If you’re over 60 and have been thinking about purchasing life insurance, it is essential to know if it is worth the investment. Some might say that since they are over 60 years old, there may not be a need for such coverage anymore. However, this couldn’t be further from the truth!
This guide will discuss several reasons life insurance is essential after age 60.
The Best Life Insurance For Over Age 60
The following plans are the best life insurance for senior citizens.
- Protective Term Life Insurance
- Transamerica Term Life Insurance
- Banner Term Life Insurance
- Lincoln National Term Life Insurance
- John Hancock Term Life Insurance
- AIG Term Life Insurance
- Prudential Term Insurance
- North American Term Life Insurance
- Ethos Life Insurance
- Americo Final Expense Insurance
- Transamerica Final Expense Insurance
Applicants Over 60 Can Use Their 401(k) And IRA To Buy Life Insurance
These life insurance policies are available to Seniors up to age 85 and pay with 401(k) and IRA money. There is no medical exam but a phone interview and medical history check.
Funeral Planning and Burial Expenses
A funeral and burial cost about $10,000, and cremation costs may exceed $2,000. Whatever money you don’t have set aside to cover these costs will be passed onto your family whether you live or die.
Final expense insurance is available at a reasonable price to any applicant up to age 85, years after most competitors stop offering coverage. No medical exam is required.
Paying For Long-Term Care Insurance At A Fraction Of The Cost
Some life insurance plans include “living benefits” or give you the option to add them as riders, according to your needs. Living benefits are features of a policy that can provide financial help while living. Seniors use living benefits primarily to pay for long-term care needs such as an assisted living facility, nursing home, or home healthcare.
Utilizing life insurance could cut your long-term care expenses by 50%.
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Need Help Getting Life Insurance Coverage?
If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage, so you don’t get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you are declined coverage, it could be at least two years before you can get any life insurance.