Life Insurance For Ages 60 and Up

Thinking of getting life insurance and are over the age of 60? There are a range of factors that come into the equation when trying to get insurance at this age. There are many insurance companies willing to provide life insurance for clients aged 60 and up. However, they have a series of requirements that have to adhered to in order to get the insurance coverage approved. Let’s take a look at what comes into play when trying to get life insurance at the age of 60 or higher.

Assessment of Health

The insurance company will look through the client’s past history to assess the level of risk associated with giving them insurance. This is done to ensure the right figure is placed on the premium being paid to the insurance company.  There are a host of factors that come into account when it comes to this assessment phase. The client’s height, weight, age, previous health, and family’s health history are taken into account prior to moving forward.  Most clients looking at life insurance for people over 60 understand that rates will be higher just because of age, but be aware any decline in health will negatively effect your premiums

Multiple Options for Over 60 Life Insurance

The client will usually be given a number of options to take into consideration when trying to find the right price point and package.  The most common package that is sought after by those who want life insurance comes in the 10 year plan that is extendable for another 5-10 at the end of the term. This enables the client to have lowered premiums, while getting the type of coverage they are craving from the plan.

For those who do not want to take the medical exams, there are other options that are almost guaranteed. The ‘Guaranteed Acceptance” option has the highest premiums, but ensures the client will get approved right away. There is only one requirement with this type of life insurance policy that includes not passing away in the first two years of the coverage. If one does pass away, the premiums are returned to the family.

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