Life insurance over 60 can help you secure financial support for your loved ones after your death. It can also pay off debts or mortgages, easing the financial burden on your family. It’s important to know what types of policies are available and how much coverage you might need.
Whether you’re a healthy older adult with plenty of savings or a less-well-off senior with lingering medical issues, there are life insurance policies designed to fit your needs. Many insurers have policies that don’t require a medical exam and can be approved quickly. These are often called final expense policies and might offer coverage amounts of up to $35,000.
Other types of life insurance for seniors over 80 include term and whole life. Term policies cover you for a certain period, which is usually 10 to 30 years. They’re the most affordable option for people in their late 60s and beyond. Whole life insurance builds cash value over time and you can borrow against that cash, if needed. However, whole life insurance comes with a higher monthly cost and might not be a good fit for some seniors.
Insuring Your Legacy: A Comprehensive Guide to Life Insurance Over 60″
Other policy options can include long-term care riders and disability riders that cover your premiums if you become disabled and can’t work. These riders are not included in all policies but are available from some insurance companies. It’s important to compare quotes before choosing a policy. You may find a company that offers lower rates, better financial stability ratings or higher customer satisfaction.