Life Insurance for People Over 60
Is there life insurance for people over 60?
Yes, there are insurance carriers that offer coverage for people age 60 and over.
Some over 60 life insurance plans require you to take a medical exam to find out if you qualify, while other plans do not require a physical exam, just some health questions.
In addition, there are some guaranteed life plans offering graded benefits that may not require any health questions. These plans usually offer a small amount of insurance and the full death benefit is not available until you have been insured by the life insurance policy for at least 2-3 years, depending on the plan and insurer.
If you are age 60 or over, you may want to meet with an independent licensed insurance agent to review your options for coverage and find out which insurers and plans offer the best protection that meets your needs and fits your budget.
Other options available may include calling insurance carriers direct for a quote, or visit a life insurance quote provider online to compare rate quotes.
There are several quality insurance quote providers that have been offering quotes online for several years, including Efinancial, AccuQuote and Termfinder.
When you compare rates and plans make sure you consider the following:
- What type of life insurance do you need?
- How many years do you need insurance?
- What can you afford to spend?
- How much life insurance do you need?
- Do you need protection for you and your spouse?
Also, when reviewing options for life insurance protection make sure you review the financial rating of the insurers. The financial strength rating is issued by an independent rating agency, such as, AM Best Company. The rating is an indication of the insurer’s ability to meet their financial obligations. The higher the rating, the better able the insurer to pay their claims.
In addition, term life and permanent life are the 2 basic types of life insurance plans.
Term life is temporary insurance for a set number of years, usually for 10, 15 or 20 years. If you outlive this term, your coverage expires, unless you have the option of renewability which allows you to renew your term plan for another term without having to take a physical exam to qualify. Your rate will increase based on your age at renewal.
Permanent life is lifetime coverage and may build cash value inside the policy over time. That’s why permanent insurance costs a lot more than term insurance.
There is also a form of term life with no medical exam required that may offer up to $300,000 of protection without having to take any physical exam to qualify. These plans base your acceptance on your answers to the health questions asked on the application.
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