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In Today’s Presentation I Will Be Talking About The Much-Oft Asked Question What Is The Best Life Insurance For Seniors Over 60?
NOTE: If you prefer watching video instead of reading, watch my video presentation below on the best life insurance options for seniors over 60.
Most likely you’re watching this because you are in the early stages of figuring out what kind of life insurance that you feel would meet the needs that you have.
Perhaps you’re just getting started looking for life insurance. Perhaps you’ve had some kind of event in your life that has really motivated you to figure out what your options are.
My goal in this presentation is to give you all the facts so you can better understand what your options are as well as how each option works. So ultimately you can decide for yourself and your family what life insurance is the best kind for someone like yourself or a loved one over 60.
Here’s An Overview Of Today’s Topics:
- The Best Life Insurance For Seniors Over 60
- What Kinds Of Life Insurance Are Available For Seniors Over 60
- Story From The Field
- Cons Of Term Life Insurance For Seniors Over 60
- Whole Life Insurance For Seniors Over 60 With Health Ailments & Medication Usage
- How To Get Affordable Life Insurance For Seniors Over 60?
- How To Qualify For Life Insurance For Seniors Over 60?
- Should I Get An Exam Or No Exam When Applying For Life Insurance For Seniors Over 60?
- Case Study Examples
- Burial Insurance Rates, Age 40 to 90*
- Top 5 Reasons People Buy Life Insurance For Income Replacement
- Final Steps On Getting Qualifying For Life Insurance For Seniors Over 60
The “Best” Life Insurance for seniors over 60?
Like I said earlier: a lot of people arrive at the conclusion of needing life insurance as a senior because they have experienced losing somebody they love.
It’s hard to reach 60 or older without having gone to a few funerals. Further, you either experience where you’ve got a life insurance plan taking care of replacing the income, or you’ve experienced what it’s like to have no life insurance.
Believe it or not, people literally have to do car washes, GoFundMe accounts, or pass the plate around at church to overcome the lack of funds to carry on. And that’s just covering the funeral, not to mention the income replacement, and the change in lifestyle.
Most likely you’ve experienced it firsthand or you’ve known someone who has, and this is motivation to find life insurance now at this point in your life to get peace of mind so your loved ones don’t go through these kind of same experiences.
Because of this, you want the best life insurance. You DEFINITELY don’t want a third-rate, low-quality life insurance that plays games!
… it’s important to get the best. We certainly don’t want anything less than the best when it comes to our loved ones. Life insurance is an act of love. We want the best for the people we love, so why not look for the best life insurance.
Here’s the thing about the “best” life insurance for seniors over 60…
Best is a subjective term when it comes to life insurance.
Best can mean different things to different people. The core question at hand is…
…what life insurance is best… for YOU!
If you’re a senior over 60, what we want to accomplish when buying life insurance is finding the appropriate policy that matches everything that’s important:
- Your budget.
- A life insurance plan that best matches your health to provide optimal coverage, and,
- A life insurance plan that provides you coverage over ANY time horizon you need it.
Here’s the problem…
The problem is there are a lot of life insurance plans for seniors over 60 that are NOT going to be the best for you.
And, while you may be able to qualify for them, they may only last for short period of time, potentially TERMINATING, right when you need it!
“Best” is something that ultimately is going to be answered through the process of this presentation. I’m going to show you different life insurance options for seniors over 60.
“What Do You Want Your Life Insurance Policy To Accomplish?”
Ultimately, the question you have to ask is, “What do I want my life insurance policy to accomplish?”
This is the starting point of figuring out what kind of life insurance plan out there is best for you.
Look, you really need to think hard and deep about this.
If all you need is enough to cover a burial, then all you need is enough to cover a burial!
However, if you’re afraid of suffering financially from the loss of your spouse’s income, whether it’s Social Security or earnings through work or even both, then considering an income replacement policy is a good idea.
Again, I can’t state it enough that the best life insurance policy for seniors over 60 matches their individual goals. By definition individual means unique. Your goals may be different from others.
That’s why I don’t recommend a plan as a one-size-fits-all solution.
That’s why folks like you reach out to me. It’s why I offer the services to help answer these types of questions. Sometimes an agent can definitely help you in that regard.
What types of Life Insurance for seniors over 60 are available?
If you enjoyed this infographic on the 5 most popular types of life insurance and want to get coverage yourself, consider reaching out to us here at Buy Life Insurance for Burial.
We are dedicated to helping you find the affordable life insurance you deserve. You can use it to cover your final expenses, to replace your income, or to do something else. We are here to help you reach your insurance goals.
We also provide a free quote. It only takes 10 minutes or less and can be done by phone at (888) 626-0439. Also, you can send us a message on the left-hand side of the screen. We will reach out to you within the next 24 business hours.
One thing I want to cover before showing you the different types of life insurance for seniors over 60.
I’m NOT here on a crusade to tell you that this kind of life insurance plan is a bad one, or that one is bad and it’s always bad no matter the circumstance.
That’s foolish. A one size fits all approach does NOT help the vast majority of the people.
My approach to life insurance is simple: something is better than nothing!
