We are constantly told to save for a rainy day, make sure that you secure your future as you do not know what is around the corner. This is often sage advice as much as we can and do plan you will never know what is going to happen in a years time let alone 5, 10 or even 20 years time.

So how do you plan for a future that we cannot foresee? One way is with a life insurance policy, you pay in your premiums now for a payment at some point in the future. It does not have to be expensive and you can start off by paying as little as ten pounds a month and a policy may pay out several thousand pounds after a few years.

Obviously when it come to life insurance you can only get an estimation as every person is different and every persons circumstances are different. So what if you wanted to start a policy later in life, say if you are over 60.

Over 60 life insurance is becoming more popular due to the fact that people are living longer in the UK and a greater proportion of the population is making up this age group. People now reaching this age want to be able to prepare for the future and possibly provide for the older health of their partners where they may need more costly provisions. People also like to plan for their funerals so as the financial burden is not on their children or relatives.

When choosing a life insurance policy especially if you are over 60 you should pay careful attention to the type of cover you are getting. In the UK you can get a policy up to the age of 75 from many insurers. You do need however to make sure that the policy you choose is going to make proper provisions after your death. The last thing your partner or family wants to worry about is that the insurance company is not going to pay out because of a pre-existing condition.

So what can you expect from a policy?

Usually you will have to have paid into a policy for at least 2 years before it will pay out, the usual exception to this is accidental death. Most policies will also not require you to continue paying your premiums after a certain age, typically this is around 90 years old. You will still however be covered no matter how long you live after that age so a life insurance policy is great value if you have a history of living to a ripe old age in your family.