Life Insurance Over 60
If you are over 60 and considering purchasing life insurance you should be clear in your own mind about the following factors before you begin your search.
- How long will you need life insurance?
- How much can you afford to pay in premiums?
- How much insurance will you need?
- For what reasons are you purchasing life insurance - what are you trying to accomplish?
Answering these pertinent questions will help you to determine which types of life insurance and the amount of insurance coverage you will want to investigate.
Life insurance for people age 60 and over is available through life insurance companies directly, through licensed life insurance agents in your state, or on the internet. Be sure you are working with a reputable company and insurance agent or broker. You can check with your state’s insurance commissioner to see if the agent or broker you are considering working with is licensed in your state. You can research insurance companies on the internet to ensure their integrity and financial stability. You will want to choose an Insurer rated "A" Excellent, or better.
Types of Life Insurance
Many over 60 consider term life insurance policies. Term life insurance policies provide coverage for between 1 and 30 years. If you are over 65 you may not qualify for the longer term policies. Term insurance premiums will be less than whole life premiums. However, if you outlive the term of the policy there is no payout.
Another option is whole life insurance policies which provide coverage for the life of the policy holder. Whole life insurance policies require policy holders to pay premiums at the amount and for the period of time specified in the insurance contract. After the terms of the whole life contract are met, additional money paid may extend the value of the policy, the principal earns interest, and the policy is considered an asset. However the whole life premiums are generally higher than term policy premiums.
The exact amount of the premium will be based on factors such as the policy holder’s life expectancy, age, sex, occupation, their health, their family’s health history, their driving record, if they smoke, their height-to-weight ratio, and the type and value of the policy among other factors.
Be aware some policies do not extent full coverage until the policy holder has owned the policy for 1-2 years. You will also want to ask if the life insurance company you are considering offers a 10-30 day money-back guarantee if you are not satisfied with your life insurance policy. The guarantee allows you to return the policy within the allowed time period for a full refund of premiums paid. Read the life insurance policy proposals you receive carefully, ask questions and seek professional advice before making your choice.
In addition, people over 60 may want to consider life insurance without any physical exam required some of the guaranteed acceptance life insurance plans offer this option.
Some of the insurance companies we quote: