Life insurance for adults over 60 is often necessary if you’re planning a family trust or estate; or if you still have business obligations. If you want to leave a financial legacy for your dependents or you want to deliver money to a surprised charily, life insurance can help you take care of these needs with ease.
If you are approaching 60, you may be considering your options for life insurance. In this article, we will explain your eligibility options for life insurance for adults over 60 years old.
CAN YOU STILL GET AN AFFORDABLE LIFE INSURANCE POLICY AFTER THE AGE OF 60?
Life insurance policies are still available for seniors regardless of age. Health plays a vital role in determining the cost of coverage for life insurance. If you are in better health, you can qualify for any type of life insurance.
Never assume that because you have a health issue, you will be declined for a policy.
If you have a terminal illness or critical illness, guaranteed issue insurance may be your only option.
By working with more than 40 top-rated life insurance companies, Life Wealth Win can help match you with the most affordable life insurance for seniors policy available to you.
WHY SHOULD ADULTS CONSIDER LIFE INSURANCE?
Just because you are over 60 years old doesn’t mean that you no longer have life insurance needs.
Here are some common life insurance needs of people over 60:
- Covering the loss of retirement income after the death of a spouse
- To pay debts such as personal loans and credit card loans
- Provide income after taxes
- To provide funds for the care of a spouse or disable child
- Provide a financial legacy as a gift to grandchildren
- Offer a donation to charity at death
- Life insurance is creditor proof in most states, and it can provide creditor protection
- Use the life insurance policy as collateral for a personal debt or the amortization of a mortgage
- For permanent life insurance policies, it can be used as cash surrender values as a source of emergency funds during a life
INSURANCE OPTIONS FOR ADULTS OVER 60
Let’s look at the type of life insurance for adults over 60 or for seniors in more detail to help you decide which works best for you. Knowing which policy is right for you is vital in finding the best life insurance.
Term Life Insurance
Term life insurance is an excellent choice when it comes to finding the best life insurance for parents over 60 as it is the most affordable option. If you want great policies at affordable rates, this one is for you.
Term insurance addresses most life insurance needs. It is best for adults with good health, average health, or those seniors with moderate medical conditions.
Term life insurance is the least expensive of all the types of life insurance available for seniors. Both medical exam and non-medical exam term life policies are available as part of the application process.
Permanent Life Insurance
A permanent life insurance policy can be the best choice for most seniors who want larger policies and need coverage for their whole lifespan.
Permanent life insurance is most suitable for those who have:
- A higher income
- Those that maxed out their IRA or 401(k) contribution and require additional tax shelter
- Have a large estate and need liquidity
Permanent life insurance both include Universal Life and Whole Life
Universal Life Insurance – gives consumers flexibility in the premium payments, death benefits, and cash value of their policy.
Whole Life Insurance – is a policy that you can cash out when it reaches full term. It also comes with a building interest rate that increases the number of benefits above and beyond the premiums will cover.
No Medical Exam Life Insurance for Adults over 60
Guaranteed Issue Life Insurance – This form of life insurance has no medical exam or health questions asked. You are automatically approved if you apply. This is available to people with serious health issues that would not be eligible for life insurance.
Guaranteed issue life insurance is a wise choice for those with significant medical or health conditions. The only drawback is the premiums are higher than other life insurance policies. There is also a 24 month waiting period depending on the policy you applied for before the full death benefits go into force.
Note: These no exam policies have a waiting period that ranges from 12 to 36 months.
If you pass away during the first two years of your coverage, the insurance company will refund all of the money you have paid into your policy plus 8-10% interest. If you pass away from an accident during the first two years coverage, the insurers will pay the full death benefit to your beneficiary.
These policies often offer $5,000 – $35,000 of coverage to seniors under the age of 80.
Final Expense Life Insurance
There are different terms for Final Expense Life Insurance:
- Final Expense Life Insurance
- Guarantee Issue Life Insurance
- Burial Insurance
- Simplified Issue Life Insurance
Final expense life insurance is best for seniors with a major or life-threatening health condition and those who require only small amounts of coverage. If you are healthy and just looking for lower policies to cover your final expenses, this is for you.
Term life insurance as final expense policies can be relatively expensive. Term policies can also expire before you die, so a whole life policy is better for final expense needs.
AARP (American Association of Retired Persons)
An AARP policy may seem to have some good points:
- It has no medical exam required
- People with disabilities are covered
- It provides term, permanent and guaranteed issue coverage
- New York Life provides life insurance (NOT AARP)
- Be sure to read about the pros and cons of AARP life insurance before you sign up!
Some AARP policies increase in price every 5 years, so beware of the FINE PRINT before you sign up for this kind of policy!
We find that there are many better life insurance options available for people over 60 than AARP policies.
TIPS TO CHOOSE THE BEST LIFE INSURANCE
Know what type of insurance policy you want to have, then examine each policy to see the important differences between one plan versus another.
Getting free quotes is one of the smartest things a life insurance shopper can do.
Many different life insurance companies sell to adults over 60 and older market, so you’ll have plenty of options from which to choose.
It is not always easy to figure out which company is best for your needs, so working with an independent life insurance broker like Life Wealth Win will help you get the best value and pricing.
Working with us will not only save you time but money as well.
We work extensively with applicants over 60 years old and we are experts in this age demographic. We will not only assist you in completing your application, but we will also find superior companies that have the best options and pricing for your particular situation.
We want to be sure that you and your family are getting the insurance protection that you need. You need not go without a policy because of your age!
We are here to help you find the right policy at the most affordable rate. We will find the right plan as we offer the best policies from the top life insurance companies in the U.S.
At Life Wealth Win, we work with top-rated life insurance carriers in the market today. We know which companies are lenient with people who are over age 60. We can guide you to save time and frustration in the application and approval process.
Click on the QUICK QUOTE FORM below for instant life insurance pricing. Call us at (888) 435-4342 if you have other health issues or questions.