We speak to many people who are applying for Over 60 Life Insurance. The surprising thing is that many individuals are concerned that they are  too “old” for Life Insurance and are doing a quick search as a just in case. The maximum age for anyone to apply for Life Insurance is 89 years of age! We would typically recommend that you apply for Whole of Life Insurance once you reach the age of 60 if you are looking to protect your family from the
expense of your funeral and related costs. A Whole of Life policy guarantees to pay out a lump sum benefit upon your death, as long as you continue to make your monthly payments. Whole of Life Insurance provides the security that your family will definitely receive a payment upon your death. However, as this is the case, the policy tends to be more expensive than regular Life Insurance. Whole of Life Insurance is medically underwritten so if you are in ill health it is likely that your medical history and your age, will result in an increase to your premiums. Term Life Insurance is another option for
you to insure yourself to a maximum age of 89 years old. This means that should you outlive the policy end term, your 89th birthday, your family will not receive a lump sum payment upon your death. This may not seem as beneficial as the Whole of Life Insurance, but it can be a much more affordable option for many people. If affordability is a concern, by choosing this option you can be certain that you are insured until a certain age, which is better than having no insurance at all. Life Insurance is also medically underwritten so any health conditions that you may have, or significant conditions in your
family medical history, may result in an increase to your premium. A Level term Life Insurance policy is one of the cheaper options for insurance. A Guaranteed Life Insurance Policy is a policy that we would recommend to a client with serious medical conditions that would result in a rated premium for a regular Whole of Life or Life Insurance policy. Guaranteed Policies ensure a lump sum benefit is payable upon an individual’s death, in the same manner as a Whole
of Life policy. This option will typically be the most expensive option available to a client as the policy is not medically underwritten. This means that regardless of if you are in fantastic health, everyone pays the same premium. For some individuals a Guaranteed Policy is the only option for insurance, but we would always recommend trying for one or both of the other policy types first to see if a standard premium could be secured. We would always suggest
that if you are over 60 and looking for Life Insurance that you speak with a qualified Financial Advisor who can ensure that you apply for the correct policy for you. If you would like any help with setting up a Life Insurance policy or if you would like to talk about the options available to you then feel free to contact our qualified advisors on 813-964-7100. Mintco Financial Team of Independent Advisorswill help you to find the correct policy for you. Call us at 813-964-7100 Or get a free quote online HERE!
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