Life insurance purchased that may not be the best kind… is better than no life insurance purchased at all!
Too many people die without coverage. I’ve never met a widow that turns down a death claim from a policy that wasn’t necessarily “the best.”
Here’s where I’m going with this…
I don’t approach the life insurance purchase process with the attitude of, “All THESE plans over here are bad, and this one HERE is the ONLY one that is even sensible.”
It comes back to you, the client. YOU have to figure out what matters to you. What goals you want your life insurance to accomplish.
It is a personal decision. It’s not something that even I, as an agent, can tell you is better than the other.
We can certainly guide, influence, and show you the facts, which allow you to make the decision as to what is best for you.
Considering all this, the last thing you want to do is buy life insurance that does not match up with your goals.
There are so many circumstances to where people buy a life insurance policy for a senior over 60. They think they’ve got a GOOD life insurance plan… until they get that dreaded rate increase after years of paying dutifully for their policy.
Now they’re on a fixed income. Now they’re in a position where they can’t afford it.
And now they have to ask themselves, “How can I keep this policy going when the price is increasing by leaps and bounds and will continue to each and every year?”
This is a position that you do not want to be in. It is a position that is full of stress and causes all sorts of problems when you least need them to happen.
To keep things simple, there’s really only 3 different types of life insurance available to seniors over 60.
Let’s first talk about term life insurance for seniors who are over 60 years old.
Term insurance is what I would consider the most recognizable, most popular, well-known type of life insurance product on the market.
Most of the time when you see the financial gurus on TV or on radio talking about life insurance, they’re usually going to recommend to buy term life insurance.
Of course, you may not understand how term life insurance works. So let’s take a look at a basic understanding of term life insurance.
In most circumstances, term insurance simply provides a set level of coverage throughout a set number of years before either:
- Cancelling outright, or,
- Increasing substantially in price.
Term life insurance is essentially terminating coverage. Some time in the future, it is GUARANTEED that your term insurance WILL terminate!
Pros Of A Term Life Insurance Plan For Seniors Over 60
On the surface, term insurance’s biggest advantage is that it gives seniors over 60 the best bang for your buck.
When you don’t consider the amount of time that passes before the term insurance cancels or goes up in price, generally speaking, term insurance for seniors over 60 gives more coverage for every dollar of premium.
That’s why you usually see term insurance used to cover larger debts.
Say you have a $200,000 mortgage. Most people who have a mortgage are going to live long enough to make sure that it’s paid off.
In this circumstance, term insurance will cover the mortgage, if you don’t live long enough to pay it off.
Conversion Options To Permanent Insurance
While term life insurance for seniors over 60 is a less expensive plan relative to others, some seniors still want a permanent policy in place if they happen to outlive the term insurance.
This is why some term insurance options do provide a conversion option.
Conversion options allow a portion of the term life insurance, up to a certain date, to turn it into a plan that doesn’t cancel because of age or health.
This is a way to get coverage cheaply, but have the peace of mind, knowing that the option exists to permanently keep a portion of the life insurance if the term insurance period expires.
However, conversion options aren’t always the same between different term insurance products. While some last for the entirety of the term insurance, others cut you short.
For example, you may get a term insurance plan at 65 that lasts until 75. However, the conversion option expires age 70.
Bottom line with conversion options: it’s a good option to have because it allows you the best of both worlds if you can’t decide between term and whole life, as long as you take advantage of that option prior to its expiration.
Story from the field
The story I want to share today will exhibit why you should always try to work with a broker when shopping for a life insurance policy. You want to make sure that you take care of your family in the best way possible, and life insurance bokers, like us, are here to help you do that.
I had gotten a referral from my father shortly after he retired from the life insurance business. A man from Albany, Georgia had requested that my father send someone out to visit him in a year so that he could review the life insurance that he had on the books.
For the story, I will call this gentleman Mr. Morgan. He was 85, he was a veteran, and he currently worked at a college. When I reached out to him, he indicated that he was interested in getting more life insurance so I set up an appointment.
When I saw him in person, I was able to learn more about his life and what he needed his new life insurance coverage to accomplish.
Mr. Morgan recently got remarried to, the now, Mrs. Morgan. He wanted to make sure that his coverage would leave enough for his second wife and children to pay for his final expenses. Mr. Morgan made it clear to me that he didn’t want them to have to pay a penny for his burial.
There was just one problem. Mr. Morgan was on blood thinners to prevent further health problems because he had a history of strokes, and this had to be taken into account when applying for life insurance coverage.
He was worried that he would only be able to get approved for a 2-year waiting plan that he saw on TV.
We filled out the health analysis, and we checked to see what he would qualify for. Luckily, he worked with a broker. We were able to approve him for first day full coverage in the case of a natural and accidental death.
Mr. Morgan made a great decision that day to work with Buy Life Insurance for Burial. If he had worked with the company from the TV (and sometimes direct mail) advertisements, it is likely he would not have gotten first day full coverage.
Instead, he would have only been able to qualify for a plan that required him to wait 2 or 3 years before the coverage came into effect. Remember, even if the advertisements make these single company’s products look like the best thing on the market, they often aren’t because they come with stipulations like waiting periods.
