If you’re over 60 and looking to buy life insurance, you might be afraid that your age will make life insurance unaffordable. People over 60 typically have at least a few health issues, so you also might be worried that these problems will make your premiums astronomical.
It’s true that life insurance for seniors over 60 is a different ballgame than life insurance for younger people. But there is affordable life insurance for seniors over 60, even for those with health problems.
Minimize Health Issues
Of course, the better your health, the better your rate. If you’re in good health, you’re in great shape when it comes to getting affordable life insurance.
But even seniors with health problems can find life insurance that still makes financial sense for them. Your rates will be higher than if you were younger and in perfect health, but you probably don’t need nearly as much death benefit as you did when you were younger —and quite possibly dependent children—to cover.
Health problems in no way rule out life insurance for seniors over 60, even for seniors on limited budgets. But if you have a health condition, it makes it more important than ever that you be diligent in choosing what life insurance to buy.
Carriers vary in how they adjust rates for different health issues. Some may not be as harsh on smokers as others are. Some may be friendly toward diabetics or people with past heart issues. Whatever your condition, there are deals to be found and over-priced policies to avoid.
If you have health concerns, it’s a wise move to work with an experienced, independent life insurance agent who can help you get the best rate for your specific health condition. An independent agent has access to multiple insurance carriers—and familiarity with their rates and policies—so the agent can thoroughly shop around to get the best deal for you.
Everybody’s life situation is different, and the objectives of buying life insurance vary from senior to senior. For example, some seniors want insurance only to provide a living for the surviving spouse, while others need it to pay off debt.
A knowledgeable life insurance agent—especially one who specializes in life insurance for seniors over 60—will know how to help you with your particular situation and goals.
An independent agent can help you:
- Decide how much coverage you should buy based on your needs and budget.
- Explore the various term and permanent options available.
- Consider ways to use life insurance to your financial advantage.
The Bottom Line
Thanks to welcome advances in medical technology people are living longer than ever. But with this longer life comes a greater need for life insurance protection.
And thanks to the unwelcome poor economy, many seniors have lost significant portions of their retirement accounts—a situation that also can increase the need for life insurance protection for a surviving spouse.
Life insurance for seniors over 60 is a smart purchase in most cases, and it doesn’t have to break the bank.
Photo Credit: AgentAkit