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What About Life Insurance For Those Over 60
It’s never too late to buy life insurance. You may be surprised at how many people over the age of 60 are looking into life insurance policies.
While it’s true that many people over the age of 60 are already insured by previously purchased policies. Also, you must remember that for anyone who bought term policies in their 30s, 40s, 50s, terms run out around this time.
Although over the age of 60 don’t usually have people that are financially dependent on them. For example, (Insurance for a person in your 30's). Furthermore, there are still many reasons why people in this age range may want to get a term life insurance plan. Even a 20 year term. We’ll go over some of these reasons below.
Reasons For Life Insurance Over 60
To Protect Their Pension, Fill The Gap!
One of the major stresses for people as they get older is living long enough to receive their pension. Besides, life insurance plans often purchased to protect one’s retirement. Primarily, in the event that they pass away early. Likewise, affordable term policies are widely available, even for those above the age of 60.
Of course, policies will still be far more expensive than for those that are younger, or in better health. In some cases, a guaranteed universal life policy may be the cheaper option. They are also more convenient; guaranteed universal life policies that do not require a medical exam. In fact, it’s easy to get approved for life insurance, and it may only take a few days after applying for coverage to begin.
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Life insurance after 60 years old
Maybe Due To A Marriage...
Above age 60, new marriages are not uncommon. A lot of people get remarried at this age, whether it be after divorcing their last partner, or possibly their spouse had passed away. In the case of a new marriage, seniors over 75 often want to purchase life insurance to protect their husband/wife. After all, they don’t want to leave someone in that age range to pay for their final expenses. Ultimately, costs around $10,000.
It can be difficult for people over the age of 50 to get approved for life insurance, but it’s still very possible. Thanks to advancements in medicine, people are living a lot longer. Thus, means insurance agencies are more willing to insure older people.
There are many options, products and services to help protect your family. You want to ensure that you shop around for the best life insurance rates. At this age, you may not have small little ones dependent on you financially, However, you want to ensure that God forbid something happens to you, your family does not take on that financial burden at such a devastating time. Your family will receive the death benefit to cover your funeral, pay off mortgage, or even pay your credit card debt if any.
Big question is, when do you no longer need life insurance? Depending on your financial situation, that will determine whether you need it. Most carriers will not offer you insurance over 85!
4 Reasons You may need life insurance when you retire (VIDEO)
HOW CAN SOMEONE OVER THE AGE OF 60 GET THE CHEAPEST RATES ON THEIR LIFE INSURANCE?
Being over the age of 60, you’re most likely a high risk applicant by life insurance companies. There’s no reason to add to these high prices with other things that will raise your rates. Below, we’ll go over some of the things you can do to get the cheapest life insurance prices possible:
Compare Rates, this is one of the best ways to save money on life insurance. Each life insurance company will have different underwritings. This means that your perceived level of risk will vary from company to company. Comparing life insurance companies is particularly important for people over the age of 60. First, certain companies will be willing to offer you an affordable policy. Second, while other companies may straight up decline your application.
Improve your general health, by proving yourself to be in good health at the medical exam; the outcome will be lower insurance rates. Before you apply, get in the habit of exercising and eating healthy. You can also take measures to lower your blood pressure and lose excess weight.
DO YOU NEED LIFE INSURANCE AFTER YOU RETIRE
Many clients ask this question, it's kind of a tricky question. Many people give up their policies at retirement age. Children are grown and have their own families. You have no debt. However, all things considered at this point it is best to have a final expense/burial insurance policy in place. Like we mentioned above, you don't want to leave your grown children and your family financially burdened at such a devastating time. The average burial here in the state of Florida is round $10,000. We usually recommend doubling that to have enough for all funeral expenses and maybe leave a little something extra for family.
Call your insurance agent today to ask him/her all about final expense insurance.