In most cases, your over 60s life insurance policy can be placed in trust as a way of making sure that the cash sum goes to your beneficiaries without any delay. Your policy will need to have named trustees who are responsible for distributing the money to your beneficiaries.
Ultimately, it is always a good idea to re-evaluate your life insurance cover regularly. Experts recommend you should review the policies you have in place every year. With life insurance, there is no 'one size fits all' solution and no absolute rules as to when you should take out life insurance and what type it should be. Reviewing and re-evaluating your life insurance annually will allow you to respond and react to changes in your personal circumstances and adapt your policies accordingly.
This could be major life events such as taking on a bigger mortgage or having more children. However, as you get older, it is still important to evaluate your life insurance policies, remembering too that life expectancy is on the increase. Look at your personal circumstances and your own finances to determine what life insurance cover you need.
For many people, the financial pressures that were there when they first took out a life insurance policy (i.e., young children, a mortgage) will no longer be there when they reach 60+.
However, there may be other financial pressures such as debts or funeral costs that will still mean you want life insurance cover in place. Many people simply want to leave something behind for their families as a parting gift or to alleviate financial hardship and this is where over 60s life insurance comes in. Free Price Compare can help you to find the right deal for you.