4 Best Life Insurance Seniors over 60
4 Best Life Insurance over 60:
Term Life Insurance is cheapest because they last for a specific number of years, and cost more for longer periods.
This type of insurance is medically underwritten.
Premium payments are based on age, health, sex, smoking status, and your driving record.
So if your health is poor, you may not qualify for term coverage (or it could be quite expensive).
Also keep in mind that once your term policy expires, you’ll be older and could be ill or disabled and may not be able to get a new one.
Permanent policies can be much more expensive but last for life, so no matter how old you are when you die your survivor gets the death benefit.
Age, health and smoking history affects the premium,
“Fun is like life insurance; the older you get, the more it costs.”
– Kim Hubbard (American Humourist)
Burial or Final Expenses insurance is frequently marketed to seniors.
These policies are considered Whole Life insurance, which means your policy does not expire as long as you pay the premiums, and it’s issued without a medical examination.
Burial or Final Expenses policies typically offer enough money to cover funeral expenses and pay off a few debts (between $3,000 and $30,000).
Your premium will not increase.
Guaranteed coverage makes sense if you’ve been denied life insurance for health reasons.
The catch to these policies is that they feature a two-year, graded, or limited benefit period.
During this time, you only get a payout if your death is accidental. If you die from an illness, the company refunds your premium plus interest.
This type of non-medical insurance does not require a medical exam or the completion of a health questionnaire, but it would most likely result in the highest premiums.
This type of non-medical insurance does not require a medical exam but you will still be required to complete a medical questionnaire.
This policy is more expensive and makes sense to consider if your current health condition(s) would make it hard to get standard life insurance.
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