Life Insurance In Your 60s
Believe it or not, you can still get a life insurance policy in your 60s. Some life insurance policies may be out of the picture due to common age limits on policies, but you still have plenty of options for coverage if you’re looking for a plan now.
If you just want to leave your loved ones enough to pay for your funeral, a final expense life insurance plan (a type of permanent policy with a smaller death benefit) is an option for older applicants. These are also commonly known as guaranteed-acceptance life insurance.
Another option may be term life insurance. Insurance companies will be more scrutinous with your application if you're looking for a term life insurance plan into your senior years, but, depending on your medical history, you may be able to get an affordable plan.
5 things to consider about life insurance in your 60s:
For the lowest premium, you should consider enrolling in a policy now. The longer you wait, typically the more expensive your premiums will be.
If you’re in poor health in your 60s, traditional life insurance may be difficult to find or prohibitively expensive. People who can’t get approved for underwritten policies can purchase alternative plans, such as guaranteed issue life insurance (sometimes referred to as final expense life insurance). These policies, although expensive, can be purchased without having to answer medical questions or take a medical exam. These policies may have a graded death benefit for an initial period of time and are often capped around $25,000 in coverage. But if you’re older or sick and want something to cover your final expenses, it may be worth looking into.
As people are getting married and having children later in life than ever before, it’s possible you’re still supporting people financially in your 60s. If you still work and support family members with your income, it’s important to have a life insurance policy.
If you are already retired and debt-free, you may not actually need life insurance. Life insurance is typically used to replace the income of people who are still providing for others financially. If you are getting by on your fixed income and have plenty of savings, life insurance may be an unnecessary monthly expense. If you just want to cover the cost of your funeral or want to leave something behind for your family, try looking into permanent life insurance policies with smaller death benefits.
Life insurance contracts often include different types of restrictions for when a death benefit can be denied in certain situations. Take advantage of the free-look period most companies offer. You can review the details of your policy for up to 30 days and back out without losing money if you change your mind.
No matter your circumstances, getting quotes from multiple insurance companies is a good idea for anyone looking for life insurance in their 60s. Each insurance company has its own rules about age and premium costs, so you may be able to find lower premiums through comparison shopping.