It used to be that those over the age of sixty found it difficult to obtain life insurance, well.... times have changed, this is no longer the case.
As the median life span rises, it is becoming easier to find term life insurance for those people (men and women) over 60 years of age.
Insurers are more than happy to underwrite policies for people in their sixties that are in fair health and have no major illnesses.
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!
A number of life insurance companies offer special rates on term life insurance for people over 60.
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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 insurance to seniors, Globe Life, guarantees coverage to anyone up to the age of 78 without a medical exam.
With Globe Life, your first months 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: $50,000 - $100,000 - $200,000 - $300,000 - $400,000 - $500,000 - $1,000,000, plus many more policy amounts.
Average costs for a 10 year life insurance policy for an elderly female, non-smoker, in good health: