Life Insurance for Seniors Over 60
Life Insurance for Seniors Over 60
By age 60, it is likely that you have already purchased a life insurance policy. If this is the case, it is very possible that you are looking to extend that policy (if it is term life insurance).
That said, if you are one of the many Americans without life insurance coverage at this age, chances are that you are in need of it.
After all, these days many people still have mortgages and debts that need to be taken care of should they die within the next few decades, and some people still have dependent family members.
Fortunately, you have more options for life insurance than you think over age of 60.
We work with best term life insurance companies at Life Exchange Insurance Services and we have years of experience helping people ages 60 and over to get the policies they need.
Is It Possible to Get Life Insurance if You Are Over 60?
Both term and permanent life insurance policies are available for seniors, regardless of age. However, there are some limitations when it comes to buying term life insurance. All life insurance companies have a cut off period for term life insurance policies, which can vary from company to company. After this cut-off point, term life insurance may no longer be available to you, but you can typically find certain types of permanent policies and annuities.
What Is the Best Life Insurance Seniors Over 60?
The best type of elderly insurance coverage if you’re over the age of 60 depends largely on the reason why you need life insurance. Term insurance policies are still available for people who are looking for income replacement. If your finances are more complicated – for example, if you have an estate to plan for – you might be better off buying a permanent life insurance policy such as whole or universal life insurance. Let’s understand what are best life insurance options available over 60.
Universal life offers many more options you can use to create a more specific plan for your future, especially because the cash-accumulation component can give you some advantages and flexibility going forward. Be sure to discuss your concerns with your tax advisor, financial consultant, and an insurance agent.
The same situation could also be applicable to someone over 65. People in this age bracket should be aware that some longer-term life insurance policies may no longer be available. You may wish to look at other options such as age-specific universal or whole life insurance policies as an alternative.
How Can I Get Affordable Life Insurance Over 60?
There are a variety of approaches that you can use to find affordable senior citizen life insurance, including following.
- Managing your health: By doing whatever you can to stay as healthy as possible, you may be able to get a better rating from the insurance company, which will reduce the cost of your life insurance premiums.
- Careful shopping: There are numerous life insurance companies, with varying ways of rating applicants and determining premium rates. Comparison shopping is extremely important to find the right policy at the most affordable rate.
- Quote comparison: There are a variety of ways you can research quotes. For example, an independent agent can efficiently find several quotes for you and help you compare them quickly and easily. These agents work for the consumer and not an insurance company. They have access to multiple life insurance companies and are uniquely equipped to help you find an affordable match for your needs.
- Buy sooner: Life insurance premiums become increasingly more expensive with each passing year, so if you have a need for a policy, whether you are over 50 or over 65, don’t put off making your decision.
Life Insurance Seniors over 60 with Pre-Existing Conditions
If you have serious health issues and still need to get a life insurance policy.
When you see ads for senior life insurance on TV, it is usually for a product called burial life insurance. It gets this name because some older people and their families purchase these policies to make sure they have the funds to pay for burials and other final expenses that crop up when a loved one passes away. These are small whole life policies that provide a lifetime of coverage at one level rate.
There are two basic types of senior life policies:
- Guaranteed Issue Senior Life Insurance: These policies don’t require the answers to any health questions at all, and they accept any qualified seniors who apply. However, they probably do not offer an immediate death benefit and rates might be higher than they are for policies that do ask health questions.
- Simplified Issue Senior Life Insurance: These policies ask a few health questions, but they still accept the majority of reasonably active and healthy seniors. They do offer an immediate death benefit and somewhat cheaper premiums than guaranteed acceptance policies.
If you need more help, you are also free to call and speak with a licensed agent. We work hard to provide the best life insurance solutions for all of our clients.