Can I buy life insurance if I'm over 60? Yes. There are many life insurance options offered to adults over 60.
But how will you choose the most favorable for you? Read on to learn about finding the best life insurance for adults 60 years and older.
To find the best policy, begin by answering the following questions:
Life insurance coverage for seniors depends on your family size, assets, debt, medical bills, and end-of-life goals. Are your spouse, kids, siblings, or other loved ones dependent on you? Are you servicing large debts like mortgages, car payments, and others that would need to be fully paid when you pass on? Do you have significant medical bills you would need assistance paying? Do you wish to have your end-of-life expenses fully covered?
Answering these questions will help you determine the best life insurance policy. However, remember that your life may change over time, and the answers to these questions may also change. Therefore, it is essential to review your policy periodically to ensure it meets your coverage needs.
Here are the best types of life insurance policies for seniors over 60 years:
Whole life (permanent) insurance is a policy that offers coverage for the rest of your life so long as you keep up with your premiums. You pay a fixed monthly premium and can expect a fixed death benefit, which will be made known to you at the sign-up point.
Whole life insurance is favorable not only for the death benefit but also for its cash value component. Whenever you pay a premium, a part of it goes towards building a cash value that accrues interest, and you can withdraw or borrow against it during your lifetime. Although this money will be deducted from the beneficiary's death benefit, you get to benefit from your contributions and enhance your cash flow, to live more comfortably.
Term life insurance offers coverage for 10, 20, or 30 years. You select the preferred term and the coverage amount, then pay the set monthly premiums to sustain the coverage. If you outlive the term, the coverage ends, and you renew it. But, if you pass away within the term without violating your contract, your beneficiary receives the death benefit.
Term life insurance is among the best life insurance types for seniors over 60 seeking affordable coverage because they have other significant financial responsibilities. For example, if you're still supporting your young adult children or paying a mortgage, the premiums in this coverage make it more affordable.
Universal life insurance is also permanent and a popular life insurance policy for 60 years and older. It remains valid for the rest of your life, provided you pay the premiums and do not deplete its cash value. This insurance policy is similar to whole life insurance, but its premiums and death benefits are not fixed values; you can adjust them upwards or downwards. For example, when you retire and your income reduces, you can update your plan and take up a minor policy, unlike other policies requiring renewal. In addition, some companies may refund your money after you have held this policy for a certain period, usually 20 years. With these perks, this policy is easily one of the best life insurance for seniors over 60 with little income, although you must undergo a health test.
The GUL policy is similar to universal life insurance except that it does not require medical tests or answering health questions. You're guaranteed acceptance no matter your health. But, with this one, you cannot miss a single payment because the entire policy is canceled once you do.
Another permanent policy is final expense life insurance, which covers end-of-life expenses. Typically, you don't need to go for a medical test before approval unless you've got a severe pre-existing condition. But, overall, life insurance providers guarantee acceptance for persons of a particular age group, including those 60 years and older.
Your circumstances and the details of each life insurance type will inform your choice of policy. However, if you're still on the fence about it, LendMeMoney.com has additional resources, plus a selection of the best life insurance offerings in the country for 60 years and older. Contact us for more information and advice.
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