Best Life Insurance For Seniors Over 60

Tips to Find the Best Policy, Rates & Top Carriers!

If you are looking for the best life insurance for seniors over 60 and wondering whether you should get life insurance or not, read this article to know what your options are.

Getting life insurance is an excellent way of providing financial security to your loved ones even after your demise. If you haven’t thought of getting life insurance earlier, you still have time.

There are many life insurance providers offering policies that cater to seniors over 60. To become eligible for such a policy, you do not need to meet many requirements. Moreover, the premium is also affordable. As you grow older, the cost of life insurance decreases. This gives seniors encouragement to apply for life insurance at any stage of life.

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Why Should I Get Over-60 Life Insurance?
How to Find the Best Life Insurance
Types of Life Insurance
The Best Life Insurance Companies
Term Life Insurance Rates
4 Tips to Find Cheap Life Insurance
How to Apply for Life Insurance for Seniors

Best Life Insurance For Seniors Over 60

Why Should I Get Over-60 Life Insurance?

Life insurance will help take care of your family financially once you pass away. If your family is depending on you for income or your death would leave them in a difficult financial situation, then you should consider life insurance.

For example, if you have debts that you have been paying all your life, life insurance can handle the payments after your death.

Life insurance is a way of taking responsibility for all your affairs even after you’re gone. It is a selfless act of extending protection for your loved ones.

When Should I NOT Get Over 60 Life Insurance?

Do note that there are some situations where you don’t need over-60 insurance. These include having no dependents and no debt.

In addition, if you are confident about your ability to support your medical expenses at the end of your life and have enough to support your funeral expenses, you should skip getting life insurance.

How to Find the Best Life Insurance for Seniors Over 60

When you first start hunting for the right life insurance policy as a senior, you need to match the details of each policy with your needs and requirements. The needs of every individual vary, depending on the number of dependents.

In addition, you need to decide whether you want to leave an inheritance for your loved ones or support them financially to pay for your funeral expenses. This is an extremely important step as it helps you decide how much coverage you need and the kind of insurance plan that you should opt for.

How Much Life Insurance Do People Over 60 Need?

Are You Covered for Life Insurance Over 60

While keeping in mind the purpose of your life insurance, determine the kind of coverage amount you should be looking for.

If you only wish to pay for your funeral expenses, you might want to consider final expense or burial insurance. However, if there are significant debts that you have to pay off, you might want more life insurance coverage.

The payout benefit received after your death should be enough to pay off all the remaining obligations of your family members. Hence, if you want to leave an inheritance, you will need to consider a much bigger coverage amount.

Some of the things you should consider when determining how much life insurance you need:

  • Mortgage debt
  • Credit card debt
  • Your annual salary
  • Number of financial dependents
  • What you want to leave your remaining family members

Often times, life insurance for seniors 60 and over becomes more expensive because of their age, but they need less coverage because they have less outstanding debt and financial dependents.

For those looking to protect your assets and perhaps pass them on to beneficiaries in an estate, whole life insurance may be best for you.

Types of Life Insurance for Seniors Over 60

You have the option of choosing whole life insurance, term life insurance, or a specialized over 60 life insurance policy.

As you grow older, health complications may arise. As a result, some life insurance policies are better for seniors over 60 than others. It really depends on your health and exact age.

Below are some of the best types of life insurance for seniors over 60.

Term Life Insurance

Term life insurance provides coverage for people in terms. Usually, these are from 10-30 years and are offered in 5 year increments.

A term life insurance policy for seniors serves the purpose of paying your debts and funeral expenses and is cheaper than whole life insurance.

For this type of coverage, most seniors over 60 are only offered 20 year term policies.  This is because most life insurance companies only offer term coverage through age 75, with a few offering to age 80, and some companies even offering coverage to 95!

Term Life Insurance Companies for Seniors

The following life insurance companies offer term life insurance for seniors over 60, through age 95:

  • Mutual of Omaha Life Insurance
  • Protective Life Insurance
  • American General Life Insurance

Permanent Life Insurance

Permanent life insurance provides life insurance coverage for the rest of your life (usually through age 121). For seniors over 60, whole life insurance can be affordable depending on the provider you choose.

A whole life insurance has a cash value but the premium is greater than term insurance. Therefore, unless you want to leave an inheritance for your family members, you should opt for a term life insurance policy.

Whole life insurance comes in a couple of different policy types, such as:

  • Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Life Insurance
  • More…

Each of these policy types offers their own benefits to the insured, and each accumulates cash value from the premiums paid into the policy. This can be a great investment vehicle for seniors who have money on hand, and are looking to build a larger value with it before giving it out to their beneficiaries.

Whole Life Insurance Companies for Seniors

Depending on your health, the following companies provide very affordable permanent life insurance coverage for seniors over 60:

  • Prudential Life Insurance
  • AIG Life Insurance
  • Mutual of Omaha

Simplified Issue Life Insurance

Simplified issue life insurance coverage for seniors is typically offered as permanent life insurance.  What does simplified issue mean?

Simplified issue means that the application process is quicker because the underwriters don’t need to know as much information about your health.  This is a type of no medical exam policy, where you do not have to take a medical examination to be approved for coverage, but rather, only need to answer a few questions.

Typically, most simplified issue life insurance policies are grouped under the term burial life insurance because of their small policy amounts (usually $5,000 to $50,000, with a few companies offering more coverage).

