Best Term Life Insurance for Seniors Over 60
Most of the discussion over affordable 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. 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 right away.
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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 10-year term for seniors, but it’s possible to find 20-year term. People in their 50s might still be able to find terms of 30 years, but those longer terms will probably not be offered to people who are near 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 if you need one. In any case, you are sure to have some good use for your savings.
How Much Does Term Life Insurance for Seniors over 60 Cost?
These are some examples of quotes for monthly 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, and even the insurer.
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.
Compare Quotes for The Best Term Life Insurance 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. That’s why it is so important to shop around.
We offer a convenient Internet quote form that will deliver local offers 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 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.