Term Life Insurance for People Over 60

As the median life span rises, it is becoming easier to find term life insurance for those people over 60 (sixty) years old. Do expect the rates to be higher than normal, but can you truly put a price on peace of mind?

It used to be that those over the age of 50 found it impossible to obtain life insurance. Times have changed. The median age has risen and now life insurance is available for many persons between the ages of 50 and 80 (men and women). A number of life insurance companies offer term life insurance for people over 60. The premiums are higher and often the policy value is lower, but this is still far more advantageous than not having a policy.

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Many people rely on life insurance policies to cover funeral expenses (aka burial life insurance), pay off outstanding debt, and give their survivors some financial relief. If the head of the household dies, his or her spouse or significant other may not have the income necessary to make ends meet. Life insurance provides a little more padding so that the family is not forced from their home during their grief. If you do not own a life insurance policy, and are over 60, getting term life insurance is very important!

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Term life insurance offers coverage for a certain period of time. Coverage begins as soon as your application is processed, and then typically lasts for 10, 15, 20, 25, or 30 years. Shorter term lengths will cost less, but you will have to renew or reapply and rates will often increase drastically.

One company who offers life insurence to seniors, Globe Life, guarantees coverage to anyone up to the age of 78 without a medical exam. With Globe Life, your first month’s premium is always $1. After that, typical rates for those in their 60+ range from $45 per month for a $10,000 policy to $120 per month for a $30,000 policy. Purchasing a second policy for your spouse will lead to incredible discounts.

Prudential, West Coast Life, and Transamerica offer coverage to a sixty-year-old woman for approximately $300 per month for a $500,000 policy. Dropping the trem life insurance value to $150,000 drops the monthly premium to $130. For many people, $130 per month is extremely reasonable!

Do not skip life insurance. Yes, life insurance policies for seniors can be expensive, but it is also extremely important. No one can predict when their time will be up, and the last thing you want is to leave your family both struggling with grief and bankruptcy.