tax bill, a whole of life policy or an over 50s plan fits better.
What a partner keeps
For couples over State Pension age, Bereavement Support Payment is not paid if the surviving partner had reached State Pension age when the death happened, so the state support that helps younger families does not apply. What the survivor keeps depends on the pensions: a defined benefit scheme may pay a survivor’s pension, a drawdown fund passes on, and an annuity may stop. Checking those first shows whether any cover is needed at all. The odds by age page gives the same figures for younger ages.
Matching the term to the need
Three common needs set the length of cover after 60. A mortgage that still has years to run sets a term equal to the years left, and decreasing cover can follow the balance; the mortgage page shows how quickly a repayment loan falls. A partner who would lose part of your pension sets a term up to the age at which the partner’s own income would be enough, which is often open-ended. A bill that exists whenever death comes, such as inheritance tax or a funeral, has no natural end and is better matched by whole of life cover or a plan without an end date.
Whichever of these applies, the premium rises with every year of age at the start, so the earlier a decision is made, the cheaper the same cover tends to be. The term tables above show why: the chance of a claim rises with each year of the term, and insurers price each of those years.