Sadly, Mr. Morgan passed away from a stroke just after Thanksgiving. This was only a few months after I approved him for first day full coverage.
As there was not a 2-year waiting period, the policy paid out in full, and his wife and children were able to pay for his funeral arrangements promptly.
It made such a hard time a little easier on them because they didn’t have to worry about the financial aspect of it. They knew Mr. Morgan had looked out for them, and they were grateful for the man he was.
Now, I want you to consider what would have happened to Mr. Morgan’s family if he bought life insurance from a TV advertisement or a mail-order life insurance company as he was considering.
Because he died just a few months later, his family would not have gotten a full death benefit payout and would have had to pay for his final expenses themselves. This would have made their situation so much hard and potentially put them into debt.
This is the aspect of the story that shows you how important it is to work with a broker when shopping for insurance. Thanks to us, Mr. Morgan’s family was covered during this time, and we believe that each of our clients should be entitled to the same peace of mind that Mr. Morgan had before he passed away.
Cons of Term Life Insurance for seniors over 60
And the biggest con to buying term life insurance for seniors over 60 is…
“What if you outlive your term insurance?”
Just as bad, what if you have a term insurance plan that converts at ANY age… but you cannot afford the higher premium on the conversion at an older age?
One of the startling facts about term insurance is that 98% of term insurance policies never pay out. They just lapse or they cancel because they’re outlived.
Again, I’m not criticizing term insurance as being bad.
What I’m asking you is to consider is the NATURE of the obligations that you have.
Are your obligations something that you will outlive? Are your financial goals something that you’ll outlive?
Case in point: what if you are looking for a policy to just pay for a funeral? All you really need is $10,000 or $15,000 tops.
We know we’re going to die. We could die at any time, right?
It could happen tomorrow, today, the next second. It could happen in 20, 30, 40 years. Death is GUARANTEED. And it’s also guaranteed you will incur an expense to bury or cremate you.
In these circumstances, are you ever going to outlive that expense?
The obvious answer is NO. Therefore, you must ask yourself…
“Is a plan like term life insurance appropriate considering the nature of an expense like funeral expenses that’s guaranteed to occur but unsure as to when?”
Tougher Underwriting For Term Life Insurance
Another con of term insurance is that the underwriting tends to be a little bit tougher for seniors over 60.
Of course, you may still qualify for competitive premiums. But, as you get older and as health diminishes, qualifying for competitive rates may be a challenge.
Many times the rates you see for term life insurance are for “Preferred-Plus Rates.”
Those aren’t necessarily the premiums you may qualify for after submitting an application. Commonly, the rates increase substantially if any health ailments exist.
This is the industry’s approach to a bait and switch method, to rope unsuspecting folks into a policy that ends up being priced much higher.
That’s why I believe one of the most important about applying for life insurance is actually getting the insurance!
Remember… when you see a price, it’s just a price.
It’s nothing substantive until the policy is approved at that premium.
Therefore, focus less of your attention on premium rates, and more on can I qualify at that price!
Universal Life Insurance For Seniors Over 60 – The Pros
Universal life insurance is known as flexible premium life insurance. Also I’ve seen it called adjustable premium life insurance.
The concept of universal life is that it is a permanent product with a level of flexibility what premiums can be paid.
Years ago, universal life insurance was sold as a more realistic way to juggle keeping a life insurance policy with the realities of life.
For example, people lose their jobs, and there are times in between that they may not be able to make premium payments. This is where universal life insurance was useful. You could lower premiums temporarily to adjust to a temporary loss of income.
However, as much potential for good universal life plans provided, they were also designed very poorly.
Due to agents inappropriately designing them, many folks in their later years found unexpected rate increases from their universal life plans that had never gone up in the past. Many had to drop the plans, and were understandably infuriated (more on this later).
This is why it’s important to set up a universal life insurance plan the RIGHT way.
Appropriately designed, universal life can provide substantial coverage over a predetermined time.
I commonly use a universal life plan that has a rider attached to it, guaranteeing that the premiums cannot increase if the original premium is never altered.
I just had a case of two 72-year-old people in perfect shape. We applied for an insurance plan through universal life product where the premiums never go up, as long as they pay the agreed-upon monthly premium.
So no matter what the circumstances are, as long as that premium was paid, the policy could not lapse, the price could not go up, and they are covered up to age 120.
So, it was a great final expense type of solution with permanent protection, right?
They pay the same premium no matter how long they live, and as long as they pay that premium, the policy could not lapse.
The biggest pro to universal life for seniors over 60 (with a no-lapse guarantee included) is that it allows for maximal death benefit coverage without the pitfalls of a term insurance product.
In this particular case study, I helped my clients accomplish their goals. All they wanted was the most death benefit payout they could get… WITHOUT the risk of outliving the coverage. It was more sensible to go that route considering what they informed me as their goals. They wanted to make sure there was money for burial, and then some leftover money for income replacement. They just got as much as they could for what they could afford.
Universal Life Insurance For Seniors Over 60 – The Cons
Let’s talk about the cons because there’s definitely some cons with these plans, and it all depends upon how it was was designed.
