14 Dec Tips on Getting Life Insurance at 60
Rick Wagener spoke to Money Geek about getting Life Insurance at age 60.
What are the key factors 60-year-olds should consider when choosing a life insurance policy?
The main starting point is the need for insurance. If it is short-term, less than ten years, then term insurance is most likely the best. Then, a universal life policy could be considered. In the short term, the investment return is not significant. Once we know the reason and the length of time, the type can be more easily considered. If the insurance is for a longer period, such as estate planning, then a permanent policy comes into play. If the death benefit must be in force regardless of time, then a permanent policy must be considered.
How does a medical history with complications affect the selection and costs of life insurance options?
Medical history always plays an important role, especially for long-term insurance needs. If the medical history is a mortality factor, then the insurance underwriters will increase the cost of mortality. Again, if the insurance need is long-term, the insurance company will be more flexible with a permanent policy. The higher the premium, the more flexible the insurance carrier can be.
What actionable steps can people in their 60s take to save money on their life insurance premiums?
Look at various term policies and premiums. Match up the policy with the insurance needs. Look at various carriers for insurance quotes. Ask the agent to obtain multiple insurance quotes from at least five carriers and ask the agent to quote multiple types of insurance coverage.
Source: Money Geek Best Life Insurance for 60-Year-Olds in October 2023