Burial Insurance for Seniors

Burial life insurance coverage is meant to cover immediate death expenses such as funeral and burial, and also meant to cover any remaining debts.

An alternative option to this is final expense insurance, which unlike burial insurance is made specifically for final expenses only. The beneficiary does not have the right to spend death benefits except for on funeral-related expenses.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is as the name implies, guaranteed. This means that people will automatically be granted coverage, regardless of their health. It is life insurance for seniors in their 60’s with no questions asked, and next to no waiting time.

As a result, premiums for this type of life insurance are the highest amongst those available for seniors, when compared on a cost per thousand of coverage basis.

However, for people who are in poor health or who need easy life insurance quickly, guaranteed issue life insurance is one of the best life insurance policies on the market.

Guaranteed Life Insurance Companies for Seniors

Some great guaranteed issue life insurance carriers are:

  • AIG
  • Gerber
  • Great Western

Survivorship Life Insurance

Survivorship life insurance or second to die life insurance is a type of joint life insurance policy.  This means that two spouses can purchase life insurance together, under one policy and one provider, with one premium.

There are two types of joint life insurance, the other being first-to-die life insurance. The reason we recommend survivorship life for seniors over first to die life insurance is because of the way it pays out.

First-to-die life insurance pays out to the surviving spouse after the first spouse dies, but then the life insurance policy is lapse, leaving no coverage for the remaining family members in the event of the remaining spouse’s death.

Survivorship life pays out after the remaining spouse dies, and stays in place when the first spouse dies, leaving coverage for family members in the event of their death.

The Best Life Insurance Companies for Seniors Over Age 60

Here is a brief overview of some of the best life insurance companies for seniors.

You can find links to our full life insurance company reviews in the chart below.

Company Customer Reviews Our Life Insurance Company Review
AIG Life Insurance 4.1 / 5 AIG Life Insurance Review
North American Company 4.0 / 5 North American Life Insurance Review
Transamerica 4.2 / 5 Transamerica Life Insurance Review
Prudential 4.3 / 5 Prudential Life Insurance Review

How To Find the Right Life Insurance Company

When it comes to choosing the best life insurance company for seniors over 60, it is important to consider the following factors:

  • Financial Rating
  • Claims Payout
  • Policies Available
  • Best Life Insurance Rates for Seniors Over 60
  • Policy Riders
  • Conversion Options

All of these factors make a difference when choosing the best life insurance coverage for seniors over 60. You want a company that has a combination of all these factors, and as a result, the lowest life insurance rates may not always be the best policy for your specific needs.

The best way to be sure that you are considering all of these factors before making a decision is to speak with an expert.

Term Life Insurance Rates for Seniors Over 60

Couple Over 60 with Life Insurance

There are four basic categories of rates that are offered to individuals applying for life insurance – Preferred Plus, Preferred, Standard Plus, Standard.

Seniors can be eligible for all these rates however great importance is given to the medical condition of the individual. If you are in great shape and do not suffer from any of the serious illnesses, you are more likely to get a better rate.

It is important to remember that the quotes can vary considerably from one provider to the other. The following life insurance rates are for term life insurance coverage, and the premiums displayed are paid on a monthly basis.

Age $ 100,000 $ 250,000 $ 500,000
60 $ 29 $ 61 $ 117
61 $ 31 $ 67 $ 129
62 $ 35 $ 72 $ 138
63 $ 40 $ 82 $ 157
64 $ 43 $ 95 $ 182
65 $ 49 $ 107 $ 206
66 $ 54 $ 120 $ 254
67 $ 59 $ 132 $ 258
68 $ 63 $ 143 $ 279
69 $ 68 $ 154 $ 300

If you haven’t started hunting for the perfect life insurance plan for your needs, this article will definitely give you the encouragement you were looking for.

Now that you are well aware of all the different aspects of life insurance, it is time to do some shopping. Thus, you can finally get valuable protection for your loved ones.

4 Tips to Find Cheap Life Insurance for People Over 60

There are certain steps that you can take to minimize your expenses related to life insurance policy over age 60.

1. Managing Your Health

If you control your blood pressure, don’t smoke, and follow healthy dietary habits, you will be able to reduce the cost associated with the life insurance policy.

2. Shopping for the Right Provider

As mentioned, you should be ready to shop around for the right provider. It is not necessary that every provider have the same financial standing as others.

You will need to read reviews and consider the financial position of the provider you are considering for your life insurance plan.

3. Carrying Out a Comparison

After shopping around, shortlist one or two insurance providers and get quotes from them. Once you receive the quotes, making a decision becomes easier. Thus, you can choose the most affordable option.

4. Buying on Time

If you are already over 60, you should make the decision as early as possible. Wasting more time will only decrease the term coverage that you are able to receive. People over 75 sometimes find it difficult to find term coverage greater than 10 years.

How to Apply for Life Insurance for Seniors

Many people make the mistake of choosing the first provider that they find. For your own benefit, it is important to carry out extensive research and compare the quotes received by different insurance providers. Without this step, you will risk paying more for the same policy that would have cost less from another insurance provider.

It’s best to work with an independent agent who can compare life insurance rates for seniors over 60 from multiple companies to find the best life insurance coverage for your situation.

Our independent life insurance agents work with the best life insurance companies for seniors on the market and are ready to help you today.

Give us a call, or begin online with our quick quoting engine to compare the best life insurance for seniors over 60 immediately!

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