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Affordable Life Insurance For Seniors Over 60

Lenny Robbins
Aug 15, 2017 2:40:00 PM

rectangle with 60+ inside on our affordable life insurance for seniors over 60 article

If you’re over 60 and looking to buy life insurance, you might be afraid that your age will make life insurance not affordable. People over 60 typically have at least a few health issues, so you also might be worried that these problems will make your life insurance 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. 

MinimizeYour Health Issues

It's obvious that the better your health is, the better you expect your life insurance rating to be. If you’re in good health, you’re in great shape when it comes to getting the best life insurance for seniors over 60. The less medications you take the better. Even one or two medications (depending on what they are treating) may not be an issue.

But even seniors over 60 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. It's surprising that a majority of people think life insurance is more expensive than it really is...so take the time to find out!

Health problems in no way rule out life insurance for seniors over 65 or 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 and how much 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(s), speaking to an independent life insurance agent will give you the best shot to find a company that will work for you.

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. 

Buy Smart 

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. Some have a special needs child or grandchild to protect. Some need it for estate taxes, or to protect a business. Whatever your reason, life insurance for seniors over 80, 70 or even 60 will be easier to purchase when you talk with an independent agent.

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.
You will hear that term life insurance policies are less expensive than permanent policies. In general this is true. However, the older you are, the closer the pricing. Another thing to consider is that permanent life insurance underwriting is less stringent than term life underwriting. There are also different options to better your rating with permanent life insurance.
Term life has a level term and level face amount for the declared term period. This is usually 10, 20 or 30 years. As you age, the length of term available to you gets shorter and shorter. A 50 to 55 year old can buy a 30 year policy. A 70 year old can buy a 20 year term policy, from a limited number of companies. A 60 to 65 year old can buy from many companies. An 80 year old can only buy a 10 year term. The biggest issue is that at the end of the term you will be in your 80's or 90's and your options are more limited. 

Affordable Life Insurance for Seniors Over 60

Follow these steps to get the best affordable life insurance for seniors over 60:
  1. Talk with an independent life insurance agent who specializes in the senior market.
  2. Determine if a term policy or a permanent policy (universal life insurance, final expense insurance [whole life] or a guaranteed issue policy) is best to meet your goals. Decide on an amount of insurance and premium payment that fits your budget.
  3. Tell your agent all of your medical issues- the insurance company will find out so it's better to have your agent find you the best insurance company for your circumstances.
  4. Get the best affordable life insurance policy you can. (If things don't go smoothly, there are still options available up to age 85 (and possibly 90).

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.

Life Insurance for Seniors Guide