The kids have graduated high school, maybe even gotten married, and now your insurance needs are changing. This new stage of life prompts many people to seek out the best life insurance for seniors over 60. Really, you probably wouldn’t even want to use the word senior if it weren’t for some of the senior discounts, right? But that doesn’t change the fact that life is changing a little bit and your term policy meant to protect your spouse and children financial difficulty in the event of your unlikely death isn’t the right insurance plan for you anymore.
Also, many term policies are set to expire around the time people enter the empty nest stage. So that means you may be looking for the best life insurance for seniors over 60 – let us help you learn more about your options and make the best choice so you can get the most coverage at the lowest premiums.
Compare your needs before 60 and needs after 60
Before 60, most people have a term life policy sometimes with an employer provided whole life plan. The term life plan has some major differences to the plans most people need when they are over 60. Term life plans are for larger face value amounts because people are needing to be sure the surviving spouse and children are able to pay for the home, regular expenses, college for children, and adjust to the loss of one income.
Term life plans expire which allows the monthly rate for more insurance to be lower because it doesn’t last your entire life. Term life plans are not one of the best options for those looking for the best life insurance for seniors over 60 years old. Term plans are more complicated when you sign up with lengthy applications, medical exams, and blood tests. Even the smallest health problem usually means higher rates with a term life insurance plan.
After 60, many aspects about finding the best life insurance for seniors over 60 years old are actually much easier. You wouldn’t think so just because usually things aren’t easier as you get older when age and health are the main factors regarding approval and rates, but it is true! The best life insurance for seniors over 60 is some type of whole life insurance plan designed to pay for the final expenses you have upon death. These whole life insurance plans have short applications, are approved quickly with no medical exams, and they never expire as long as payments are being made.
So in comparison to the term policy you started in your younger years, the whole life insurance plan you will benefit most from now can be applied for and approved sometimes as quickly as one hours time and it will start immediately when payment is made for about 90% of applicants. When life gets that simple, 60 is sounding pretty good!
How to choose the best life insurance for seniors over 60
You have read that it is a simple process with no medical exams to get started with your whole life insurance policy. The good news is that just because it is simple, doesn’t mean there is just one type of plan to choose from. There are numerous reputable companies that offer whole life insurance plans and if you don’t have the help you need, it could seem like a complicated process to sort through the different choices. Thankfully, there are insurance brokers to do the legwork for you and narrow your options down to the ones that fit your needs perfectly.
An insurance broker works with many insurance companies rather than just one company like an individual agent would use. By working with many companies, an insurance broker can be sure that you are getting the best life insurance for seniors over 60 years old because all in one stop, the broker can compare the rates and amounts for you so you don’t have to apply with 10 different companies to be sure you get the best plan.
Here is how it works- Assurance Life takes your information when you submit for the Get Quote Now on the left side of the page. Within 24 hours, a specialized insurance broker contacts you to confirm your information. Based on your age and health, Assurance Life gets you quotes from companies that can get you the most coverage at the lowest monthly payment. All the insurance companies are A rated and have been serving seniors for many years.
Once you choose how much life insurance benefit you would like to leave your family upon your death, approval often happens instantly or within an hour. It is that simple to get the best life insurance for seniors over 60 years old! Quick and easy…
Does everyone get approved?
Some people worry that they might be turned down for life insurance due to current or past health problems. The good news is that everyone can be approved for some type of whole life insurance plan. As you are searching for the best life insurance for seniors over 60, it is important to remember that the insurance companies base their approvals and premiums on age and health. You can’t change your age and health history, but the part you have control over is getting your plan started right away so you can get locked in at the lowest possible monthly premium.
Whole life insurance policies are intended to cover clients for the remainder of their life. Because of that, they are in amounts that would be enough to pay for your final expenses including burial, remaining debts, and sometimes leaving a small sum of money to family members. Ninety percent of people looking for the best life insurance for seniors over 60 years old are approved for a plan that offers DAY ONE coverage and instant approval. These clients are in average to good health and insurance companies are willing to offer them a whole life insurance plan that begins immediately.
Remember, the monthly premium is NEVER raised as you get older and can never be cancelled as long as payments are being made on time. That is why acting now is important because you will get the lowest rate possible.
What about the 10% who aren’t approved for immediate coverage? For those customers seeking the best life insurance for seniors over 60 who cannot be approved for immediate coverage, there are still plans that they can be approved for. Usually these clients have more serious health problems and the insurance companies are not able to offer day one coverage. The good news is that there are companies who have Guaranteed Issue Plans for those seeking the best life insurance for seniors over 60.
There is literally a plan for EVERYONE. Every person who applies for a guaranteed issue plan is approved, no questions asked- everyone ranging from empty nesters seeking the best life insurance for seniors over 60 to those in their twilight years over 80. There is a two year waiting period and rates are a little higher, but the good news is that no one has to go without the protection their family deserves to pay for their funeral and final expenses.
So there you have it… what to do to find the best life insurance for seniors over 60 years old. Click on Get Quotes Now and don’t wait another minute to start your plan. What are you waiting for?