Now, a lot of people who own universal life plans might be pulling their hair out thinking, “Dave, why are you praising universal life plans. They’re garbage; they’re junk!”
Here’s why people understandably think that.
A lot of universal life insurance plans designed back in the 80s and 90s were inappropriately designed.
The way universal life policies are designed is that the interest rates affect the actual premiums you have to pay to keep the policy in force.
Back in the 80s interest rates were a lot higher, and the people designing the plans believed that interest rates would always be high. But they haven’t been.
Because the interest rates decreased, the projected costs for universal life plans for many increased to keep the policies in force.
Sadly, there’s a lot of people who were in their 50s then and are now in their 70s and 80s who had these plans who are getting the dreaded price increase letters.
The reason is because there was an element of risk when they took these plans out.
The universal life insurance plans back then had no fixed-premium guarantee, unlike offered today with no-lapse guarantees offered with many universal life plans.
So long story short, the agents inadequately designed these plans so low in premium that ultimately it ended up acting like term insurance product. Rates went up and the coverage stayed the same but at much higher rates,
Truthfully, universal life plans can be risky. I usually don’t sell these plans, but they can be useful in specific situations. People usually want peace of mind, and peace of mind is not just about getting covered.
It’s also making sure they can afford to keep the coverage!
Case Study On A Universal Life Policy Gone Wrong
I had a gentleman I met to discuss life insurance who lived in East Tennessee.
He was 72 at the time and had COPD. He had bought one of these universal life plans 25 years prior when he worked at the dairy farm, and he had paid $30 a month for $30,000 in coverage.
He had paid it religiously for 20 years.
In the last five years before I met him his prices increased annually.
By the time I met him, he still had $30,000 in coverage; however, instead of $30 a month, the guy was paying $600 every 3 months! That’s how much the premiums went up.
This guy was literally drowning in premiums he couldn’t afford.
He was retired and had COPD so could not work because of it. All I could get for him for that same price was around $9,000 in coverage.
I’m mentioning this to you because this is an example of what happens when these universal life plans are not properly designed. It hurts the policyholders.
Agents must take careful consideration before recommending something like a universal life insurance plan for seniors over 60. They need to make sure the safeguards are in place to make sure the plan works properly.
Whole Life Insurance for seniors over 60 – The Pros
Whole life insurance is permanent protection with a contractually designed level premium. To put it in a little simpler terms, as long as you keep up with premiums on a whole life insurance plan, you cannot be cancelled due to age or health.
As long as that premium is paid, you have the same amount of coverage as you did when you started (in most circumstances as you’ll discover later).
With whole life insurance, premiums cannot increase for any reason. Contractually, if you see a whole life insurance quote for $50 and you’re approved for that $50 premium, it will always be $50. There are no circumstances with whole life where they can sneak a premium increase on you.
A lot of seniors over 60 like these type of whole life plans because, first of all, they’re permanent protection. Remember I mentioned earlier, we have to match the life insurance type that you have with the financial obligations that you have? Whole life insurance for seniors over 60 does a good job of doing that.
For example, a lot seniors over 60 buy whole life plans for funeral expense protection. We know funerals are going to occur at some given time in the future. And many don’t want to purchase a life insurance plan that may not be there when you need it (like a term insurance plan).
If a client tells me they want a funeral insurance policy, usually I start with a whole life insurance with seniors over 60. Why? Because it gives the kind of peace of mind and certainty that, as long as you pay the premium, you’re guaranteed to have the protection. That’s nice!
Whole Life Insurance for seniors over 60 with health ailments & medication usage
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There are usually more options for whole life insurance if you have bad health or take a lot of medications. Whole life insurance is historically more flexible with underwriting.
A lot of the people I work with have chronic health issues. For example, I speak with people daily who havet COPD, lung problems, diabetes, cancer history, heart disease history, mental health issues, and more.
Unlike many term life universal life plans, which are much more restrictive with many health issues, whole life insurance companies I deal with are more commonly easier to deal with and issue preferred coverage many more times than not.
A Case Study On A Whole Life Insurance Program For A 63-Year Senior With COPD
When health is an issue, whole life insurance for seniors over 60 are a worthwhile consideration.
For example, I had a gentleman who was 63, he smoked, he had COPD. It was his only health problem.
He worked as a mechanic at a garage. And beyond the COPD diagnosis, he was doing fine. And, despite term life or universal life most likely declining him for coverage, I got him a whole life insurance plan, giving first day 100% full protection.
…Then the worst happened…
Fast forward 13 months. My client had a blockage in his intestines. The doctor performed surgery, and nicked his large intestine.
He bled out, became septic, and eventually died from the complications of this mishap that the doctor caused.
We filed his death claim. And after the insurance company reviewed it, the company paid out the full death benefit to his fiance. Thanks goodness!
My point is that, if all had attempted get a term or a universal life plan, he wouldn’t have been approved because of his COPD and the medications he took to treat it.
…Got bad health…? No problem!
Health is usually never a problem when applying for whole life insurance for seniors over 60. It’s just a function of finding the right plan or insurance company or product to match your particular health.
Whole Life Insurance For Seniors Over 60 – The Cons
With whole life insurance, you’re paying for guarantees.
