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Life insurance is a type of policy designed to pay out a lump sum to your beneficiaries when you die, thereby ensuring that your loved ones will be financially secure after you've gone.

Life insurance for over 60s is aimed at those who are over the age of 60.

It depends on your circumstances. People take out life insurance to protect loved ones who are financially dependent on them, which generally means partners or children who are still living at home.

By the time you reach your 60s, any kids you have are usually financially independent adults and less likely to need the same type of protection. However, if your pension is tied to your life and being used to support your partner then it could be a good idea.

Everyone's situation is different, however, and there may be compelling reasons to get life insurance when you’re more mature.

You still have dependants

There are a few reasons why you may have dependent children in your 60s: you may have had kids later in life or have dependents with special needs. You may also be taking care of grandchildren whose parents aren't around to support them.

You want to leave a financial legacy

Some people take out life insurance because they want to make life easier for those they leave behind by leaving some form of inheritance. Beneficiaries could include children or spouse.

Life insurance helps provide financial security for your family, giving you peace of mind. When you die, your insurer pays out a lump sum to your family.

The money can help your partner or children cover debts, mortgage payments, bills or anything else you’d usually pay for.

Alternatively, your family might use it to help with funeral costs.

The money is tax free and generally paid out within a couple of weeks of the insurer learning of your death.

This means it will get to them far quicker than any inheritance, as your estate will need to pass through probate before it can be distributed to the beneficiaries of your will.

As you get older, the cost of taking out a new life insurance policy increases. This is for two main reasons: one, you’re more likely to develop – or have – health conditions, and two, you’re reaching your statistical life expectancy.

All insurers apply a cap on how old you can be when first taking out your policy, and some may refuse to cover you past a certain age.

Nevertheless, there are still insurers out there that offer life coverage if you’re over 60, even if those policies can be harder to find.