You’re finally retired. You’ve worked for decades to reach this point of your life. It’s time to hit the beach and put your feet in the sand. Life insurance is probably the last thing on your mind, but it shouldn’t be. Age sixty-five is not too late to start thinking about life insurance. The fact of the matter is that the longer you wait, the higher your premiums will be. Additionally you are more likely to develop a condition with time that may not be covered under your policy without a high price.
Believe it or not, just because you have reached age sixty-five does not mean that there are still not plenty of options for life insurance available to you. It may be difficult and time consuming to sort through all of the different policies that are available to you.
However, this process is definitely necessary in order to find a policy that best suits you. If you are unsure about what policy to choose, or you have unique conditions, it may be in your best interest to seek the advice of a qualified life insurance professional.
A good place to start researching your options is on the internet. Many sites clearly list the policy guidelines and makes it easy to compare rates between different policies. The fact that there is such a strong online presence among insurance companies also makes it easier to find a competitive policy that is of the highest quality.
Life Insurance and Your Financial Future
Perhaps one of the most popular forms of life insurance for someone of age sixty-five is term life insurance. Term life insurance will financially cover for your family in the event of death by taking care of basically all of your debts and bills. Term life insurance is usually the least expensive of the life insurance options and as long as you can be accepted through the medical underwriting, it is probably the best option.
Additionally, term life insurance can also cover funeral expenses as well as any leftover medicals debts. With all of these benefits, it is not difficult to think that these types of life insurance policies may come at a high price. The fact of the matter is that term life insurance for those over the age of 60 is surprisingly inexpensive given all of the benefits, though it could be even less expensive buy purchasing at a younger age, even seeking life insurance at 50 would save more on premiums.
Despite what you may think, policies are still relatively easy to obtain at an affordable rate. Many of the rate quotes that you will see online are meant for a person that is in the best of health and leads a healthy lifestyle.
Preexisting conditions and other factors such as family history can affect this. Things like your weight, occupation (if you aren’t retired), tobacco usage, and much more will all go into calculating your monthly rates and if they accept you. Regardless of the rate, it may be worth the peace of mind of knowing your family will be well cared for in your absence.
Here are some sample quotes for a $250,000 policy:
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Again, it is important to remember that life insurance agents are available to help you. There are many things that they can assist in that the internet may not readily present. This is especially true if you have special circumstances such as a preexisting condition.
Even if you are in poor health and have several preexisting conditions, you can still be accepted for a life insurance policy. If you’ve been declined with a term life insurance policy with medical underwriting, you can purchase a no-exam life insurance policy to get the coverage that you and your family need. As you can guess from the name, these policies give you a life insurance policy without having to take the medical exam.
It’s important that you find a company that is willing to work with your based on your specific health situation or insurance needs. Each company is different and will look at your application with different standards and rating systems. Some companies look more favorable towards applicants with complications like diabetes, cardiovascular complications, or any other high-risk conditions. The difference between two companies could be drastic.
Life Insurance at 65
There are several misconceptions about life insurance at the age of 65 or even after that. The first is that it’s too expensive. In most cases, many applicants are surprised at just how affordable life insurance can be for them, especially when you don’t need a massive policy.
The other misconception is that at age 65, you don’t need life insurance anymore. The majority of people think that once they hit retirement, they should drop their life insurance policy. This could be a drastic mistake for you and your family. At any age, life insurance can be an extremely useful resource.
There are several advantages to getting a life insurance policy, even at 65. Do you still have debts that you would leave behind for your family? If you still have unpaid expenses, a life insurance policy is a great way to ensure that your family is left with a mountain of debt.
You want to leave your family with a heritage that you’ve been working on for years, but Uncle Sam can get in the way. After you pass away, your savings can be eaten alive by taxes and fees that leave your family with only a small portion of what you intended. Having a life insurance policy will protect your loved ones from having to pay massive taxes that get in the way of receiving the full benefit of the money you leave for them.
Sure, you could spend all day talking on the phone talking to different companies, asking questions, and receiving quotes, or you can let our agent handle the hard work for you. Don’t waste countless hours researching different companies that all seem the same. Our agent can get you the best quotes from some of the highest-rated companies in the United States.
The best way to ensure that you get the lowest rates is to get quotes from several companies before you pick one. This is where our quote form can help you. It will bring you the best rates from several companies in a matter of minute.
Many insurance agents will be able to navigate you through the maze of life insurance and find you the policy that is ultimately best for you. There are plenty of options still available for you and having someone who is knowledgeable in life insurance is always helpful. To get started right now by using the form on the side of this page or give us a call at 888-836-7071.
Article by Jeff Rose
Jeff Rose+ is a Certified Financial Planner™ in Illinois and the CEO/Founder of Alliance Wealth Management, LLC. He's seen first hand the importance of having life insurance and encourages everyone to get a free term life insurance quote today.
Jeff has written 240 awesome articles for us.
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