Life insurance is an important financial tool. But for many people, the thought that life insurance is only essential when you are younger and have a dependent spouse and / or dependent children has often been the subject of many debates. This is because, while it is true that having this type of coverage is essential during this time, it does not necessarily mean that life insurance is not also needed when a person gets older. Keep reading to learn more about your options including term life insurance with no exam required. Are you wondering if you can qualify for affordable high risk life insurance? Let us help you find the coverage you deserve. What are you waiting for?
In fact, as a person ages, the need for life insurance could even become stronger, depending on your particular situation and overall financial circumstances. That being the case, life insurance for people who are 61 should still be at the top of many peoples’ lists.
Do People Need Life Insurance When They Are In Their 60s?
There are some viable reasons why people still need life insurance protection when they reach their 60s and beyond. This can be the case, even if they no longer have dependent children who are in need of their parents for their everyday living expenses.
If you are age 61 or over, just some of the reasons why you may still need to consider keeping your life insurance coverage – or even obtaining some additional protection – include the following:
- Spousal Retirement Income Replacement – One of the biggest reasons why someone in their 60s needs life insurance is to ensure that their spouse or significant other will continue to receive retirement income. In many cases, if a couple is counting on retirement income from a pension or other similar income source, upon the death of one individual, some or all of their income sources could disappear. In that case, the lifestyle of the surviving partner could drastically – and suddenly – be reduced. The proceeds that are received from a life insurance policy, however, could be used to replace that lost retirement income by the surviving spouse or partner.
- Final Expenses – Another key reason why life insurance is needed by those who are in their 60s – as well as most people who are considered to be seniors – is for the payment of final expenses. These expenses include the costs that are associated with one’s funeral and other related items such as a burial plot, headstone, casket, and memorial service, as well as flowers, transportation, and announcement cards. When added together, often these expenses can exceed $10,000 today – an amount that many families just don’t readily have available. But, having a life insurance policy can provide these funds for survivors, making the payment of final expenses easy – and one less thing to worry about for loved ones during an already stressful time in their lives.
- Payoff of Debt – Those who are 61 and over may also have unpaid debts that could leave a spouse or other loved ones with a great deal of financial hardship if left unpaid at the time of death. For example, many years ago, a large percentage of seniors had their homes and autos paid off by the time they reached their older years. Today, however, due in large part to the fact that people are living so much longer, many people are still actively purchasing homes, vehicles, and other “big ticket” items when they are in their 60s, 70s, and later. This means that they can also have debt obligations such as mortgages, auto loans, and high credit card debts at the time of debt. If you are in your 60s, and you don’t want to leave your spouse or other loved ones with a large mortgage responsibility, then having a life insurance policy is the best way to provide financial peace of mind. The same can hold true for any business debt that might be owed. With so many people today who own their own business, the likelihood of also owing money to a bank or another lender is higher than ever before. So, by having life insurance coverage, you can ensure that loved ones can pay off that debt and move forward. This is especially important if your home or another important family asset was used as collateral for that debt.
- Estate Taxes – For those who will be at risk for paying estate taxes, life insurance is also a key component of estate tax planning. These taxes can often eat away more than 50% of one’s entire asset base. So, by having life insurance coverage to pay the tax liability, you can ensure that assets will go to those you intend for them to, and not to Uncle Sam.
- Charitable Donations – Those who are in their 60s may also want to make a donation to a special charity. While doing so directly is certainly one way to go about this, life insurance allows for a much larger donation, literally for pennies on the dollar.
Types of Life Insurance Coverage Available for 61 Year Olds
For people who are 61, there are many different types of life insurance coverage that are available – and, plans can still be quite affordable, especially if you are in good health. You can choose from term or permanent life insurance coverage. If you need life insurance with health problems and have certain conditions such as arthritis for example, you can still obtain life insurance with arthritis or even life insurance with epilepsy. There are also companies who can help if you are searching for life insurance for individuals with lupus. Let us answer your questions and help you find the coverage you deserve. If you’re overweight and wondering if you can qualify for life insurance, we can help you understand how this process works.
With term life insurance, you will get pure death benefit coverage only. Because there is no cash value or savings build up with term insurance, these policies can typically be very affordable.
Term life insurance is sold for a set period, such as 10, 15, 20, or even 30 years. Once the term life insurance policy has expired, the insured will need to re-apply for coverage again in order to remain insured. Or, in some cases, term life insurance policies will allow the insured to convert the policy over into a permanent life insurance policy.
For someone who is 61, there may be certain limitations on a term life insurance policy, such as how long the coverage will last, and / or the convertibility option. These will depend on the individual policy, as well as the insurance company that the policy is being offered through. With that in mind, it is important to shop and compare prior to making a final determination on the policy that is best for you.
Permanent life insurance coverage will include both death benefit coverage and a cash value component. There is no time limit with permanent life insurance – so, as long as the premium continues to be paid, the policy will continue to remain in force.
The cash inside of the policy can grow on a tax-deferred basis. This means that there is no tax due on the growth, until the time that the cash is withdrawn. There is no requirement to ever withdraw the cash, however.
For those who are in their 60s, permanent life insurance can provide many benefits. For example, because coverage does not expire, if you contract an adverse health issue, you know that you will always have life insurance protection.
How Much Is Life Insurance for People Who Are 61?
The cost of life insurance for people who are 61 will vary. This will depend on a variety of factors, including your gender, as well as your overall health. Other criteria will include your family health history, and whether or not you are a smoker. The type and the amount of the coverage that you are purchasing will also play a key role in the overall amount of your policy’s premium.
The insurance company through which you obtain your coverage will also make a difference. So, a 61-year-old policyholder may apply at one company and obtain a certain premium rate, and they may apply for the very same coverage at another insurer and obtain a substantially different rate. Therefore, be sure to compare before you purchase.
How to Get the Best Life Insurance Quotes for People Who Are Age 61?
To find the very best life insurance quotes for people who are age 61, it is often wise to work with a company or an agency that has access to more than just one life insurance carrier. If you are ready to move forward with shopping for the best life insurance plans, we can help.
We work with many of the top life insurers in the marketplace today, and we can assist you with finding the plan that is right for you. When you are ready to move forward, fill and submit the form on the side of this page.
Should you find that you have any additional questions regarding how to get life insurance for people who are age 61 – or even if you just simply have a question about life insurance in general – please feel free to call us directly. We can be reached at 800-716-5001.
We understand that the purchase of life insurance may seem a bit overwhelming – especially if you feel that you may have trouble qualifying. But the good news is that those who are in their 60s have many options that are available. So, contact us today – we’re here to help.