Many options are available for finding the best life insurance for seniors over 60. The right life insurance policy will cover funeral expenses, pay off debt and estate taxes, and other needs. While it is not all that difficult to find life insurance over 60, the number of options available may sometimes seem overwhelming.
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Why?
The task faced by senior parents over 60 in finding the right life insurance policy is choosing one that balances their needs while remaining affordable. This will mean doing a little research, but thanks to the internet, it is easier than ever to find free quotes from insurance companies. This is very important as you will want to find the best policy, benefits, and a reliable insurance company so your family is protected in case you should pass away.
Here are some interesting stats for you.
According to the National Council of Aging, 25 million American seniors over 60 years are economically insecure due to various reasons such as rising health and medical bills, housing rents, jobless and diminished savings. More than 61% elderly over the age of 65 has some sort of debt (in 2016). (Source).
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So, how would you protect yourself and change your financial status?
The best possible answer is to buy affordable life coverage. Let’s find out the types of life insurance available for elderly parents over 60 years, so it becomes easy for you to pick the most suitable one.
Table of Content
Seniors Over 60 – Types of Life Insurance
Your search for the best life insurance for seniors over 60 begins by going through the market and searching for free quotes as provided by the insurance companies. However, before you begin your search, it does pay to know the types of life insurance available for your needs.
Whole Life Insurance: This permanent life insurance often comes with a building interest rate that will actually increase the number of benefits above and beyond what your premiums will cover. Plus, it is a policy that you can cash out when it reaches full term.
However, by age 60, getting a whole life insurance policy that will build cash value can be tough. Generally, it is better to invest your money into other, more lucrative endeavors and instead focus on term life insurance.
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Term Life Insurance: This is life insurance for a pre-existing period lasting from 5 to 30 years. While there is no building interest rate, the overall premiums are far lower, making this a very affordable form of life insurance and one that most people find attractive. This is one of the least expensive types of coverage you will find.
That’s not all…
Most life insurance policies will require a medical examination which means that your health will play a large role in the premiums that will be charged. However, other life insurance forms for people over 60 do not require a medical examination or answering questions about your health.
Guaranteed Issue Life Insurance: This insurance has no medical exam or health questions. If you apply, you are automatically approved. However, the premiums are the highest of all life insurance policies, and there is usually a two to a four-year wait, depending on the policy, for the full benefits to kick in. A guaranteed acceptance life policy is a wise choice for those with health concerns.
You might wonder how to find affordable life insurance for seniors over 60. Read below.
Tips to Find a Low-Cost Coverage
Now that you know what term life insurance policy for seniors over 60 you want, the next step is finding the right insurance company or agent who offers a policy that provides the best benefits at the lowest monthly premiums.
You can always start with the insurance company that provides your home or auto coverage. However, from there, you should go online and find free life insurance quotes over 60 that will fit your particular needs.
Free Online Life Quotes: Here, you simply enter the required information, which is usually the amount of the benefits, your age, any particular health issue, and other pertinent information, and you will receive a free quote from the company for that particular policy.
This is how you can find the best life insurance for over 60, as you can compare several policies and their premiums to find the one that suits your needs the best. For seniors who may have a little trouble finding all the websites that carry this information, seeking out help through an independent insurance agent is one way to ensure you get the best quotes.
The best part?
You can get free life quotes from us, and according to our research, when people request multiple quotes (minimum 3) and compare, they save a massive 70%. This is crazy.. Click Here Now.
What Factors Does the Premium Depend On?
When getting life insurance for people over 60, there will be factors that increase the premium over what younger people would pay. Insurance is based on statistics which means that the older you are, the more likely you will pass away. This rather simple truth is part of why life insurance companies will charge older people more than younger people for their insurance policies.
Now:
A big factor in increased premiums in getting term life insurance for parents over 60 is the higher number of health or lifestyle risks compared to those in their 30s or 40s. High blood pressure, diabetes, and cardiovascular disease are far more prevalent in older generations, so insurance companies set a higher premium in these cases. So, it’s not only closer to the average life span but the increased number of health risks associated with being older that makes affordable life insurance for those over 60 more difficult to obtain.
Find a Suitable Coverage to Save on Premium
Although your premiums will be higher on average than a younger person, it does not mean you are barred from finding low-cost life insurance for seniors over 60. If you take into account the needs of your family, then you can fashion the right package that will provide the best benefits while staying at a decent rate.
This will mean calculating the cost of your funeral, which today averages roughly $9,000, and adding in any debts that must be covered if you should pass away unexpectedly. Once you have totaled up the benefits needed, you should add a little more to cover any unexpected expenses, and that is the total needed for your benefit amount.
Want to know the most satisfying part?
We are here to help you find the right package at the most affordable rate because we offer you a decent policy only from the top life insurance companies in the USA.
Free Life Quotes for Over 60 Years
By getting free online quotes for life insurance over 60 from us, you can find the most affordable rate from a reliable insurance company that will be there for your family. By taking a little time to research and find the best policy, you can provide financial protection for your family or parents, which will help them get through this time of grief.