- Life insurance types
- Accidental life insurance
- Child life insurance
- Critical illness cover
- Death in service
- Decreasing term life insurance
- Endowment life insurance
- Guaranteed life insurance
- High risk life insurance
- Increasing-term life insurance
- Insurance bond
- Joint life insurance
- Level life insurance
- Life insurance for alcoholics
- Life Insurance for cancer patients
- Life insurance for dangerous sports
- Life insurance for diabetics
- Life insurance for disabled people
- Life insurance for epileptics
- Life insurance for men
- Life insurance for over 50s
- Life insurance for over 60s
- Life insurance for over 70s
- Life insurance for overweight people
- Life Insurance for smokers
- Life insurance for women
- Mortgage life insurance
- Renewable-term life insurance
- Service life insurance
- Single life insurance
- Single premium life insurance
- Term life insurance
- Unit linked life insurance
- Whole life insurance
Life insurance for over 60s
As person ages the need to have life insurance gets bigger. However, usually life insurance companies are not very willing to give insurance policies to older people as they are considered to have shorter life expectancy. On the other hand, elderly people do not want to become a financial burden to their loved ones as funeral and other expenses require considerable amount of money.
Moreover, nowadays having a life insurance is even more important as many people still have various obligations to fulfil as mortgage or debts. In case of death these obligations will be left to surviving family members. Thus, for people having such kind of obligations it is even more important to have life insurance as the benefit could provide financial safety for family members.
However, in the past usually people who nor are over 60 did not even consider having a life insurance policy as it was in most cases just too expensive for them. However, as the competition in life insurance market has risen over past years, the insurances companies usually offer insurance policies at considerably better rates than before. It is possible to get a life insurance even without medical check-up if the coverage agreed is smaller than usual. Of course it still is not that easy as finding the considerably good rates may need some time for searching and getting as much proposals from various insurance companies as possible.
Finding good rates for life insurance policy
First of all, as insurance providers still see people who are older as having more potential to claim, the person may need to perform a detailed search for appropriate insurance policy. It is advisable to send requests to at least few insurance providers (the more, the better) to get their quotes. Usually medical questions will be asked. If the person has some health problems, the possibility of getting good life insurance terms decreases. However, if these problems do not include major sicknesses such as diabetes, cancer or other terminal illnesses it is likely that the increase on the rates will not be that high to not afford the life insurance.
Moreover, it is important for the person not to smoke. Life insurance companies have a very strict view to smokers as possibility of health problems when smoking increases, especially if the person is not young. Insurance companies often take into account if a person is overweight. However, for older people this factor is not that significant, as insurance companies usually take into account that it is normal to weight more as the person ages. On the other hand, the fitness of the elderly person is always an advantage while obtaining a life insurance.
Furthermore, some insurance providers take extra interest in older people, as they can be a huge potential market for life insurance companies. They offer various plans especially for elders. The best examples are life insurance over 50 or 70 years. Moreover, person who are older than 60 years can also try having life insurance for over 50s as even though it is likely that they will need to pay a bit higher premiums than those who are 50 years, it is still can be seen depending from the insurance provider quote as reasonable and affordable deal for the individual.
Benefits of life insurance over 60s
Life insurance over 60s may have various kinds of benefits. Most usual benefits are funeral or hospital expenses benefit. It is always advisable to check what costs are covered as some providers may offer to cover only a part of expenses. Thus, having the quotes from at least few life insurance companies can help to select best price-quality proposal.
However, sometimes it is possible to get not only these funeral or hospital expenses benefits. As there are a lot of insurance providers, they are fighting to offer some additional benefits that can be very attractive depending from the individual financial situation. The examples of additional benefits that can be included into the policy are burial expense pay out and pay out for the unpaid debts.
Burial expense pay out may be found attractive as it eases the financial situation to the close ones. Furthermore, pay out for unpaid debts can be seen as a very good solution if the person has some kind of obligations such as mortgage. In this case the insurance provider would cover them (up to maximum amount agreed in the policy).
Advantages and disadvantages
First of all, it can be summed up that life insurance for people who are older than 60 can be a good deal for protecting loved ones from possibility of financial distress. Especially this is the case when some kinds of obligations are still outstanding.
However, it also must not be forgotten that older people are riskier to insure. Thus, it is likely that the person will be charged higher premiums. Moreover, even though some nice additional benefits can be offered to the client, it can be assumed that this would not be for free and extra amount of money will be added for the premium. Even so, if the life insurance is affordable it is wiser to use it.