Life Insurance Over 60 Years – Should You Buy A Plan?

lfie insuranceMany people make the mistake of thinking that they cannot get a great life insurance deal if they are 60 or older. In truth, there are plenty of life insurance over 60 policies available, especially those who are fit and healthy.

Having worked hard for most of your life to provide for your family, it is time for you to add an extra measure of security to your finances. Getting a senior citizen life insurance policy will ensure that your family is covered in the event of your passing away.

Getting insurance becomes a bit more complicated when you are between the ages of 60 to 69. While it is still possible to get a decent plan, you are going to need to be in good health. Someone who has had serious health issues in the recent past, or is currently suffering from health issues, will likely have to pay very high premium rates.

The most affordable life insurance over 60 policy would be the “10 Year Level Term Life Insurance Plan”. This policy gives you ten years of life insurance coverage, while maintaining your premiums at an affordable level. Ensure that the ten year term life insurance plan you get can be converted into another five or ten year plan at the end of the term. Not only will this give you cheaper premiums, but it gives you options and flexibility at the end of the term.

The second option would be a Guaranteed Acceptance Life Insurance policy. This policy comes with higher premiums, but is guaranteed to be accepted. There are little or no medical exams, and you can set a sizable amount to be paid to your family in the event of your death. The only issue with the Guaranteed Acceptance Life Insurance policy is the two year waiting period.

After you are approved for the policy and you start making payments, there is a two year period before your policy is active. If you pass away during those two years, your family will get back the premiums that were paid. After two years, the policy is fully active and has no expiry.

Getting life insurance over 60 can seem difficult, but there are many good options out there. You simply have to wade through the poor ones until you find the plan that suits your needs.

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