Picture buying a brand new Cadillac. You’re not buying the Cadillac. You’re buying bumper-to-bumper guarantee, the road hazard guarantee, all the electronic guarantees. You’re going to get all these warranties that add value, making your purchase worth more.
A whole life plan is much like buying a Cadillac with all the warranties. You’re going to pay more for those guarantees, relative to products like term life insurance that does NOT guarantee coverage after a set date at a set price. You pay a higher price for any type of guarantees that you’re willing to buy.
So with whole life insurance, while costing more per dollar of coverage, but there are plenty of circumstances where, even if you get less coverage compared to something like term, it’s still a sensible decision to purchase.
How Much Life Insurance Can I Get As A Senior Over 60?
Most folks interested in life insurance for seniors over 60 are interested in how much can they qualify for. So let’s talk about that!
Maybe your needs are simple. Maybe, you want enough for a cremation. Or maybe, you want to cover a mortgage balance upon passing. Or maybe you want to gift a loved one, church, or charitable group a lump sum cash benefit when you pass away.
So how much can you get?
First, you can purchase as much or as little life insurance coverage as the insurance company allows.
The smallest amount I’ve ever seen is $1,000 in coverage. People do buy that for a direct cremation kind of plan.
The largest amounts I’ve seen are in the millions. And yes – a senior can get qualified for millions of dollars in coverage. For example, I’m working with a 60 year old client who wants a 10-year term insurance plan for $1,000,000.00. Why? Because she has financial obligations over the next 10 years of that size she wants covered.
We can do it. It is an option to apply for. So, there’s no limitations in most cases.
It’s just figuring out what you need.
Your Life Insurance Should Match Your Needs… AND Budget!
Clients usually purchase coverage that matches their needs and budget. I can’t say it enough.
Upon speaking with a potential client, we sit down and we look at their life insurance options. We look at what they can afford. We look at what they want to cover, and I come back with a comprehensive product that gives the most amount of coverage and the right kind of life insurance plan for the amount that they tell me they can afford.
As a life insurance agent, I am paid on commission. We don’t charge extra you for it. It’s automatically designed into the plan.
The reason I mention it is simple. There’s an old saying in the life insurance business that says the policy that stays is the policy that pays.
What does this mean? It means a good life insurance agent does NOT want to sell a plan that is too much for the client. Ultimately, people drop plans they can’t afford. Affordability is important because, if you drop your policy, the agent doesn’t get his full commission.
But, it’s also important to you because if you buy plan and you pay on it for a year and drop it, that’s not affordable and it doesn’t pay the death claim, right? If you can keep your policy, it’s the policy that pays the death claim! It just makes sense.
The key is to buy a life insurance policy that won’t cause financial stress now… or ANY time into the future.
Again, start with your life insurance goals:
- What are the obligations you want covered: burial, cremation, lump sum cash benefit payouts to your grandchildren, your kids, your spouse to replace income, pay off a mortgage, pay off any kind of financial debt or loans? Figure out what it is you want to accomplish.
- Then look at your budget. Figure out what you can afford. Is it $50? $100? $500? $10? There are plans at all those price ranges. It all comes down to your ability to figure out what that is.
- Last, find the company and agent that meets your criteria. Work with somebody like myself who will help you lay out this criteria if you need assistance.
How to get affordable Life Insurance for seniors over 60?
This this may be something you’re not aware of, but there are different avenues in which you can search to find life insurance. Many times the junk mail ads or the TV ads aren’t necessarily the best solutions on value of coverage you get for the premiums that you pay.
I’m going to give you a little crash course in the different kinds of agents that are out there. Then I’ll tell you what you should consider before doing business with them.
The definition of a captive agent is one that’s beholden to that one company they work with.
In many cases, captive agents have a very limited selection of life insurance options that are only available through that one company.
Why should you care? Because no one product is not the be-all end-all solution for everybody that’s out there.
You may be in a circumstance where a captive agent must charge you 50% high premiums, all because you take two or three blood pressure medications. Whereas another life insurance company would give you the SAME coverage at HALF the price, DESPITE the blood pressure treatment!
So what you need to ask yourself is…
“If I deal with a captive agent, am I getting the best value on premiums that I pay into the policy?”
Captive agents aren’t going to tell you, “Hey, the guy down the street is better than me.”
Just like the rest of us, he’s in it to make a sale. So his bias is towards helping you with what he has. But he’s not going to necessarily say, “Go see the guy down the street.”
So you MUST have a level of suspicion, and a healthy dose of paranoia as they say, as captive agents aren’t necessarily the best solution.
I recommend people talk to an independent agent.
Independent agents are the exact opposite of captive agents. Independent agents typically represent more than one company in most circumstances. Usually agents choose to be independent agents because they want to have more options to get better value for their clients.
Again, when you work with ONE company in the insurance business, your options are limited. With an independent agent, it potentially could be unlimited.
If you work with a competent independent agent, you’ll probably find that you’ll give yourself the best odds of getting a better deal than what you could find elsewhere. It’s not guaranteed, but it’s a chance worth taking, especially if you’re just comparing what the captive one does for you.
