Best Life Insurance For Seniors Over 60
Even if you are over 60, life insurance may be a necessary investment because your financial goals and needs may change. As a result, as you enter your later years, it is critical to reevaluate your existing policies and financial situation to ensure that you are adequately covered.
Seniors over the age of 60 may consider purchasing life insurance if they have outstanding debt, want to cover end-of-life expenses, or want to leave an inheritance to their children or grandchildren.
Best life insurance options for seniors
The best life insurance for people over 60 is determined by your financial situation, health, and life insurance requirements. When you reach your senior years, it's a good idea to consider the rest of your life, whether you have enough life insurance coverage, and whether there are better options available.
There are few eligibility restrictions for applicants in their 60s when it comes to life insurance.
However, not every policy is appropriate for your circumstances, and you must decide whether you require life insurance for short-term or long-term needs. If you are still working and need income protection, a short-term policy, such as term life insurance with terms ranging from 10 to 20 years, can be ideal. Longer-term life insurance, such as a permanent policy, may be a better option for covering final expenses such as a funeral or burial.
We do not recommend standard whole or universal life insurance because it is expensive and is intended to be a lifelong product that accumulates cash value.
You would be unable to benefit from the cash value growth because you would be in your later stages of life.
Life insurance for income protection
If you are still working in your 60s and do not have life insurance, purchasing a policy to support those who rely on your income could be a wise decision. The best life insurance option is to purchase a term policy that covers the years you work. By aligning life insurance with your working years, you can protect your income and ensure that any loved ones receive compensation.
Life insurance for outstanding debts
Even if you are older, you may not have paid off all outstanding debt in your life, such as a mortgage that you are nearing the end of but still have some payments to make. If you died without life insurance, your dependents would be liable for the remaining mortgage payments if they intend to keep your home. A life insurance death benefit, on the other hand, can provide valuable coverage to pay off these outstanding obligations.
If you qualify, get a term life insurance policy that covers the amount of your outstanding debts. The term policy would necessitate a medical exam, but it would allow you to lock in lower premiums for the rest of your life.
A guaranteed whole life insurance policy, on the other hand, makes the most sense if you are sick, elderly, or in poor health. This type of life insurance has higher monthly premiums as well as a typical maximum face value of $25,000 in coverage, but it is guaranteed. This means you won't be denied coverage because of pre-existing conditions, which is a useful policy feature for seniors.
Life insurance for final life expenses
When someone dies, there are usually a slew of costs associated with after-life expenses. This includes the cost of the deceased's funeral and burial, which is frequently left to the children and typically costs around $10,000. Life insurance can be a useful tool for providing financial security for your dependents if they are unable or unwilling to pay these expenses on their own.
For final expenses, a permanent life insurance policy would be a good option. You can, for example, buy a small guaranteed whole life insurance policy designed to cover burial expenses. Because this policy does not require a medical exam, you may be able to obtain coverage even if you are not in good health or have a pre-existing condition.
Life insurance for senior veterans
When they return from duty, 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 (VGLI). This can be a good option for you early in life. However, as you get older, you may be able to find better rates on other types of life insurance.
- For example, the monthly premium for a 60-year-old male enrolled in the VGLI program with $400,000 in coverage is $432, which is $226 more than a similar policy offered by Prudential. As a result, if you are a veteran who has recently turned 60 or are approaching retirement age, we recommend looking into an affordable term life insurance policy.
Life insurance eligibility for seniors over 60
There are limitations on the size of the face value and the length of coverage available to seniors over the age of 60 looking to purchase term life insurance. Each insurer has its own set of rules regarding the types of policies that can be purchased.
If you try to buy term life insurance after the age of 65, you will typically be limited to policy lengths of 10, 15, and 20 years.Face values for senior term life insurance, on the other hand, are not restricted, but all policies will require you to take a medical exam.
Because guaranteed and simplified whole life insurance products are designed for seniors, there are no restrictions for those over the age of 60. However, life insurance providers impose coverage limits on their products, with face values typically ranging from $2,000 to $25,000.
Best life insurance companies for those over 60
The best life insurance policies for seniors are based on what is the most affordable and companies that have senior-preferred underwriting. Below, we have provided our recommendations for term and permanent life insurance companies for applicants over 60.
Best term life insurance: Protective and Haven Life
Protective
The Protective Classic Choice product is a low-cost term life insurance policy for people over the age of 60. This insurance policy is guaranteed level throughout the policy period, which means you pay the same premium until the policy expires. The death benefit has a $100,000 minimum coverage amount and a $50,000 maximum coverage amount.
If you are looking for low-cost life insurance, Protective is the best option. However, when compared to its competitors, the company has additional coverage length restrictions — only available with lengths of 10 or 15 years if you are over the age of 65.
Haven Life
Haven Life offers some of the most affordable quotes for seniors, but its eligibility is more limited when compared to other companies. This is because a Haven Life term policy is only available if you are under the age of 64, and anyone over the age of 60 has a maximum death benefit of $1 million. Even with these limitations, if you are able to obtain Haven Life, you will be able to lock in a low rate for the duration of your coverage. It should be noted that policy term lengths range from 10 to 20 years.
Best guaranteed and simplified whole life insurance: MassMutual and Mutual of Omaha
MassMutual
MassMutual provides simplified whole life insurance to people aged 40 to 80. This is a type of permanent life insurance, which means the policy will cover you until you die. The plan is a simplified issue, which means no medical exam is required. Instead, you would answer some health and lifestyle questions. This can be extremely beneficial for elderly applicants with less severe health conditions such as asthma.
Face values for MassMutual whole life insurance range from $2,000 to $25,000 in coverage. This makes the policy ideal for end-of-life expenses such as funeral costs or debts.
Mutual of Omaha
If you are over the age of 60, guaranteed whole life insurance from Mutual of Omaha may be a good option. Guaranteed whole life differs from MassMutual's simplified issue policy in that it does not require a medical exam or health questionnaire. This can be a critical factor in selecting a guaranteed policy for the elderly and the sick. This policy, however, has a higher premium because the insurer does not have enough health information to accurately determine a price.
Mutual of Omaha also has a broader range of age availability, with guaranteed acceptance policies available to applicants aged 45 to 85. You can also purchase up to $25,000 in death benefit coverage.