Know The Best Life Insurance At Age 61

by Jeff Rose on September 8, 2016 · 0 comments

At age 61, you may begin to question what will happen to your family or loved ones if you were to meet some kind of misfortune.  Life Insurance at Age 61This is a natural reaction for someone who has most likely retired and met many of the goals in their working life.

The next natural progression is to make sure that your family and loved ones are set to reach their own goals in life. Unfortunately, the options that were once available to those over the age of 60 are becoming increasingly difficult to obtain.  At this age, you may think that you won’t be able to afford or be accepted for a life insurance policy. This isn’t true. There are several options that you can choose from, and they are more affordable than you might think.

There are however still options for someone of age 61. One such option is guaranteed issue life insurance. This is not the most well known type of policy but it serves someone of the age of 61 very well in terms of meeting their needs.

There are several benefits to this type of insurance such as it being a long term option and reasonably priced compared to whole life insurance. Additionally, this type of insurance guarantees a benefit until the age of 90. Because of this reason, it can often times be compared closely to a 30 year term policy.

A guaranteed life insurance policy works in a similar way to a 30 year term policy. However, at any age over 61 it is technically no longer a 30 year term. Aside from it not necessarily being exactly 30 years, it is almost identical to a 30 year term in every other fashion.

For a $100,000 policy, a 61 year old can expect to pay $104.23 in premium payments. These rates of course can vary depending on a number of different conditions. This premium is derived for a male who is relatively healthy and a non-smoker.

Again, rates will vary accordingly to the individuals’ specific conditions. It is always advisable to work through a reputable insurance agent who is knowledgeable in different policies. Going this route will most like save you time and money in the long run.
Here are some quotes for a $250,000 term policy:

Sex10 Year15 Year20 Year
Male$68.73/month$92.75/month$128.41/month
Female$46.33/month$60.03/month$86.84/month

If you are wondering who this product is best suited for, you are asking the right questions. First of all this policy is best suited for someone between the ages of 60 and 65. It will not only cover you for the remainder of your life, but it will save you 70 to 80% over what you will pay for a whole life policy.

One thing you have to consider is that there is a fixed premium that does not expire for 30 years. You have to consider whether or not you will outlive this policy. There are several considerations that can go into this determination. Are you relatively healthy? What is the life expectancy in your family history? The last thing you want is to pay for a life insurance policy for 20 years and then have to renew when you outlive it. Sure, it’s nice that you outlived your life insurance coverage, but you’ll be forced to reapply for a new plan, which is going to cost drastically more this go around. It’s better to have too much coverage than not enough, it could save you thousands of dollars down the road

Finally you may consider a whole life insurance policy.  This will allow you to have permanent coverage so no matter what your family members will be covered.  If you’re worried about outliving a term insurance policy, these whole life plans are one alternative. With these plans, you’ll have life insurance coverage as long as you continue to pay your monthly premiums. At age 61, your premiums are going to be much more expensive, and these whole life plans aren’t the most cost-effective option unless you plan to live to be 110 or older.

Having life insurance is an important part of every stage of life, even at age 61. Sure, getting approved for a policy at this age is going to be more difficult than it was several decades ago, but that shouldn’t stop you from getting the coverage that you and your family deserve.

Not having quality insurance could leave your loved ones in a tight spot if you were to pass away. All of your debts and unpaid expenses will be left to them. Your mortgage, car payments, hospital bills, etc. will be passed to them to find a way to pay for. All of these expenses can be difficult for a family that is grieving the loss of a loved one. Don’t let your family experience the financial and emotional strain of losing you.

Getting the Best Rates Available

You don’t want to spend more every month than you have to. There are several ways that you can lower your monthly premiums with a few lifestyle changes. One of the best ways that you can do this is by quitting your bad habits, specifically smoking. Being listed as a smoker on your insurance application is going to make your monthly rates skyrocket. Smokers can expect to by two or three times more than a non-smoker. If you want to save money on your insurance plan, drop the cigarettes.

Aside from quitting smoking, you can lower your rates even further by focusing on your health and losing weight. Carrying extra pounds will cause your premiums to go up. Being overweight increases your risk of having health complications later in life, which means you would pose more of a risk to the insurance company. The bigger risk you are, the bigger your rates are going to be. Simple as that. Before you apply for your life insurance policy, lose a couple of pounds through regular exercise. Not only will you shed the weight, but it should also help you lower your blood pressure and cholesterol (both of which are used to calculate your monthly premiums).

One of the easiest ways to get lower insurance rates is to compare quotes with several different insurance companies before you choose one. Every company is different. Each of them has a different system for deciding your risk and what rates you’ll receive because of your age and health. Because each of them uses a different rating calculation, you could receive drastically different quotes depending on the company.

You could spend hours on the phone talking to different companies, asking questions about their policies, and answering the same questions, or you could let us do all of that boring work for you. There are dozens and dozens of businesses that will sell you a plan, which means there are more options that you’ll be able to explore. We can bring you all of the best quotes from the best companies around you.

At Life Insurance By Jeff we are dedicated to helping people get the best possible rates for their needs, whether you are 50 and looking for life insurance or 60, we can help.  If you are ready to get started with a set of life insurance quotes then give us a call at 888-836-7071 or use the form on this page to get your custom set of quotes today.

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Know The Best Life Insurance At Age 61
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Know The Best Life Insurance At Age 61
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Getting life insurance at age 61 can be a hard task if you don't know what you're looking for. Talk to us and we'll give you the best options.
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