Life Insurance for Seniors Over 60? It’s Possible!
Most people take out an insurance policy after a major life event such as marriage or the birth of a child. If you’re someone who didn’t do so for any reason, or if your policy amount isn’t high enough, there’s still a chance to make amends. You’ll need to find an affordable life insurance policy and the good news is these policies are available.
Affordable Life Insurance for Seniors over 60 is available, but it depends on several factors, the most important of which is your health. The amount of life insurance you may have taken in your 20’s or 30’s could be insufficient once you reach your 50’s or 60’s. However, there is a subtle difference between the life insurance requirements of a 50-year-old compared to a 60-year-old.
Popular Myths Related to Life Insurance for Seniors Debunked
When you are 50, there’s still enough income yielding years left for you to plan an income replacement. However, at the age of 60 or older, you may have already retired or about to retire. This calls for the consolidation of your retirement supplemental income.
Affordable Life Insurance for Seniors over 60
By the time you turn 60, chances are that you have a clear picture of the assets that are available to you during retirement. Still, it’s time that you reassess your insurance policies, including your employer’s group life policy. Now you need to decide whether you want to continue this policy or not, and it’s advisable to do so unless you have a poor health.
Continuing your employer’s life insurance policy would involve paying a much higher premium. When you are 65, certain term life policy lengths may not be available. However, if you’re 60 and in good health, the chances of taking a 15 to 20 year term policy increases significantly. Needless to say, life insurance for seniors over 65 or 70 would be more restrictive than the same at 60.
4 Common Misconceptions About Life Insurance for Seniors
The cut off age is specified for each policy, but you can buy a whole life policy at any age. You need to be very careful with premium rates and related terms when researching for an ideal life insurance policy. The sooner you initiate, the more chances you’ll have of receiving an affordable policy.