Where can I find affordable life insurance if I am over 60?

Affordable life insurance is easy to find when you’re young, but what about when you’re over 60 years old? Don’t sell yourself short by thinking your age makes it impossible to obtain a life insurance policy. In fact, some companies may even offer policies to those over 80, in some cases. The good news is there are still affordable rates out there despite your age. See how it can work for you. Compare life insurance rates now by using our FREE tool above!

Why do I Need Life Insurance at This Time in My Life?

Life insurance may be needed for a few different reasons. The most obvious is taking care of funeral costs when you pass away. Funerals are extremely expensive and in the case of your sudden death, without a life insurance policy, your family is left to pay the exorbitant funeral costs. Another reason for a life insurance policy is income replacement.

If your family depends on you to pay the mortgage or other expensive bills, and your death would cause a major financial hardship on them, you probably will want to leave them with some extra cash.

Even if you have plenty of money and don’t see the need for being insured, a life insurance policy is a great way to leave your heirs with an inheritance.

What Types of Life Insurance are Available to Me at This Age?

There are two major categories of life insurance:

• Term Life: Term is the simplest of the two. When you purchase a term policy, you are purchasing life insurance for a specified period of time, usually a 10, 15, 20, or 25-year term policy. During the term purchased, your premium will remain level. If you live beyond your term, you may want to purchase another term policy to continue coverage. However, once you reach 65, you are no longer given the 25-year term option to purchase term life insurance.
• Whole Life: After 65, your options would be whole life insurance, also known as permanent life insurance. Whole life insurance is a more long-term option that provides locked in premiums for the lifetime of the insured and pays a benefit upon the death. It also builds cash value over time.

Because insurance premiums are based on age and health, the best move is to purchase a policy as soon as possible. The older you get the more expensive it will be.

Do I Need a Medical Exam to Obtain Life Insurance?

You may be able to qualify for life insurance without taking a medical exam. Some policies do not make it a requirement. Instead, you must answer questions regarding yours and your family’s health history. If you are nervous that you will be denied, this is a much easier way of getting approved. Unfortunately, if the insurance company determines that you are unhealthy and too much of a risk to insure, you may be denied a life insurance policy.

How do I Find Affordable Life Insurance?

At this point in your lifetime, you may be retired or living off of a limited income, so it is understandable that you want to find the best rates possible. Although you probably won’t find something as inexpensive as someone in their twenties, you can still find something that won’t break the bank. Shopping around and comparing rates is your best bet for finding a great deal.

It’s always important to check out the company and see how they are rated with customers and their past record of payouts of death benefits.

A great place to check out insurance companies is with the Better Business Bureau. If you believe you have a need for life insurance, don’t hesitate to start looking today. Leaving your family financially secure after your death will give you the peace of mind you need to live out and enjoy your remaining years to the fullest. Enter your zip code in our FREE tool below to compare life insurance rates now!