When you think of the common profile of someone buying term life insurance, you generally think of a young family, either a newlywed or a family that has young children. 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 for life insurance 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! We work with all the top life insurance companies in the industry today. We specialize in getting life insurance policies for anyone looking for life insurance who is over 50. This allows us to know that age group and their specific needs. If you have any questions then contact us at 888-836-7071 or use the form on this page to get started. While we have complete guides for life insurance by age, we have specific information on this site for people who are:
Unlike a traditional insurance agent, we are independent agents, which means that we work with dozens of highly rated companies across the nation. That means that we can bring all of the best insurance rates directly to you. Because every insurance company is different, you could get drastically different rates depending on which company to get the quotes from. Some insurance companies specialize in insuring applicants over the age of 60, while other companies are automatically going to decline you for insurance coverage.
Most people over the age of 60 assume that they no longer need a life insurance plan, but that could be one of the worst mistakes that you make. If you passed away with debts and massive final expenses, all of those bills are going to be left with your loved ones, which can give them thousands of dollars of debt. Those debts can make an already difficult situation a thousand times worse.
Before you apply for life insurance, you’ll need to calculate what your insurance needs are, because you’re in a later stage of life, your needs are very different from other applicants. The first thing that you should look at is any debts that you would leave behind. There is a chance that you don’t have a lot of debt, which means that you can consider getting a smaller life insurance plan.
Another factor that you should look at is if anyone currently relies on your salary to pay for basic expenses. The secondary goal of life insurance is to replace your income if you were to pass away. If you’re in a stage of life where nobody relies on your paycheck, you can get a much smaller insurance plan. Our independent insurance agents can help you decide how much life insurance you need.
Even if you’ve been turned down for coverage in the past, we can give you several options for affordable life insurance coverage. If you’re in poor health or have several pre-existing conditions, we can help connect you with a no medical exam. These exams are a great way for anyone to get coverage that has been declined in the past. As you can guess from the name, you can buy life insurance without having to take the medical exam.
There are some disadvantage to these plans that you should be aware of when you’re shopping for life insurance coverage. The most notable pitfall is that these policies are going to be more expensive than a plan that requires a medical exam. The purpose of the medical exam is to give the insurance company an idea of your overall health, and without that picture, they are taking a higher risk, which they are going to offset with higher monthly premiums. If you want to get the most affordable life insurance plan, you’ll need to apply for a traditional insurance plan.
Additionally, you may be limited on how much life insurance coverage you can buy without a medical exam. Most insurance companies will only allow you to buy around $250,000 of life insurance. For most applicants, this isn’t going to be enough protection. If you need more life insurance than that, you’ll have to buy two policies or apply for a traditional insurance plan.
If at any time you have a question or just need a clarification please feel free to contact us.