Life insurance for seniors over 60 is more complicated than for a person who is below 50. That is for sure, and there are many reasons for that. The difficulties of getting a life insurance extend dramatically with the increasing age. It has also to do with your health condition, which is usually the one to blame.
When a person turns over 60 years old he actually doesn’t think about himself rather than his family. This comes with years, and priorities in life become clearer. No matter the age, securing your family financially sometimes can become a big challenge.
Things You Must Consider
- You are Getting Financial Protection.
- Long-term Investment & Savings.
- Medical Exam & No Exam Available.
- Can Be Used to Pay Debts.
Your age and circumstances may force you to buy a life insurance even if you are over 60. Nowadays, there is, even more, seniors who are looking for life insurance than younger people.
Be Happy! It can give you benefits in future.
Some people feel confused if they really need a policy or not, especially if they are in their 60’s.
Do I Really Need a Life Insurance at this Stage?
Yes, you do! (in most of the cases)
Buying a life insurance is completely dependent on your financial planning and situation. If you are a retired person and you have planned well you might have already paid your mortgage or other loans.
Your children are already grown-up and they are not financially dependent on you. So, in this case, you could actually say that you don’t need any life insurance.
The same goes if you own savings account, and you have a huge amount of money that you have been saving in case something should happen to you.
However, what if you don’t own this kind of money? What if you haven putting anything aside for just in case? What if you are not done with all these things? What will you do if your children are dependent on you financially after your retirement? Life insurance becomes important in this situation, even essential.
If you purchase a life insurance at 60 you will be able to secure your family financially. Depending on the policy you choose, you will be able to make sure all the expenses are covered if something should happen to you. This way your family doesn’t have to worry about expensive funeral expenses or any loans or mortgage that may be left behind. You can be sure that you will not leave your things unfinished, which may be a great financial burden for your family in already sad and difficult days.
If you still haven’t purchased life insurance, now is the time to do it. Keep in mind that the longer you wait; it gets more difficult to find an affordable policy. We all know that finding affordable life insurance gets harder with the increment of age.
When you will become 65 years old you will find that insurance companies are asking for more medical documents and a higher premium that may ask now when you are still 60 years old. Keep reading for the tips on how to find affordable life insurance in your current situation.
How to Find Affordable Life Insurance for Seniors over 60?
In history, life insurance was built for young people with families, and it was almost not affordable for anyone else. Luckily times have changed and finding a life insurance has become easier nowadays as all the resources are available online.
The truth is that people usually don’t think about life insurance when they are young and in the best health. Therefore, you can find many insurers that offer great deals for seniors.
The key to finding the best deal for life insurance policy is to make a good research before all. This is very important as before you actually start looking for the right policy, you have to find what exactly the best choice is for you. Learning how life insurance works, and what is there to be underwritten by the insurer will help you get the better idea of what to expect.
Knowing the subject will help you negotiate with insurers more effectively. This way you can be sure you will find an affordable policy.
The thing that you can do next is to compare quotes from different insurance companies. Not every insurer offers same deals. Therefore, make sure you choose the one that offers you the best deal in your current situation.
We are always here to assist you to find the best premium and the best insurance company. First of all, you can compare the rates of a different insurer by using the free quotes service. On the right side of this page, you will see the quotes option to find the best policy.
Life insurance at this age may be expensive depending on your health condition. However, it doesn’t mean that if you are not in your best health that your rates will jump to the roof. If you are temporary ill, or your condition is treatable or normal for people in their 60’s, then the insurer will not see you as high risk. In this case, your health will not affect your premium rates.
Bad Health and Life Insurance Plan
If on the other hand, you are seriously ill, or your condition is affecting your general health, you may be facing very high rates, or in some cases, you may even become insurable.
If that is the case you can always rely on guaranteed life insurance policy, which may be expensive but it will provide you necessary coverage. This policy doesn’t usually require any medical examination or any detailed questions about your health. It is easily gettable and doesn’t require a lot of waiting which is good if you want or can’t wait any longer for life insurance policy to be approved.
The best way to check if you got the best possible deal is to check if your insurance policy covers exactly what you want to be covered. If you have a policy that covers more or less than necessary, you are losing your money.
Therefore, the best you can do before actually purchasing your life insurance policy is to determine what exactly is there to be covered. Knowing what you want, what you need and what you can afford is the key to finding an affordable policy.
Life Insurance and Pension Protection
When you are retired, your pension usually becomes your main income and you can maintain your family with it. Some people think that buying life insurance at this stage of life is a waste of money. But is it really like that?
What will happen if a retired person dies with a premature pension? What will happen to your family if you leave them with financial burden? It is most probably that your family will fall in big financial crisis, especially if there are any debts or mortgage loans left to pay.
Purchasing a term life insurance at this age can secure your family financially. You can be sure that they will be protected if something should happen to you. If you do not own savings account, and you don’t have any huge money laying around for just in case, a life policy is a right choice for you.
Bad Health, Habits & Life Plan
In some cases, there is a big chance that you can get affordable term life insurance when you are 60. To find a low premium you must have a good health, and you shouldn’t have any bad habits like being a smoker or a drinker.
If you are 60 and you drink and smoke, your chance of getting life insurance is too small, almost impossible. The only chance you have in this situation is to look for a no medical exam life insurance. It is usually very easy to get, and without any details asked about your medical condition. This kind of life insurance is also the best option for those that won’t or can’t afford to go through a medical exam.
No medical exam life insurance can be very expensive, but the waiting period is short and in no time you will have an insurance policy you needed. To get rid of waiting period, read this post.
Life insurance for seniors over 60 plays a great role in providing a safe financial security to your family. It is also a good savings plan and a great choice for protecting a financial future for your loved ones, especially if you haven’t been saving money in any other way.
No matter your current position, it’s not only your health what’s important when you are looking for a suitable plan. It is true that good health usually carries a low premium policy, but it doesn’t mean a lot without proper research.
If you do not spend enough time online learning about how all life insurance process works, there is a small chance you will find the policy that fits you the best. When you know this kind of information, you will be able to negotiate effectively with insurers as you know what to expect. Comparing quotes is an essential part of a research. this way you can be sure you chose the best insurer.