Life Insurance for Seniors Over 60
Many people think that life insurance for seniors over 60 is not really necessary or that if they didn’t get life insurance in their younger age now it would be too late. On the other hand, some of them are not even interested in getting life insurance policy as it is well known that senior citizens are always at the danger of loss. But is it always like that?
The truth is that seniors face more expensive life insurance premiums than younger people, but it doesn’t mean that it will be unaffordable. The good thing is that nowadays there are a lot of deals for seniors and elderly people even if they doubt it. We could even say that there are many insurance companies that are specialized in life insurance policies for seniors only, you just have to find them.
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Nowadays, life insurance has become necessary, no matter the age. Not everyone has savings account or money put aside that could secure their loved ones if something should happen to them.
Therefore, if you are over 60 and you haven’t solved your financial debts, or you are thinking about final expenses, life insurance is something you should sincerely think about.
Finding cheap life insurance can sometimes be challenging, but it’s always a smart decision if you have somebody to protect just in case something should happen to you. No one wants to be a burden to their loved ones or leaving their financial future uncertain. If you do not have a great amount of money laying around for just in cases, life insurance for seniors over 60 is the best option for you.
Types of Life Insurance Available
If you are looking for traditional life insurance policy, you must know about a never-ending debate between whether you should choose term or whole life insurance. If you are not sure better to gather more information about it before you actually decide. One thing that can help you chose much easier and enjoy your insurance the most is to understand how it all works. Learning about what every policy may offer you, will narrow down your search and you will be sure you made the right choice. When you are looking for life insurance for seniors, your age and health condition may play a major part in finding the affordable one. The truth is that the older we get it’s more difficult to find affordable life insurance, but if your health condition is good, you have no worries.
Term Life Insurance
When we look at the choices seniors have, especially those that are over 60, we could say that a term life policy is more affordable right from the start as it offers smaller coverage. During the early years of payment, the premium will usually be significantly lower than for cash value insurance and it is far more simple to understand. If you are worried only about leaving enough for final expenses or small financial debts, then this policy is the right choice for you. The biggest disadvantage of term life policy is that it doesn’t allow any loan from cash value and that it lasts approximately 10 years, depending on life insurance company you choose. After that, it can be renewed, but it will probably cost more than what you have paid before.
Whole Life Insurance
On the other hand, whole life insurance lasts until the rest of your life as it doesn’t expire or go down in value which is a big relief. The rate you pay for your policy will never increase which means that rates stay the same so you don’t have to worry about paying more than you expected when you purchased it. However, you have to know that it’s also more expensive.
Whole life insurance comes with much bigger coverage and you can borrow from the cash value. If that is what you are looking for, whole life policy is the right choice for you, especially as the amount your loved ones receive is guaranteed.
These are the options you have if you opt for traditional life insurance policy. If on the other hand your health is threatened, there is a big chance that traditional life insurance like whole and term life insurance will be out of your reach. Good news is that insurer will not care much about health problems such as cold, fever, cough or any expected diseases in your age like high pressure or sugar. In many situations, these problems will not be an obstacle for you to get traditional life insurance.
Some Factors and Premium Rate
Most of the time an insurance seeker asks a question: “How does the insurance company determine the premium rate?” There are some major factors which can change the premium rate. Age is an important issue regarding the premium rate. The older you are the higher premium you might have to pay. You can’t expect to get a package that can a person over 50 years can get.
The benefit amount is also an important fact for a premium rate. While seeking for a life insurance try to determine lower coverage because high coverage costs more.
Health Issues and Your Policy
The health issue can ruin your planning easily. Physically fit person can be eligible for a cheap life insurance for seniors over 60. Major health issue may increase the premium rate three to four times. If your health condition is too bad you might have to choose no exam life insurance policy.
However, when it comes to life insurance, people shouldn’t disqualify themselves automatically if they are sick. Some of them give up on life insurance as they think that traditional one is designed only for healthy people. The good news is that there are many types of life insurance available in the market which offers a great chance to find the policy depending on your needs, even if you are sick.
