Typically, you’re looking to protect their family financially in the event of a tragic loss of the breadwinner.
You don’t typically think of someone over the age of 60, or even 70, wanting to buy term life insurance but believe it or not, it’s more common than you think.
However, you’re probably wondering why would somebody in their golden years want to buy a term life insurance, aren’t they already self-insured?
Well, typically that is the case.
There are some instances where over 60 year-olds need to buy term life insurance. Here’s a few recent instances that I experienced:
Recently I took a phone call from a gentleman who is in his mid-60s and was contemplating retirement. He had worked at his job for a number of years and had a very nice pension. As with any pension, the only downside was what happened if he were to die prematurely? His spouse would be left with far less than he was taking. He could always take 100% of the pension on him and his spouse’s life but then that in turn, made his monthly benefit much lower than he liked.
- So what was the alternative?
- What are his options?
One option is to buy a term life insurance policy that would make up the difference in the event that he was to pass away prematurely. Now you’re probably wondering what type of insurance carrier is going to approve someone for a term policy for x number of years. Believe it or not, there are a few but it does depend on your age, obviously, your health, obviously, and also the state that your reside in, not so obvious.
In this particular case, Transamerica was going to write him for a term policy for the amount that he was seeking. Another option that he had, which actually ended up being a little cheaper, was buying a level term policy. In this case, you buy a guaranteed universal life policy set at a determined age. When we compared the two, it was actually cheaper to buy the guaranteed universal life policy than the standard term.
This is just another prime example of working with an independent insurance agent that can explore multiple options to get you the best and cheapest term life coverage you deserve.
A Second Marriage
Recently I had two instances where I had a 60-year-old and a 70-year-old that were both wanting to buy term life insurance. While they’re ages differed by a decade, the one thing they had in common was they had both remarried. Both wanted to have some type of life insurance protection for their new spouse.
In one case, the gentleman was healthy and had no major heath conditions while the other did have a high-risk condition that had us do some more research to find the right carrier. In both cases, we were able to get the life insurance coverage even thought you wouldn’t think it would be easy to get life insurance for a 60-year-old or even life insurance for a 70-year-old. It’s just a constant reminder that there’re typically always options when you work with an independent life insurance agent.
If you are a senior looking for cheap term life insurance, don’t give up. We’ve been able to get seniors approved from those rated Preferred Best to those having previous health conditions that even though the rate is Standard, at least they got the coverage that they were seeking.
Sample Term Life Insurance Quotes for Over 60 Year-Olds
Here’s a look at two sample quotes for someone in their 60’s. The first is a 20 year $250,000 term life policy for a 60 year-old.
Here’s a sample quote for a 60 year wanting to buy a $250,000 30 year term policy. Yes, even a 60 year-old can buy a 30 year term policy!
Are you over the age of 60 and in need of a term life policy? Let us help!
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