Can you still buy life insurance over age 60?
The answer is yes and you might be surprised at just how many people still need to have life insurance over age 60.
We’ll explain some of the main issues that might cause you some concern including changes to your health, underwriting guidelines for people older than 60 years of age, reasons you might need life insurance and what products are available.
Applicants Over 60 with Health Issues
The good news is that for many people, people looking for life insurance over age 60 in this day and age are a lot more health conscious than they used to be.
Additionally, rapid advances in medical technology and pharmacology have come a long way in the successful treatment of both disease and a multitude of health conditions.
Simply put, life insurers have also begun to take notice because it’s not as hard to get approval for an affordable life insurance policy even if you have health issues.
The key point any insurer wants to know in respect to any health issues, and for any age, is whether the condition is under control.
Some insurers are also more lenient for people who want life insurance over age 60 when it comes to height and weight ratios. This is also applicable to slight increases in cholesterol and blood pressure levels. Being older can also get you a break in some instances even if you have health issues as it relates to your family history.
Even though you might be somewhat overweight and have slightly higher cholesterol and blood pressure level increases, there are certain key birthdays where many life insurers will actually give you a break on a number of health issues simply because you turned a year older.
Regardless of your age even if you’re seeking life insurance over age 60, the health issue won’t be too much of a problem if the condition is being well managed. This assumes you don’t have other underlying health or lifestyle conditions such as smoking.
How Underwriters View People Over 60
The main concern for many people who are age 60 or over is whether there will be any changes to how you are tested. To qualify for any standard life insurance policy, you will still be required to take a medical exam.
For people who seeking life insurance over age 60, there will be some additional tests required by some insurers. The types of tests are not very invasive and are simply used to be more thorough.
The additional tests vary from insurer to insurer and also vary depending on your age group.
The main point is that these additional tests, if and when required by the insurer, shouldn’t be a cause for a concern.
You should also keep in mind that independent agents can find you an appropriate insurer if you are concerned about what tests are required.
This varies from insurer to insurer so it’s always best to use an independent agent to find those companies which will cut you a break, which can mean big savings.
Reasons for Life Insurance Over Age 60
There are still plenty of good reasons why some over age 60 might still have a need for life insurance. Some of these reasons someone seeking life insurance over age 60 might still need life insurance include:
- Pay for estate and inheritance taxes
- Pay for final expenses
- Offset the potential loss of retirement income to a spouse at death
- To cover business insurance needs such as key man life insurance or a business partner
- Pay off debts
- To cover a spouse’s debts in common law states
- To provide a financial legacy to children and/or grandchildren
- To provide funds to your favorite charity
Products Available After Age 6o
You can still buy most life insurance products after age 60 such as Term Insurance and Permanent insurance including Universal Life, Indexed Universal life and Whole Life for example.
However, some term products are not going to be available or will not be available after a certain age.
For example, age 58 is the last year that you will still be able to buy a 30-year term policy as after age 58 there is no life insurer which will offer this product after this age.
Similarly, age 63 will be the last year that you will be able to buy a 25-year term life policy. However, you can still buy shorter terms such as a 20 year or a 15 year term for example.
Where to shop
You should always use the services of an independent agent especially if you are 60 or older. Independent agents can research numerous companies and find not only which ones are the most affordable but also which companies are the most lenient.
This post is written by Chris Huntley, a licensed life insurance agent in 48 states. He is director of marketing at JRC Insurance Group and blogs about life insurance at InsuranceBlogByChris.com
My mother is over 60 and life insurance is something that I believe she should look into. She lost the little bit when she recently lost her job, but I know she needs more than what she has.
This proves that at any age, we can get life insurance. However, I think this type of insurance for 60 years and older is kinda pricey as their medical needs are surely many. I think the short-term life insurance is more appropriate compared with the long-term.