That’s why I operate as an independent life insurance agent. I represent numerous companies, and I do so because everybody’s health, budget, and goals are different. I don’t feel it’s appropriate to only offer one solution on a product level to my clients because it may not be the best.
What I found, especially recruiting and training agents, is captive agents usually are never the best option for the vast majority of people.
It doesn’t make sense to me. It doesn’t sit well with me. If I were in your shoes, I would want an independent agent to make sure I’m getting the best deal!
Rates on Life Insurance for seniors over 60
Let’s look at some life insurance rate examples for seniors over 60.
To clarify, we’re going to talk about term, whole, and universal life. Plus, I’m only looking at a 65-year-old non-smoking male and female. This is Preferred Plus health.
A Reminder On Life Insurance Rates
What you’re about to see are “best guesses” and are designed to give you a general idea of what you may expect when applying for life insurance for seniors over 60.
Many times agents show you a low-ball price, and it’s far off from reality. Ultimately, you must complete an application and go through the underwriting process and get a decision on how the company will rate you, before you know FOR SURE what you qualify for.
I don’t want you to think that these are the exact prices that you’d get if you’re this age. Instead, what I want to demonstrate is the difference in what the prices go for so that you can see kind of what you’re up against if you look at a whole life plan versus a term insurance plan and see the difference in premiums.
Hopefully that makes sense. It’s not that I’m dodging the price question. It’s just a difficult one for an honest agent to answer. It takes a health analysis to figure out what the best odds are.
Term Life Insurance Sample Rates For A 65 Year Old Male
So term insurance is what we’re looking at. If you look through here: $100,000 ten-year term insurance plan for a male. We’re looking at a low of $42 a month to a high of $55 a month. There are more companies than this; this is just a limited selection.
This is somebody who’s in perfect shape, doesn’t smoke, probably has never been seriously ill with a disease. This is the kind of a price for a most likely fully underwritten policy.
Can it be higher? Yes. I’ve already gone over that. But most people can afford $40 or $50 a month, and you get a lot of coverage for it.
Universal Life Insurance Sample Rates For A 65-Year Old Male
Now compare this with a universal life plan. Again, we’re talking about a permanent plan that most likely will last until you’re 120 where the premiums are contractually locked in and there’s a guarantee on not lapsing as long as that particular premium is paid.
So big difference: $100,000 in coverage, and we’ve gone from $40 a month to $180. But this is permanent protection. This is something that won’t cancel, and like I described earlier, you’re going to pay more when you have more comprehensive coverage. You can kind of see the range of $176 to $217. It just depends on what you can qualify for in your health.
Whole Life Insurance Sample Rates For A 65-Year Old Male
Now we’re looking at whole life insurance for a 65-year-old male. It’s $15,000. So we went from $100,000 to $15,000. So this has kind of fallen somewhere in between. We’re looking at about $70 to $85.
Now, if you start doing the math, “Well, okay, universal life is $100,000, Preferred Plus $180. Wait a minute, this whole life would cost more like $400 for $100,000.”
If you do the math, you’re like, “Wow, why would anybody do something like this?”
Well, whole life is primarily what I use when somebody has had health problems, they take a lot of prescriptions, and they need flexibility in underwriting. So yes, you will pay more for flexibility in underwriting. You will pay more when these insurance companies accept chronic diseases like COPD or heart health history issues.
Hopefully it makes sense. You pay more for more flexibility in underwriting when it comes to life insurance.
Plus, sometimes your only options for coverage are these smaller plans when you just want enough to be buried or cremated. Again, don’t look too seriously at the price here. The goal here is just to demonstrate the concepts.
Term Life Insurance Sample Rates For A 65-Year Old Female
Let’s look at females here. There’s nothing structurally different except females are less expensive to insure. Women live longer than men. They have longer average lifespans. Therefore, premiums are lower, relatively-speaking.
Of course we don’t know when we’re going to die, but on average, women live longer and don’t have as many health ailments as as often as men.
Universal Life Insurance Sample Rates For A 65-Year Old Female
Even the universal life plans are looking at $164 to $174 instead of $190 to $220 or so.
Whole Life Insurance Sample Rate For A 65-Year Old Female
Then the whole life plan is substantially less expensive for $15,000. So you get the idea here. There’s going to be a difference in price. Again, it just matters what you can qualify for, what your health is, and what you want to accomplish.
Maybe all you need is a $10,000 plan, so you’ll pay less. Maybe you have health issues, and you’re going to have to get a whole life plan. Maybe you don’t. Maybe you’re in perfect shape, and you can do better with a term or universal life. Great! I’m in the capacity that I can help no matter what the situation is because my bias is helping you get the best deal so I can get your business.
Should Seniors Over 60 Purchase The Cheapest Life Insurance Program Available?
Are you on a fixed income? If so, frugal spending of your money is important.
Sometimes we think frugal is the same as cheap. It’s not. They’re different words, and mean different things.
What we need to think of instead of cheap is thinking, “How can I get affordability PLUS an insurance policy that matches my goals?”
However… don’t exclusively focus on price.
