British Seniors Insurance Agency is a trading name of Neilson Financial Services Limited who is authorised and regulated by the Financial Conduct Authority and entered on the Financial Services Register under reference 594926. Those are some GREAT reasons to get life insurance for 60 and over, but I want to see the numbers in black and white. This is a form of permanent life insurance, which means the policy would provide you coverage until you pass away. Which type of car insurance policy fits your car and driving needs? For elderly and sick individuals, this can be a critical determinant for choosing a guaranteed policy. Apply for term life insurance online and get quotes and approval in 48 hours. We may receive payment from our affiliates for featured placement of their products or services. Since you would be in the later stages of your lifetime, you would not be able to take advantage of the cash value growth. Purchase term life insurance up to age 80 with Finder's #1 ranked company. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. For the same reason, broadly speaking, most women in their 60s do not need to buy life insurance. While it’s common for Americans in their 60’s to either be retired or approaching retirement, there still may be some beneficial value in investing in a life insurance policy. A plan would not pay out within an initial coverage period of one or two years (determined by the insurance company) unless the death of the insured was accidental. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance. Get a free quote on Policygenius. Though it can be harder to get life insurance over 60, there are still policies out there that will give you the benefits of life insurance. Just remember that when you have already found the life insurance policy you need, be sure that you understand the limitations of the policy before you affix your signature on the dotted line. State Farm: Best for Customer Service. Having an over 60 life insurance policy in place can help give you and your family peace of mind. What happens to your loved ones if you don’t have any life insurance? The best life insurance option would be to buy a term policy that would cover the years that you are working. There are plenty of reasons why you should consider buying life insurance: It doesn’t mean you can’t benefit from life insurance. There’s also guaranteed life insurance — it’s exactly what it says it is — however, the premiums will be much higher to match the risk of insuring someone with an unknown background. It’s up to you how much cover you want - you leave a lump sum behind when you die which can help your loved ones maintain their living standards or pay mortgage costs. Advertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. I’ve got a lot of money stashed away in investments — do I really need life insurance? Nowadays insurance companies are willing to offer coverage to men and women over 60 if they meet a few criteria: {"buttonText":"Find Insurers","customEventLabel":"","defaultProduct":"life","defaultZip":"","hideTitle":false,"id":"QuoteWizardQuoteForm--803","isAgeFieldVisible":true,"isDeltyForm":false,"isInsuranceTypeFieldVisible":true,"isInsuredStatusFieldVisible":true,"quoteWizardEndpoint":"https:\/\/quotes.valuepenguin.com","showTrustMessage":"true","style":"dropshadow","tier":"default","title":"Find Cheap Life Insurance Quotes in Your Area","trackingKey":"_best-life-insurance-over-60","trustMessage":"It's free, simple and secure. Richard Laycock is Finder’s insights editor after spending the last five years writing and editing articles about insurance. But typically, if you are trying to purchase term life insurance after the age of 65, you would be restricted to policy lengths of 10, 15 and 20 years. 32 East 31st Street, 4th Floor, Gerber Life Insurance offers a whole life insurance policy of $50,000 to $300,000 for seniors up to age 70 able to pass a medical exam. New York Life: Best for Smaller Policies. What is over 60s life insurance? It’s good if your payout would be used to pay … If you die in the first year of your policy, we return your payments. Get a free quote on Policygenius. However, the company does have additional coverage length restrictions when compared to its competitors—only available with lengths of 10 or 15 years if you are over 65 years. Includes accidental damage and Legal … In fact, although you might not have the same financial obligations as you used to, having life insurance in place as you transition into your senior years is extremely important. Prudential has over 10 life insurance products that include various term and universal life types. Below, we have provided our recommendations for term and permanent life insurance companies for applicants over 60. Get a free quote from this top brand on Policygenius. Get a free quote on Policygenius. This policy lasts for the lifetime of the insured unless premium payments cease. 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