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 years old.

Do expect the rates to be higher than when you were 50, but can you truly put a price on the peace of mind of your loved ones?

It used to be that those over the age of sixty found it very difficult to obtain life insurance, well.... times have changed.

The life expectancy has risen and now life insurance is easily available for persons over the age of 50 (men and women).

A number of life insurance companies offer term life insurance for people over 60. The premiums are higher than if you were in your forties or fifties, and often the policy value is lower, but this is still far more advantageous than not having a policy at all.

Get Your Own Quote!

 

Over 60 years old?

Click Here To Obtain an Instant Life Insurance Quote!

One of our Life Insurance Specialists will contact
you right away between 9 AM and 9 PM (EST)

 

Many people rely on life insurance policies to cover funeral and final expenses, pay off debts, and give their surviving family members 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!

Click Here To Obtain an Instant Life Insurance Quote!

Level Term Insurance

Level 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 level term 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!

Example Policies Offered: $100,000 - $200,000 - $300,000 - $400,000 - $500,000 - $1,000,000, etc.

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.