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Best Term Life Insurance for Seniors Over 60

Most of the discussion over affordable senior life insurance policies for people over 60 centers on whole life insurance. However, you can also find the best term life insurance for seniors over 60 years old if that is the type of policy that you would prefer. This is usually a much cheaper way to buy coverage. If possible, it may be a better idea to buy affordable term life and use the difference in premiums to pay off debt, increase retirement savings, or simply enjoy a few luxuries.

Do you need help finding good prices for term life insurance for people over 60, younger adults, or even kids? You can use our online form to compare rates for a life insurance policy right away. Just complete the quick form to see your customized offers within moments, whether you’re shopping for life insurance quotes for yourself or your loved ones. In no time, you’ll be able to find the right type of policy for you or your loved one, so you can gain peace of mind without stressing over future funeral costs and other expenses.

Best Term Life Insurance for Seniors Over 60 Years Old

Some insurers will offer term policies to reasonably healthy people in their 60s and 70s. It’s easier to find a 10-year term for seniors, but it’s possible to find a 20-year term. People in their 50s might still be able to find a 30-year term, but those longer terms will probably not be offered to people who don’t have a long period of time before they reach retirement age.

Premiums will be higher for longer terms and for larger death benefits. They are still going to be cheaper for term policies than whole life policies. This means that you might be able to afford a larger death benefit payout if you need one. In any case, you are sure to have some good use for your savings.

If you aren’t in the best of health but still want life insurance coverage to help cover future funeral expenses and other costs, you may not want to opt for a term life policy. With a term life insurance policy, you may have to undergo a medical exam, which you might want to avoid. With universal life insurance or burial insurance, you can avoid this requirement.

How Much Does Term Life Insurance for Seniors over 60 Cost?

These are some examples of quotes for monthly life insurance rates for a 60-year-old male in California who is in relatively good health and doesn’t smoke:

  • Term of 10 years and $100,000 death benefit: $28 to $33
  • Term of 15 years and $150,000 death benefit: $79 to $81

Note: These are only samples of premiums. They will vary by an applicant’s age, exact ZIP code, health history, benefit amount and even the insurer. Additionally, you may want to look into a whole life insurance policy universal life policy or final expense insurance option to see if one of these types of life insurance might be a great option for you.

Whole vs. Term Life Insurance for Seniors Over 60 Years Old

Of course, the advantage of whole life insurance is that it doesn’t expire. Also, the cash account can grow over time. With straight term, the policy has no value after it expires. Term policy owners are just paying for life insurance and not any growth. People who would rather buy lifetime protection that can grow a cash value might want to consider permanent life insurance. Also, people who have some serious health issues might find that some senior whole life insurance companies have more relaxed underwriting rules.

The overwhelming advantage of a term for 60-year-old people is that it costs less. Premiums always rise as people age, but you can lock in premiums at the age you are now. This can make term insurance or a whole life insurance plan much more affordable for you. This may be even more important after you retire since you might have more medical bills to deal with and might be living off of a lower amount each month.

Best Term Life Insurance Quotes for Seniors Over 60

It’s important to note that different insurers don’t charge exactly the same premium for very similar policies. Even a small difference can add up when you have to pay monthly premiums for several years. For example, a difference of $5 a month might not sound like a lot. However, that’s $60 a year, and it’s $600 over ten years, so over a number of years, costs for your life insurance options can really add up. That’s why it is so important to shop around so that you can check out your policy options and find the most affordable monthly payments. Otherwise, you could end up paying higher premiums for your permanent policy than is necessary.

We offer a convenient Internet quote form that will deliver local offers with the best rates for affordable life insurance almost instantly. It only takes a few moments to complete the form, click the submit button, and review a variety of top life insurance companies that are eager to work for your business. From there, you are very welcome to ask for more information from one of our licensed insurance agents or find out how to begin your application. We hope that we can help lots of people over 60 find the best life insurance for their own needs, so get started with getting free quotes for the type of life insurance that you’re interested in.

Whether you live in New York, California or anywhere else in the United States, in no time, you can sign up for a policy with as much coverage as you need and affordable insurance premiums, all through companies that provide great policies for senior citizens, such as Mutual of Omaha.