Price is important, but what do you get for the price or the premium that you pay? That really is the question you should be asking yourself, and how well does what I’m paying for accomplish the financial goals I set out to achieve from buying a life insurance policy? These are the primary questions.
How to qualify for Life Insurance for seniors over 60?
There are several important steps in the qualification process in getting life insurance for seniors over 60.
A lot of it depends on your health. A lot of it depends on what product you choose. A lot of it depends on really what YOU want to do.
The first step in the process of qualifying for life insurance as a senior over 60 is to find an agent or company you can TRUST.
Find somebody that matches the goals, you like them personally, you feel like they’re doing a good job explaining things to you, and they’re helpful and they actually care about helping you, and you feel like they know what they’re talking about. That’s number one before we even talk about product or options.
Number two, once you find the right agent, the next step is to complete the application. Once you complete the application, depending on what carrier and what product you apply for, there could be supplementary underwriting requirements.
For example, a lot of whole life insurance plans I showed earlier only require a phone interview. Sometimes you just fax the application in, they pull your medical records, and that’s it. They don’t even talk to you! And some require a phone interview to further investigate and make sure everything is kosher and answer any questions about underwriting they have.
Some of the larger plans like term life insurance and whole life insurance require a full medical underwriting process. We’ll talk more about the exam process later and how sometimes it’s optional.
Then, whatever the requirements are for that particular product, you just wait.
If it’s a simplified process, you wait for a couple of days and get approved. If you go in for an examination, that can take weeks, sometimes months. It just depends on how fast your doctor is on replying back and how much information they need to pull.
Then ultimately you receive your final underwriting decision. This is the concrete offer from the insurance company of what coverage you get for what premium you’ll pay. That’s how you get coverage. Then you’re approved, you accept it, and you’re covered.
Should I get an exam or no exam when applying for Life Insurance for seniors over 60?
A lot of my clients ask, “Should I get an examination as a senior over 60 when searching for life insurance?”
To better clarify what exactly an examination involves:
- Exams include specimen collection. This includes the process of drawing blood. Either a doctor or a nurse does it. You usually do it at the typical sites like you’d go when you see your doctor every year. They sometimes will ask for you to do a urinalysis where you pee in a cup, and they examine the urine. Sometimes companies even just swab your tongue. They take a specimen example of your spit.
- There’s usually a general physical involved. They ask the health questions. A doctor or nurse digs into some of the health questions that normally accompany a physical.
- For larger life insurance plans, you may have to do a heart test and EKGs. This is the rarer of the options, but it can happen with the very large plans.
Pros Of Agreeing To An Exam For Life Insurance For Seniors Over 60
For the very healthy, you should be totally welcoming to a physical.
The reason is that an insurance company prices out their life insurance products, whether you’re a senior over 60 or anybody else, based on how much information they can collect off of the applicant.
So when you do a physical, you draw blood, you pee in a cup, maybe do an EKG and that kind of thing, that’s very up-to-date, relevant information. That’s information that they can make a decision on that’s up-to-date and current.
Whereas, if you’re applying for a policy where there’s no exam, the insurance companies have to rely on information that could be out of date. You may not have been to a doctor in a year or two, but you may have developed new conditions since you’ve seen the doctor where a blood or urinalysis could have pointed that out.
So what happens is that, if you do an exam and you’re healthy and you get approved for preferred or even just standard rates, many times you can get the best rates for that particular age and product. Especially if you’re doing really large amounts of coverage, it’s wise to do a physical. In many cases, the only way to get coverage in these circumstances when you’re talking about very large amounts of coverage, especially as you get older.
Cons Of Agreeing To An Exam For Life Insurance For Seniors Over 60
First of all, taking an exam takes longer to get the application approved. Underwriters at the life insurance company must wait on the specimens to come back with their analysis, plus get all the doctors information too.
There’s a longer turnaround period, and they may find something that you weren’t aware of.
Maybe your blood pressure is high. Maybe you have diabetes, and they’ll rate your case up higher. So there’s no guarantee by doing a physical you’re going to get the best price, but there is a higher chance you could get a better price, especially if your health is in a really good shape.
The bottom line here is it’s optional. Most of the time life insurance companies don’t require it.
A lot of the products I offer don’t require an examination. They just do a detailed analysis of your health. They’re looking at attending physician statements. These are doctors’ records that are faxed by your doctor that you give permission for them to do.
They can make a good decision on competitively priced coverage without doing the whole exam process. Usually, it’s something, nine out of ten times, most people don’t want to do and don’t necessarily have to do.
Case study examples
Replacing Coverage with Blood Pressure Problems
My client, Mr. Wilks had always paid off his life insurance coverage monthly. He never missed a payment. But, one day, he got a notice from his life insurance company telling him that they were planning to up his rates. The increase made it too steep for Mr. Wilks to afford.
He was a 68-year-old man, and he had a history of high blood pressure.
He reached out to me and told me his problem. Mr. Wilks wanted to make sure that he would be able to replace the old coverage that he couldn’t afford anymore. Yet, he was worried that his medical history would hurt his chances at getting a new, affordable life insurance policy, which is why he reached out to a broker.
