Life Insurance For 60 Year Old

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Jessica Fox 19-11-2021

Getting Life Insurance For Seniors Over 60

life insurance for 60 year old

There is no time like the present to investigate getting life insurance when you turn 60. Even if you are the picture of health, you don’t want to put off getting life insurance. There is nothing like finding yourself in need of life insurance and facing exorbitant amounts because you delayed too long, or worse, something happens to you.

Don’t allow “fate” to happen. Instead, be proactive — if you haven’t already — and shop around for the best life insurance for 60 year old.

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Finding The Best Life Insurance For A 60 Year Old

As you enter the golden years of your life, it’s time to get the “housekeeping” out of the way, like finding the right life insurance for you. 

Some life insurance considerations if you are 60 are:

  • Type: There is no need to buy into standard or whole life insurance, as these insurance products are designed to accrue wealth over time; thus, they are better suited to younger applicants. Seniors are far better off buying long-term life insurance to aid in final expenses or short-term products as they can safeguard your finances if you are still working.
  • Income Protection: If you’re still actively working, it may be wise to take out a short-term policy to cover the years you expect to continue working, whether that be 10 or 20 years; so your beneficiaries are covered in the event of your untimely passing.
  • Outstanding Debts: If you have any significant debts — like a mortgage — you should consider life insurance death benefits as this product will pay off any remaining debts so your loved ones won’t have to. However, you will have to take a medical exam, but the trade-off is affordable premiums. Alternatively, suppose you have preexisting health conditions. In that case, you can skip the medical exam with guaranteed whole life, although the premiums are higher, and the payout is less than other life insurance policies.
  • Final Expenses: If you want to prevent your loved ones from shelling out money to pay for your after-life expenses, then buy a life insurance product that offers final costs coverage like permanent or guaranteed whole life.
  • Veterans: If you had Service Member Group Life Insurance during active duty then veterans can port it to Veterans Group Life Insurance (VGLI). However, beware as your premiums may be higher.

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Life Insurance For 60 Year Old Man Vs. Woman

You’ve probably noticed that insurance rates for men tend to be higher than for women — life insurance is no different. For example, a 10 year term-life insurance plan for a non-smoker in good health for $100,000 is $39/month for a man and $31/month for a woman. 

Man or woman, your eligibility is determined based on these factors:

  • Health: As you know, most life insurance products require a medical exam as your exam will determine your risk, which influences the cost of your premiums. The rule of thumb is the better your health, the cheaper your rates.
  • Lifestyle: If you smoke — including marijuana —, partake in dangerous recreational sports or have a dangerous profession, such as a pilot, then you will be subject to higher premiums.
  • Driving History: Insurance will even dive into your driving history. If you have a lot of driving infractions or tickets, this too can negatively affect your rates.
  • Background: In addition to looking into your driving history, insurance companies will do a background check. If you have a criminal record — depending on crime — this may lead to higher rates.

How To Save Money On Life Insurance For A 60 Year Old?

Nobody wants to pay a fortune on life insurance; thankfully, you won’t have to if you follow these suggestions:

  • Insurance Agent: Hire an independent insurance agent (not a captive agent) as they aren’t tied to one company. Therefore they can shop around for you.
  • Keep It Simple: If you’re not interested in any of the frills of insurance and you just want coverage at a good rate, then go for term life, as it is less expensive than permanent. If you outlive your term policy, buy the Return of Premium rider as your insurance will reimburse your premiums.
  • Requalify: If you have improved your health, like losing weight, rather than renew, just get a new policy and save money. At the very least, shop around before renewing with your previous provider.
  • Annuity Payments: Cut your premiums by electing annuity payments for your beneficiaries rather than a lump sum payout; believe it or not, this will shrink your rates.

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Best Life Insurance For Seniors Over 60

Even if you’re living it up at 60, it’s better to be safe than sorry, so don’t neglect to purchase life insurance to protect your assets in the event of your passing. With so many life insurance products available, there is something to suit your needs; all you need to do is spend an afternoon shopping around for the best policy and rates!

Jessica FoxJessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.