It is still possible to get term life insurance over 60. It offers numerous benefits, such as helping pay for your kids’ or grandkids’ college and protecting your spouse. Plus, term life insurance is often more affordable than permanent life insurance.
But keep in mind that age does impact premiums. So, you’ll want to do some extra work to find the best policy for your budget and needs. With that in mind, this article will dive into a few reasons to consider term life insurance and how to get the best term life insurance quotes over 60.
Reasons People Over 60 should Consider Term Life Insurance
Here are a few reasons to get term life insurance over 60:
1. The Death Benefit can Help Pay for Children’s or Grandchildren’s College Education
Term life insurance death benefits of life insurance are on par with permanent life insurance. Many of these policies come with death benefits of several hundred thousand dollars. This can provide substantial money to pay for your children or grandchildren to go to college.
Plus, the death benefit is tax-free. This provides more funds for your children or grandchildren to cover college costs by helping them avoid taxes on the death benefit funds.
2. The Coverage can Help your Partner
The death benefit from term life insurance can also offer significant financial protection to your partner. It can help them finish off your home’s mortgage, pay off other debts, replace your income if you’re still working, and provide them with a significant amount of savings to rely on. That way, your partner can still be financially secure in your absence.
3. Premiums are Affordable for the Coverage Offered
Age impacts premiums for all life insurance policies. Older policyholders pay more than younger policyholders. However, term life insurance can be less expensive overall than permanent life insurance. This means seniors can lock in an affordable rate on a substantial death benefit by opting for term life insurance.
How to Choose a Term Life Insurance Policy Over 60
Here are some tips people over 60 can use for getting term life insurance for seniors:
1. Look for no-exam Term Life Insurance Policies
Seniors can consider looking for no-exam term life insurance policies. These skip the time-intensive medical exam, which works well for people who don’t like to take the exam and saves a lot of time during the application process. It can also increase the chances that people over 60 get approved and qualify for affordable premiums.
2. Consider Riders
Riders let you add custom coverage to your term life insurance policy. For example, a renewable term rider lets you renew a policy at expiration to avoid a new medical exam and eliminate the risk of being rejected for a new policy. You may pay more in premiums after renewing.
Another type of rider to consider is an inflation rider. This rider provides coverage based on the inflation rate and adjusts the death benefit periodically to maintain its purchasing power. Getting an inflation rider can help ensure the death benefit amount remains valuable over time and won’t be eroded by inflation.
3. Shop Around
One of the best ways to save money and maximize your approval chances is to shop around and compare term life insurance policies. This lets you compare quotes from several insurers to find great rates on the coverage you need from a reputable insurer.
The Bottom Line
Term life insurance is available at almost any age. It offers seniors some excellent advantages. The death benefit can help your children or grandchildren pay for college and provide financial protection for your partner – all for affordable premiums.
To find the best policy, consider looking for no-exam term life insurance and adding riders. Finally, shop around to compare quotes and find the right policy for your budget. Following these steps will help you find an excellent term life policy at age 60 and beyond.