It was a good thing that he did. As Buy Life Insurance for Burial is a broker, we were able to shop the best price life insurance companies to look for coverage that fit Mr. Wilks’ goals.
In the end, we were able to offer him quality insurance that he could easily afford with his current financial situation. He was relieved to get new coverage, and we were more than happy to help.
If you are in a similar situation, consider reaching out to Buy Life Insurance for Burial. We can’t guarantee that you will be approved, but we will do everything in the power to make sure you get the most optimized plan.
First-time mom needs coverage
After having her first child at 29, Mrs. Moore reached out to me. She told me how having a child really changed her life, and it changed her perspective on a lot of things. One of those things was life insurance. She realized she wanted to protect her newborn in the case that something terrible happened to her.
She was looking to get life insurance coverage, but she did have one medical problem that she feared would cause her to get denied for coverage. She had diabetes. Thankfully, there were no recent episodes, and she had it under control with low doses of insulin in combination with a healthy diet.
We shopped for her to find the best policy that would be able to take care of her child in the case that she passed away prematurely. Despite her diabetes, we were able to offer Mrs. Moore the best-price, most valuable coverage that fit exactly what she needed.
Again, we can’t promise that you will get the same outcome as either of these clients, but we will apply the same process to you. We want to work just as hard to make sure that you get the coverage that you deserve.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Top 5 Reasons people buy Life Insurance for income replacement
This may sound a little bit strange, but there are many people who don’t get life insurance because they don’t see death in the future from them. Sometimes people just change fathom that they are going to pass away, and they think dying is only something that happens to other people.
Sadly, that isn’t true. Luckily, there are those who realize that death happens to everyone. They know that it can happen unexpectedly and accidentally, and there is no way to know when it will happen to them.
These smart people are the ones who want life insurance. This way, they can plan for unplannable. They know they are covered whenever they pass, whether it be tomorrow or 60 years from now.
Many life insurance plans allow you to add on additional options, called riders. These additions add to the value of your life insurance plan. The most commonly requested riders for income replacement plans are disability premium waivers, for critical illness, and a return of premium.
Riders help you to tailor your plan to your needs, giving you the peace of mind you deserve, which brings us to our next point.
When you work with a broker, we can custom tailor your policy to fit your needs. Like we mentioned in point #2, you are able to customize your plan so that it fits with your specific life insurance goals. Maybe, you have a strict budget you need to adhere to. We can do this, too.
Regardless of the coverage amount, we are able to create a plan that will help cover your income and protect your family in the worst case scenario.
Buy Life Insurance for Burial works with the top insurance companies, which means that we can shop around to get you the best price possible. You have options, and this means that you get the most competitively-priced products to pick from. This means that regardless of your budget, we are here to get you a policy that fits with your financial situation.
For more information, contact us today to get a custom-tailored quote to meet your budget.
Income replacement plans can be used for many things. When you pass away, the money is paid to your beneficiary, and they can choose what they use it for. Many times, people want to get this because they can use the payout to pay down debts.
Final steps on getting qualifying for Life Insurance for seniors over 60
Hopefully, you’ve found this article illuminating, and feel like you’ve learned a lot, and have better progressed the process in figuring out what kind of life insurance you can get as a senior over 60.
Whether you’re looking for this coverage for yourself or a loved one, the next step you need to take is to find that agent that suits your goals best and can help you get a life insurance policy that gives you the kind of peace of mind you deserve.
I will nominate myself for this process. =)
Hopefully you can see why. I’ve helped you out, and hopefully you feel like this has been useful.
The next logical step is just to allow me to talk with you one-on-one over the phone or through email, whatever is comfortable for you, to figure out what your options are and to give you a substantive idea of what the premiums would be, how the policies would work, and to progress in this application process to ultimately get you quality life insurance and approved.
So, if you’re interested in final expense or life insurance or anything at all to cover any kind of final expenses you need or any kind of financial obligations you have, there’s two options here:
- Reach out to me at 888-626-0439. Leave me a message if you don’t get to me, and I promise I’ll get back to you quickly. I deal with a lot of people all the time.
- Click here to send me a message. You can communicate via chat with me directly that way as well.
Both work. Whatever you want to do is fine. Some people prefer to start a conversation by email. I’m kind of like that too, so if you like that, that’s fine. Or if you just want to get right to it, ring me up 888-626-0439, and you can speak to me live.
If you have any questions I didn’t quite clarify, contact me or leave me a message below.
I hope you enjoyed this article. We also hope that this article has stressed why it is important to take action now and get life insurance coverage as soon as possible, regardless of what your life insurance goals are.
Allow me to suggest that we help you meet those goals, today.
All you have to do is call us for your free quote, and we can get started on finding the right life insurance policy for you.
Our number is (888) 626-0439. When you call us, you talk with our life insurance experts who take 10 minutes to go over your options with you and explain how a plan might work for you.
We have a messaging system if you prefer. You can message us using the form on the left-hand side or at the bottom of the screen.
In your message, let us know what you are looking for. Also, please provide us with the best way to contact you. We will follow up within the next 24 business hours to answer your message and provide you with your options.
Thanks for finishing this article. Again, we hope it helped!