Over 60 and Still Looking for Life Insurance?

When we think of basic profile of people purchasing term life coverage, it generally includes a young family, newlyweds, or a family having young children. Typically, these people are looking for a financial backup to protect there family in case any undesirable incidence happen.

It is difficult to think why a person at the age of sixty or even seventy purchases a term life insurance. But many of us will be surprised to know, it is more prevalent than one can think. However, many of us must be wondering why a person in his or her golden year wants to purchase term coverage.

Pension Protection for Life Insurance Over 60

A retired gentleman, in his mid sixties, called an insurance advisor. The person has worked uninterrupted for several years and was offered a decent pension plan. Just like any other pension, the only drawback was what will happen if he meets an untimely death. His spouse will be left with almost nothing.

He can opt for 100% pension for him and his spouse’s life, but this will leave him with much lower benefits than he liked. Another option is to purchase life insurance over 60 which will compensate for the difference he meets a premature death. Now one must be wondering what kind of insurance carrier will approve a person for a term plan for a given number of years.

To the surprise of many, there are few options available, but a lot depends on the age and obviously the health condition of the person, and also the state in which the person is residing. In such a case, the insurance company will write him for life insurance over 60 for the amount the person is seeking.

There is another option which is cheaper, and that is purchasing level term policy. In such a case, a person purchase universal plan which is provided at already fixed rate. As we make comparison between the two, it will cost less to purchase guaranteed universal life insurance over 60 than a standard plan.

This just an example that will make your way easier as you work with an insurance broker who works independently and one can go through various options in a better way, and you can arrive on a decision that suits you best.

Second Marriage and Life Insurance Over 60

In another incidence a sixty year old and seventy year old person were looking for life insurance over 60. Although, there was a difference of almost a decade in their age, the one thing that was common with both of them was they both had second married and both were searching for some sort of financial protection for their spouse.

One gentleman was in pretty good shape and was really healthy with no major health issue, while the other was suffering from a serious medical condition for which he had to do some research work to find a carrier that is willing to insure him. Both the person was able to get life coverage, even though some of us may think it is actually not possible.

It is worth to mention here that it is not an impossible task to find life insurance over 60, there were people who were accepted in that past and cases will be accepted in the future. The rule of the thumb is just don’t give up, if you are having issues finding an insurer, feel free to contact us, and one of our experienced and knowledgeable insurance advisor will be at your service.

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