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Life Insurance For Over 60

You Have Children Who Are Dependent On You

What Is The Best Life Insurance For Seniors Over 60?

There are a few situations in which you might still have children who are dependent on you in your 60s. One case would be if you had your children late in life, and they are still in high-school or university. Another would be if you are raising your grandchildren because their parents are not around.

If your children are grown up, but they suffer from a mental or physical disability, you might also want to keep your life insurance. This way, you would be able to help ensure that they get the support they need if you pass away.

Best For Fewest Complaints: Pacific Life Insurance

  • AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations.A+
  • Accepts Credit Cards:No
  • Policies available to 90-year-old applicants

  • Term coverage available to 70-year-old applicants

  • Many accelerated death benefits and riders available

  • No online quote or application on the website

Pacific Life had the second-fewest number of complaints relative to its size of all 91 insurance companies we reviewed. The company is especially good for seniors because it offers term coverage for applicants up to 70 years of age and permanent coverage for those up to 90 years old. Only six other companies of the 91 we considered offer coverage to 90-year-old applicants.

Additionally, Pacific Life offers a whole suite of accelerated death benefits, many at no additional cost, including riders for chronic and terminal illnesses and long-term care. Like some other insurance companies on this list, the online offerings at Pacific Life are limited. You cant get a quote or apply without calling the company or applying through a third party agent or broker.

The Best 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

Again, each company is rated highly in terms of financial strength, policy options, premium rates, and customer service.

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Life Insurance Policies For Seniors

When selecting life insurance at any stage in life, it’s important to keep in mind the many factors involved, such as age, financial goals and overall health. If the insurance company considers you a higher risk based on health conditions and lifestyle factors, you could be rejected. So you should consider these variables when reviewing the policies available.

Best Life Insurance Options For Seniors

Affordable Life Insurance Cover For The Over 60

The best life insurance if you’re over 60 years old depends on your financial situation, health and life insurance needs. When entering your senior years, it’s a great idea to think about the remainder of your life, whether you have enough life insurance coverage and if there are better options available.

Applicants in their 60s will find there are few eligibility restrictions for life insurance.

However, not every policy is right for your situation, and it’s important to decide whether you need life insurance for short-term or long-term needs. A short-term policy, like term life insurance with lengths of 10 to 20 years, can be great if you are still working and need income protection. Longer-term life insurance, like a permanent policy, may be a better choice to cover final expenses like a funeral or burial.

We don’t recommend standard whole or universal life insurance, as these types of insurance are expensive and are meant to be lifelong products that build cash value.

Since you would be in the later stages of your lifetime, you would not be able to take advantage of the cash value growth.

Find Cheap Life Insurance in Your Area

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Technology And Affordable Life Insurance For Those Over Sixty

Though shopping online with us is the most convenient way to find inexpensive life insurance for over 60s here in the UK, we understand that some people in this age group are uncomfortable with computers.

Therefore, a customer service number provides the same quotes offered through an online search. We wade through the policies from the best life insurance companies and come back with a bespoke quote that meets your expectations.

Customer service representatives are available for our customers during extended hours throughout the week and also on Saturdays. If you cannot reach us, request a callback, and one of our experts will contact you.

Children and other family members can help those over 60 years old look for the best available life insurance.

Our online quote request form will be secure for them to complete because it does not require very complicated information. For example, children can submit a decreasing life insurance quote request and view the provided quotes with the individual requesting the coverage.

No parent wants to think about death we want a rose-petal path that lets us see our children through the happiest of childhoods into adulthood with full education and a trauma-free upbringing.

Sadly, for 1 in 29 children across the UK, that doesnt happen. Research by Parsons UK estimates that by the age of 16-years old, one in twenty children have lost one or both parents.

Final Expense Life Insurance For Those Over 60

Final expense life insurance has one purpose: to cover the charges of affairs specifically related to your death. This would include anything from the burial expenses to medical bills. These policies are whole life policies, which means they have no expiration date and also have a cash savings benefit that you can borrow from in the future. The common death benefit amounts are from $5,000 to $50,000, with $25,000 seeming to be the sweet spot for most consumers.

Final expense is also considered a simplified issue policy because they do not require you to undergo an exam, and you only have a few health questions that you need to answer on the application. Even if you have diabetes or high cholesterol, you can still qualify for coverage.

The Federal Trade Commission figures that many funerals can cost well over $12,000. If you dont have the prepared cash to pay for your burial or dont want your estate to be taken up with fees incurred by your death, a final expense insurance plan may be for you.

