At 62 years old, you may still be able to get life insurance. However, it all depends on your health and the life insurance company you go through. This guide will discuss what you need to know to get life insurance at 62 years old. We will also provide a list of the best life insurance companies for people in their 60s.
Can You Get Life Insurance At 60?
Getting life insurance at 62 isn’t a simple yes or no situation. A lot depends on your health. If you’re healthy, you’re more likely to get approved for life insurance. Also, the insurance company you choose matters a lot. Some companies might say yes more often than others when giving people life insurance. So, it’s all about being mindful of your health and picking a company that’s likely to say yes to your application.
What You Need To Know To Get Life Insurance in Your 60s
If you want life insurance in your 60s, there are a few things you need to know.
- The first is that you will need to undergo a medical exam. The life insurance company will use the results of this exam to determine your risk of death and decide whether or not to approve you for life insurance.
- The second thing you need to know is that your premium will be higher than someone in their 20s or 30s. Again, this is because older people are more likely to die than younger people.
- Finally, the last thing you need to know is that you may not be able to get as much coverage as you want. This is because the life insurance company will limit the coverage they are willing to give someone 62 years old.
The Best Life Insurance Companies For People In Their 60s
If you are looking for the best life insurance companies for people in their 60s, remember a few things.
- First, you should look for a company specializing in life insurance for older people. These companies will be more likely to approve you for coverage.
- The second thing you should look for is a company that has a good reputation. Again, you can check out online reviews to see what other people have said about the life insurance companies you are considering.
- The last thing you should look for is a company that offers competitive rates. This means they will charge you a fair price for your coverage.
Here are some of the best life insurance companies for people in their 60s:
These are just a few of the many life insurance companies out there. You will need to research to find the best one for you.
How Much Does Life Insurance Cost At 60?
The cost of life insurance for a 62-year-old will depend on a few factors.
- The most important factor is your health. If you are in good health, you can get a policy with a lower premium.
- The second factor that will affect the cost of your life insurance is the amount of coverage you need. The more coverage you need, the more expensive your policy will be.
- The last factor that will affect the cost of your life insurance is the life insurance company you choose. Some companies are more expensive than others.
Costs For a 62-year-old male wanting a $500,000 20-year term policy:
- Nationwide: $342.56 per month
- Protective: $262.14 per month
- Lincoln: $265.22 per month
- Banner: $272.76 per month
- Prudential: $355.69 per month
These are just examples of how much life insurance might cost a 62-year-old. But, of course, the actual cost will depend on the abovementioned factors.
Conclusion
No matter your age, it’s essential to have life insurance. If something happens and you don’t have life insurance, your loved ones must bear the burden financially. That’s why it’s a good idea to start shopping for life insurance as soon as possible. You never know when an unexpected event might occur. At 62 years old, you still have plenty of time to get life insurance.
Contact us today for a free quote, and we can help you find the best policy for your needs and budget.
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