Having life insurance acts as a very helpful tool to secure your loved ones or to pay your final expenses. That’s why many people buy an insurance plan in their younger years as getting life insurance for seniors can be a complicated process.
Just because you are over 60 doesn’t mean you can’t avail of a Life Insurance Policy according to your requirements. The cost of the plan increases with age but still, people over 60 have options, even if their health condition is not so good. But comparing various plans can be a great way to get affordable Life Insurance Over 60.
In this blog post, we will explore various options for life insurance for seniors to make things clearer for you. Let’s explore together.
Life Insurance Over 60
Life Insurance for Seniors Over 60
Seniors who are 60 or above with good health still have options for term and permanent life insurance policies. However, if you have some larger expenses to cover like the educational expenses of your child, or mortgage to pay, getting a policy with big coverage can be a smart move.
In your late 60s, you can go for Term Life and Whole Life (type of permanent life) that offer you up to $150,000 in terms of coverage. In case you can’t qualify for these policies, still you have the option to avail of final expense insurance that gives enough coverage to pay your end-life expenses.
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Life Insurance Over 60 No Medical Exam
A life insurance policy that has no medical exam or any questions related to the applicant’s health is a guaranteed issue policy. It is the best insurance option for seniors above 60 with poor health conditions. This policy does not require any medical exam and no health questions so you can’t be turned down in any way.
One thing to consider is that this policy has lower coverage amounts with higher rates as compared to other types of life insurance. The reason is that this plan is highly risky for the insurer as there is no medical record of the insured. But the guaranteed issue is the right choice for those whose age or health condition does not allow them to buy other plans. It will provide you with the coverage you may need for your family to make them feel safe.
Life Insurance for Parents Over 60
Every one of us is concerned about our families and when it comes to parents we become overprotective. When you are looking for the best life insurance policy for your parents over 60 you have to go for an insurance company that stands best overall. It should offer you customer satisfaction, financial stability, and enough coverage for your older parents.
Well! All these exceptional qualities are the main features of MLife Insurance. It is one of the best companies especially for burial or final expense life insurance. You can certainly get an insurance plan from this insurer and expect remarkable services.
Life Insurance for Over 60 Years Old
Generally, the final expense insurance plan and whole insurance plan are considered affordable options Life Insurance Over 60. Let’s discuss them in detail.
Final Expense Life Insurance
Final expense insurance also known as burial or funeral insurance is a type of permanent life insurance plan. It is usually used alongside traditional whole and term life plans to fulfill the funeral expenses of the insured. To get this plan, the applicant has to answer some questions only, no medical test or report is required.
Moreover, rates of this policy are pretty less as compared to other insurance policies but the payouts or death benefit is also minimal, typically $5,000 to $15,000. As the monthly premium of funeral insurance is less than $15/month, this plan is the best fit and affordable insurance policy for seniors over 60.
Whole Life Insurance
Whole Life Insurance, also called permanent life insurance, is a type of insurance plan that never expires and remains active as long as the premiums are paid. However, it gets expensive with the increasing age, so getting it as soon as you can is better. The insurer may require a medical exam from the applicant before issuing the policy.
On the other side, this insurance plan also has a cash value component as it has higher monthly premium costs. So for those who have tight budgets, this policy is not an option for them as it can’t fit into their monthly budget. But those who are in their early 60s with good health conditions can take the benefits of this plan. Although it’s more expensive than many other insurance plans, it is affordable in a way that you can invest your cash value money and also borrow against it whenever you need.
Cost of Life Insurance for Seniors Over 60
As mentioned earlier, life insurance costs for seniors are expensive, but still, there are some options available with flexible rates. Aside from age, there are still some factors that affect the rates of life insurance for seniors:
1- Health Condition
Health is another big factor that influences the cost of your policy. That’s why it is advisable to shop sooner rather than wait for your retirement or older age. Because the younger you are, the healthier you are.
2- Life Insurance Type
The type of life insurance you select will also affect the cost of your monthly premiums. Usually, term life insurance is one of the most affordable for those who have tight budgets or have any pre-existing medical conditions. However, permanent life insurance is expensive but it gives lifelong coverage. If you want coverage only for end-life expenses, final expense insurance would be the best affordable option.
3- Coverage Amount
The more coverage you want from your insurance plan, the higher your premiums will be. If you have some debts to pay like a mortgage or home loan or maybe you want to leave an inheritance for your loved ones, you have to opt for an insurance policy with higher coverage.
Frequently Asked Questions
1- Can you buy life insurance for parents over 60?
Yes, you can get life insurance plans for your parents but their consent is most important. Along with it you also need some basic information about them like their Social Security Number. If they are over 60 with no dependents behind them, funeral life insurance is the best suit for them to cover their end-of-life expenses.
2- What types of Life Insurance Over 60 are available?
A lot of options for Life Insurance Over 60 are available. Some of them are:
- Whole life insurance
- Term life insurance
- Funeral or burial life insurance
- Universal life insurance
- Guaranteed acceptance insurance
3- Can life insurance be used as a funeral insurance plan?
While assigning the beneficiaries of life insurance, most people name their spouse, kid, or any other family member. Another option is to name the funeral home directly as your beneficiary so that they can cover their funeral expenses. However, in that case, a secondary beneficiary is also required to collect leftover money once funeral expenses are paid.
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