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Dont Be Rushed Into A Life Insurance Purchase

Financial predators often focus on seniors. They may try to get you to purchase unnecessary coverage, or a more expensive policy than you need. Be wary of anyone who tries to rush you into making a decision or discourages you from discussing a proposed policy with a family member or trusted advisor.

How Over 50 Life Insurance Works

Life Insurance For Seniors Over 60 | Waterway Financial Group

You choose a cover amount or how much you want to pay each month in premiums. You wont need a medical or have to answer any health questions to be accepted.

If you die for any reason after the first 12 months of having the policy, well pay out the full cover amount as a lump sum. Well also pay out the full cover amount if you die because of an accident within the first 12 months.

However, if you die before the first 12 months is up, and it wasnt an accidental death, we wont pay out the cover amount, but well pay a sum thats equal to the premiums that have already been paid.

Do you need over 50 life insurance?

If you’re looking to leave a little something when you’re gone, you might want to consider this type of lifetime cover. The lump sum payout could be used towards the cost of your funeral, home improvements, a holiday or anything else.

If you only need cover for a fixed amount of time, rather than your whole lifetime, you could consider our term life insurance.

And unlike over 50 life insurance, which only covers one person, with term life insurance you can get a joint policy with your partner.

Read our article

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Life Insurance For Those Over Age 70

At this stage, you may not have much, if any, debt, and larger expenses are probably a thing of the past. You may, however, want to leave a legacy to your loved ones. With this in mind, a permanent policy would be a good option. But remember that the cost of these policies tend to increase with age.

Another option would be to consider a policy to cover final expenses.

How Do I Get Cheap Life Insurance For Over 60s

The risk taken by insurers is the biggest factor in deciding how much they charge you on the monthly premiums.

To get cheap over 60s life insurance you should compare a range of policies across the market, but more importantly, you should lower the risk you pose to the insurers.

You’re only going to get older, so your risk can only go higher, but if you’re a smoker, drink regularly and have a poor medical history, then your risk will drastically increase.

Women may find that they get a cheaper deal than men because insurers find that they tend to live longer. Keeping healthy will improve your chances of lowering the cost of your premiums, so it’s worth doing so before considering life insurance for over 60s.

Read on to find out how to get the best life insurance for over 60s that’s right for you and your family.

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Life Insurance Planning To Create A Legacy

The majority of the time we speak directly with people over 60 who are looking for life insurance, but it is also not uncommon when we speak with their children. Many children of baby boomers are worried about the financial impact the death of one of their parents would have on them. It is a legitimate concern, especially for those who do not have a financial account earmarked for final expenses. We usually speak with the child of a parents after the passing of one parent who had no life insurance. This usually results in the child paying the final expenses of the deceased parent, and they want to ensure the same thing doesnt happen again with the passing of the second parent.

Life insurance is a great way to ensure the money will be there, and also a great way to leverage todays dollars. It can also be used to create a legacy for grown children which could not be achieved through traditional investments. Life insurance is a great tool to leave a legacy because the proceeds of a life insurance policy pass to the beneficiary tax free. The beneficiary can then use the money for whatever they want such as to pay off a mortgage, pay for an education, or set aside for retirement planning purposes.

Cheapest Term Life Insurance For Seniors With High Bmis

Getting Term Life Insurance When You

Since a high BMI can decrease lifespan and cause other health problems, life insurance premiums for people with high BMIs are generally higher than average. Insurance providers typically use BMI to determine rates, but some have their own guidelines, which can be more lenient. Companies that use BMI may sometimes classify people who have a high muscle mass percentage as obese.

Seniors with high BMIs could pay as much as 83% more than individuals with healthy BMIs. Mass Mutual offers the cheapest life insurance policies for individuals with high BMIs at an average cost of $226 per month. Mutual of Omaha is the second-cheapest provider at an average of $240 monthly, and Nationwides average monthly rate of $259 makes it the third-cheapest company.

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Best For Financial Stability: Guardian

  • AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations.A++
  • Accepts Credit Cards:No
  • Policies available to 90-year-old applicants

  • Pays dividends on whole life policies

  • You cant apply without an agent

  • Hard to find policy-specific information online

In business since 1860, Guardian Life received an A++ rating from AM Best for financial stability. Fewer than 10% of the companies we reviewed received this rating New York Life is the only other one on this list. Also like New York Life, 90-year-old applicants to Guardian are eligible to apply for coverage, and whole life insurance policyholders are eligible for dividends.

