Is Life Insurance Worth It After 60?

Shawn Plummer

CEO, The Annuity Expert

If you’re over the age of 60 and have been thinking about purchasing life insurance, it is important to know if it is worth the investment. Some people 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 several reasons why life insurance is important to have after age 60.

The Best Life Insurance For Over Age 60

The following plans are the best life insurance for senior citizens.

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 there is a phone interview and medical history check.

Funeral Planning and Burial Expenses

A funeral and burial will cost about $10,000 on average, 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 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 you’re 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 make sure that you get coverage so that 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 are able to get any life insurance.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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