It is true that some health problems are likely to preclude you from getting any type of life insurance coverage like certain cancers that have metastasized and indicate a short life expectancy, drug use, and severe alcoholism, or in short, any disease that shortens your life expectancy and affects your overall health.
Simply being diagnosed with some heart conditions, high cholesterol or sugar doesn’t mean that you will be automatically turned down for traditional life insurance policy. If you live a healthy lifestyle, and you keep your illness treated or under control with doctor’s supervision, there is a big chance of getting a life insurance policy you want and need.
Each Insurer is Different
When it comes to life insurance, not every insurer underwrites the same. Some of them may see your condition slightly different than others, therefore choose your insurance company wisely if you want to get affordable life insurance.
Temporary illness or diseases that are expected for somebody your age will not make your life insurance policy more expensive. If you, on the other hand, had a major surgery or you have a serious medical disease, traditional life policies will be out of your reach. In that case, you can choose many life insurances no exam policies that can still offer you the protection you need (for a higher price).
Does No Exam Policy Worth?
No exam policy means that you are not obligatory to go through medical testing, which, in turn, means your life insurance policy will take only a few days to be done. Therefore, if you don’t have any other choice, or you don’t want or can’t afford wasting your time on going through medical exams and all sorts of tests, this is the best life insurance policy for you.
No exam life insurance policy is usually the best choice when you can’t get traditional life insurance policy. People with bad habits, such as smoking or drinking heavily, opt for this type of life insurance as well. The policy works very simple as the company you choose must issue this policy when you pay your premium and that is why it’s also called guaranteed issue life insurance.
The good news is that insurance company doesn’t need to know much about your medical condition to make you insurable. Therefore, it doesn’t come as a surprise that this life insurance is often more expensive than whole or term life insurance policy. When it comes to details needed, an insurer may only care about your age. Your health will not be an obstacle for you to get the coverage you need. However, there is a catch.
When you are looking for guaranteed issue life insurance, you have to keep paying your policy for 2 or 4 years, depending on the company you choose, before your family can get the amount of money you expect and that you previously agreed on. Even if you think about this few year of paying for a waiting period, you’ll agree that it is for sure a risky one. Also, these policies are smaller and more expensive, and that is why it shouldn’t be your first choice.
When to Go for No Exam Plan?
However, if you are willing to take a risk or you have no other options and you are looking for life insurance coverage but you don’t want or can’t afford to deal with a medical exam, this life insurance policy is the best deal.
Even with the obvious disadvantage that we mentioned above (one of them is risking your benefits); there are still few good things about this policy that makes it desirable.
No exam life insurance is perfect if you are senior if you are not able to buy traditional life insurance or don’t want to deal with the detailed medical exam that other life insurance policies usually require. With this policy, your premium will be locked in, it will not vary and will stay the same over the years, just like whole life insurance. With this policy, you can relax as your permanent coverage is guaranteed for the rest of your life, and so is the full death benefit after the first 2 years of paying the premium.
How to Find Affordable Life Insurance for Seniors Over 60?
In the United States of America, you can find hundreds of insurance companies and they will always welcome you to buy a policy from them; it is a big advantage for you as you can compare the rates of several companies and you can pick the best one.
Before you pick a package for life insurance for seniors over 60 you need to decide the coverage you need. The coverage amount varies from person to person so it is completely your responsibility to determine the amount. You must give priority to some factors before identifying the coverage. You must give funeral expenses the first priority. No one likes to think about death but it is important as we don’t want to become a burden for our family after death. Your coverage amount must cover funeral and burial expenses, estate taxes and other debts. You may have children dependent on your so you also have to think about their education cost while choosing a package.
After determining the coverage amount you have to look for the types of the policies. Basically, you will see two different policies; term life insurance & whole life insurance. You can prefer whole life insurance as it can cover a larger amount of benefits, you can take a loan from cash value and the most interesting part is you have to pay the premium same from the beginning of signing the policy. You will never be asked to increase the premium rate. Term life insurance for seniors over 60 is not bad as well, but it doesn’t allow a loan from the cash value.
Now, you have all the information required to find a policy. We offer the best quotes from top carriers and help you to save up to 75%.