Guardian also has a very low incidence of customer complaints, according to the NAIC. Based on three years of complaints, Guardian received an exceptionally low number for a company of its size. In fact, it had the 6th-lowest number of complaints out of the 91 companies we reviewed.

And while you can find copious educational material on the companys website, finding policy-specific information is difficult to impossible. Youll need to reach out to an agent for that. Youll also need to contact an agent to apply.

Companies With The Cheapest Term Life Insurance For Seniors By Age

MoneyGeek found that Transamerica offers the most affordable life insurance for seniors in their 60s, while State Farm is the lowest-cost option for 70 and 80-year-olds.

The premiums you pay for a life insurance policy increase with your age. The probability of developing severe health conditions increases each passing year, so older adults are considered riskier to insure. Our data shows that the cost of a 10-year term life insurance policy can increase by as much as 228% per decade.

Since the average life expectancy in the U.S. is about 78 years, and most insurance companies rarely insure up to age 85, MoneyGeek does not have data available for some term lengths in the table below.

Companies With the Cheapest Term Life Insurance for Seniors by Age

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Can I Use An Over 60s Life Insurance Policy To Pay Inheritance Tax

It is possible but unlikely that an over 60s life insurance policy will pay out enough to completely cover an inheritance tax bill.

According to HMRC regulation, inheritance tax is only due on estates valued at more than £325,000. The maximum payout for a Post Office Over 50s policy is £10,000, depending on age. If you had the maximum amount of cover available and your estate was worth no more than £350,000 then a payout could cover the tax bill, however this will only apply to a small number of people.

Calculating the value of your estate is always a worthwhile undertaking as it will help you to determine what level of cover you need. In turn, you might decide that an over 60s policy is right for you, or you might opt for a fixed-term policy.

Best Term For Seniors: John Hancock Life Insurance

Senior Life Insurance quote over 60, 70, 80 years old
  • AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations.A+
  • Accepts Credit Cards:No
  • High maximum age for term insurance applicants

  • Offers insurance for diabetics

  • Optional critical illness rider doesnt reduce the policys death benefit

  • Wellness program

  • Most accelerated benefit riders cost extra

  • No online quote, application, or live chat for applicants

John Hancock offers the most compelling term life insurance offerings of our top-ranked companies for seniors. It issues term policies to applicants up to age 80, while many competitors have cutoffs at age 75 or younger. Its maximum issue age for other types of insurance is also high, at 90.

In addition, we like that John Hancock offers a critical illness rider that isnt an accelerated benefit, so the death benefit doesnt get reduced if the rider is used. Thats uncommon. The company also caught our eye for its insurance for diabetics as well as its Vitality rewards. Vitality provides incentives for policyholders to live a healthy lifestyle, including potential discounts on life insurance premiums.

John Hancocks main weaknesses are that accelerated death benefit riders cost extra, and, like others on this list, it doesnt allow you to get a quote or apply online without an agent.

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Life Insurance For Senior Veterans

All veterans who were enrolled in the Servicemembers’ Group Life Insurance plan during their service have the option to convert this life insurance policy into Veterans’ Group Life Insurance when they return from duty. This can be a good option early in your life. However, once you age into your senior years, you would be able to get better rates through other types of life insurance.

For example, for a 60-year-old male enrolled in the VGLI program with $400,000 in coverage, the monthly premium is $432, which is $226 more than a similar policy offered by Prudential. For this reason, if you are a veteran who recently turned 60 or are entering your older years, we recommend looking into an affordable term life insurance policy.

Should You Buy Life Insurance In Your 60s Some Good Reasons

  • Life insurance is a great way to protect your family from financial hardship
  • You can use the life insurance money for any number of things, such as paying off debts or a mortgage
  • Your children will be able to go to college and pursue their dreams without worrying about how theyll pay for it
  • Youll want peace of mind that if anything happens, your spouse wont have to worry about making ends meet on his/her own
  • If you die before retirement age, this could mean that your spouse would lose out on any pension benefits he/she might receive from your employer with life insurance in place, these benefits are protected
  • You may need life insurance to pay for your funeral expenses
  • In many cases, its possible to convert a traditional policy into a whole or term policy at no cost
  • Its never too late even if youre over 65 there are still ways to get coverage
  • The cost of premiums increases with age, but the amount of coverage stays the same

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