At the age of the sixty six looking for life insurance can be a difficult task. When you apply for life insurance coverage, the insurance company is going to look at dozens and dozens of different factors to determine how much they are going to charge you for insurance protection. One of the biggest factors that they are going to look at is your age. The older that you are, the more that you’re going to pay for your insurance protection. Regardless of your age, it’s possible to get affordable life insurance protection for your family.
Health hopefully isn’t deteriorating too much but regardless, insurance companies place a higher level of risk on this age and you will see that in the premium.
This is why it is so important to get life insurance as soon as possible if you are still healthy so that you will be protected from higher rates. Regardless of how much your life insurance is, it is something that provides you with the peace of mind you need to continue living a full and happy life.
When you apply for life insurance coverage, the insurance company is going to look at dozens and dozens of different factors to determine how much they are going to charge you for insurance protection. One of the biggest factors that they are going to look at is your age. The older that you are, the more that you’re going to pay for your insurance protection. Regardless of your age, it’s possible to get affordable life insurance protection for your family.
Coverage for a 66 Year Old
If you are sixty six, chances are you will only need life insurance for another 10 years in extreme cases. This is true because of the fact that life insurance replaces lost income in the event that anything should happen to you. After retirement, life insurance really does not serve much of a function.
The best option for someone who only needs insurance for a certain number of years is term life insurance. Term life insurance is great for many people at this age because it is also relatively affordable considering the value that you receive from it. If you need more extensive or permanent insurance, whole life insurance is most likely for you.
What are the rates for a 66 year old?
The life insurance rates for a person over 60 are largely dependent on the health and ability of the policy holder. Many factors are considered when determining what rates you will ultimately paid. Do not be fooled by Internet quotes as these are typically for the most healthy of applicants.
If you have any special circumstances, you will most certainly receive a different quote. Navigating the life insurance world can be a daunting task but the countless hours of research will be well worth it when you are finally covered by a policy that works for you.
Here are some sample quotes at the Preferred rating for a $250,000 policy:
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What Risk Tables Does a 66 Year Old Operate On?
There are several reasons that person may be denied coverage. If you have a pre-existing condition such as a serious illness, your rates will almost certainly be much higher.These can include diabetes, heart disorders, and other critical diseases. Standard cheap term life insurance may still be available to someone with what is considered a critical illness if it is deemed to be under control. If you are considered a healthy adult, you hopefully will be able to secure good life insurance at an affordable rate.
Getting Cheap Life Insurance for 66-Year-Olds
When you’re looking for life insurance, it’s important that you find the lowest premiums possible. Making a few simple lifestyle changes could have a huge impact on your life insurance protection.
One of the first things that you should do if you want to save money is to cut out any tobacco that you currently use. If you’re a smoker, then you should expect to get drastically higher rates for your life insurance quote. In fact, if you smoke cigarettes, you’re going to pay at least twice as much for your coverage. With some companies, you’re going to pay three times as much for your coverage. If you want to save thousands and thousands of dollars throughout the course of your life insurance plan, it’s time to kick that bad habit once and for all.
The best way to ensure that you’re getting the lowest rates is to compare dozens of quotes before you pick the one that works best for you. Every insurance company is different, and all of them are going to view your age differently. Some companies specialize in working with older applicants, while others are going to charge you premiums that are through the roof. It’s vital that you find the perfect company for you and your life insurance needs.
If you are a sixty six year old it may be a good idea to get the help from a qualified life insurance agent, though we really recommend this at any age, even if you are 50 and seeking life insurance. They know how to navigate through the world of life insurance and can most likely find you the best rates for the type of policy that you need. Although it may be more time consuming up front, the peace of mind that you will receive with a good policy will be well worth it.
Unlike a traditional insurance agency, we are a group of independent insurance agents, which means that we work with dozens and dozens of highly rated companies. That means that we can bring all of the best rates directly to you. Working with one of our agents can save you both time and money on your life insurance search.
Not only can we bring you the best rates, but we can also answer any questions that you have about life insurance and help you decide how much life insurance that you’ll need.
Calculating your Life Insurance Needs
Not having enough life insurance is one of the worst mistakes that you could ever make for your loved ones. If your life insurance plan is too small, then your family would be responsible for a massive amount of debts and other final expenses. There are a few simple calculations that you will need to do before you purchase life insurance coverage. These calculations will ensure that you’ve gotten the perfect amount of coverage.
The first number that you should look at is all of your debts and other expenses that your family would be responsible for if something were to happen to you. As an older applicant, you might not have as large of bills as you did when you were younger, but that doesn’t mean that you don’t have some unpaid expenses that your family would be left with. The primary purpose of your life insurance is to ensure that your family has enough money to pay off that mountain of debt that you might leave behind.
The next number that you should look at is your annual income. The secondary purpose of your life insurance coverage is to replace your paycheck if you were to pass away. If you’re the main source of income in your household, then your loved ones would struggle to pay for those bills. That’s where your life insurance plan comes in.
The last number that you should look at is your funeral expenses. While the majority of people don’t realize it, but a funeral can cost $10,000 or more. If you were to pass away unexpectedly, it can be a difficult bill for your family to cover. Make sure that you add in those burial fees when you’re looking to buy life insurance coverage.
Getting Life Insurance for 66-Year-Olds
We know that shopping for life insurance protection is never going to be fun. Nobody wants to think about their own demise, but not planning for the worst is one of the most selfish things that you can do.
If you have any questions about life insurance or the options available to you, please contact one of our agents today. We would love to answer those questions and connect you with the best life insurance plan available.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait another day to get the insurance protection that your family deserves. If something awful were to happen to you, and you didn’t have life insurance protection, your family would struggle with all of the financial stress that they would be left with. Contact our agent today and we can get the process started.