The Need for Life Insurance When You’re Over 60

You’ve heard life insurance is a great way to provide for yourself, your family and your loved ones. But, what is life insurance and how do you pick the correct plan for your circumstances? What makes it a smart choice when you’re over 60? 

Life insurance is a contract between you and your insurance company that says they will pay a certain amount to your beneficiary when you die. It’s a plan for your family after you’re gone. There are different types of life insurance, and while they all essentially offer the same thing, there is likely one type of policy that better fits your needs. Our agents at SelectQuote work with you to find not only a plan that fits your budget but one that fits your family and your needs. 

Now let’s dig into why purchasing life insurance at age 60 and beyond might be a good option to explore.

Life Insurance Can Secure Financial Protection for Your Spouse

Finances are the last thing anyone wants to think about after the death of a spouse, but when wages, social security or pension benefits stop, not having a life insurance payout could leave your partner in a vulnerable financial position. Life insurance is a way to assure financial protection for your spouse after you’re gone. It can replace lost income or benefits your household was receiving when you were alive. Your life insurance payout can assist with living expenses, medical bills and other costs when you cannot. 

Life Insurance Can Leave an Inheritance Behind for Your Family

Life insurance allows you to leave something behind for your family members. You can create an inheritance for your family without the burden of taxes. Most life insurance payouts are not counted as taxable income, so your beneficiaries shouldn’t need to report it as income on their tax returns. Your beneficiaries will have fewer worries with a financial cushion to lean on thanks to your care and planning. And by shopping with SelectQuote, we can quickly find an affordable policy that works within your budget.

Life Insurance Can Cover Your Funeral Expenses

Life insurance can assist with final expenses, including things like your funeral, burial or cremation. With age comes increased medical costs and need for care, often while on a fixed income, which can lead to medical debt at the end of your life that your spouse or other loved ones are left to pay. Final expense insurance can help cover those medical debts (or any other debt you leave behind). These funds can help alleviate the stress of setting your debt and allow our loved ones the comfort and space to grieve during their time of sadness and mourning.

Types of Life Insurance for Seniors Over 60

What senior life insurance option makes the most sense for you? Life insurance premiums increase the older you are, so it’s important to understand what policy makes sense for your situation. For most seniors over 60, the two best options when it comes to life insurance are term and final expense insurance. These are typically the most affordable and easiest ways to get coverage for seniors.

• Term life insurance is a smart option for seniors over 60 because you get to choose the amount of time you want to insure, anywhere from 10 to 30 years. Term life insurance policies have low, guaranteed premiums to fit your family’s budget. Unlike permanent life insurance policies, the payout does not increase as you pay the premium because term life policies do not have a cash value component.
  
• Final expense insurance is a simple way to look after your loved ones, and if you are between the ages of 45 and 85 you cannot be turned down for this type of insurance. There is no medical exam needed, which makes it a great option for seniors who have health conditions. Your monthly premium rates are guaranteed and typically fairly reasonable in comparison to other policy types.

If You’re Over 60, Let SelectQuote Help You Find the Right Life Insurance for You

Choosing the correct type of life insurance is overwhelming enough, but choosing the correct carrier is even more so. SelectQuote has a team of experienced licensed agents that specialize in life insurance for seniors over 60 who can help. 

After you fill out a brief form, your SelectQuote agent will use that information with our proprietary technology to quickly search policies specified to your situation and needs from the highly-rated insurance carriers we work with. Then your agent will present you with the life insurance quotes that may work best for you. Your agent will answer any questions you may have and help you decide on a policy that fits best with your needs and budget. 

At SelectQuote, we have over 35 years of experience helping our customers navigate the life insurance process and connect them with policies that offer financial protection and peace of mind for their families. Let us shop, while you save!