Life Insurance for Seniors over 60!

Life insurance has been a part of your financial plan for most of your life, but now you’re wondering if you need the coverage at this age.  Even though you’re at a different stage in life it can be just as important for you to continue your coverage. At this age, seniors are starting to transition and think of retirement, paying for final expenses, estate planning and leaving a legacy behind.

How affordable is life insurance for seniors over 60?

Affordability is very important for seniors because they are transitioning into a fixed income. Today there are many insurance carriers that cater to seniors.  Since there are many carriers that offer many products, finding the right carrier for you might be a difficult task. I would recommend that you discuss your life insurance needs with an independent agent or agency that represents many carriers. These agents can do the shopping for you and they will present you with the most affordable rates per your situation. The real key to finding the most affordable rates is based on your health conditions. Therefore you will want to be open and honest with your agent and fully disclosed your medical history.

Here are a few questions to ask seniors when purchasing your new coverage:

1. What are your financial needs and goals?
2. Do you currently have life insurance that you’re replacing or are you adding new coverage?
3. Is this your first time purchasing life insurance outside your employer plan?
4. Are you looking to use life insurance as an investment or do you just want protection for a period of time?
5. What financial obligations do you still need to protect?
   For example; mortgages, debts, and credit cards? Who is still financially dependent on you?
6. How much have you allocated per month for your life insurance purchase?

Types of life insurance for seniors:

1. Term Life Insurance– Term life insurance provides protection at a fixed premium for a period of time. Term policies are usually 10, 15, 20 or 30 years.
2. No-Lapse Guaranteed Universal Life– this is a permanent policy that doesn’t build any cash value, but like term policies, it provides you protection to age 90, 95 or age 121.  It is more expensive than term but not as expensive as the whole life which builds cash value. This coverage has been a good fit for my clients that want protection and are not interested in building cash value.
3. Final Expense– these policies are small whole life policies that do have a high monthly premium and stay the same as long as the coverage is in force. This policy will build some cash that you can borrow against if needed.

It’s never too late to purchase life insurance coverage! We can still find affordable life insurance rates for you if you’re over that age of 60! We can assist you in determining what type of life insurance will best meet your needs, now that you’re over the age of 60. Request a q