Best Life Insurance For Seniors Over 60, 70, 80 | Should i Buy?

Best Life Insurance For Seniors Over 60

Why does someone want or need life insurance over 60? Children are adults. The house is almost paid. Retirement is just around the corner. It’s probably too expensive anyway.

You have spent your life caring for and protecting your family, so don’t stop now. Gerber Life has great best life insurance for seniors over 60 options at any age. You can protect your loved ones with the many options available to you at

The 6 best life insurance providers for people over 60

  • Omaha Mutual: Best Overall.
  • AIG: the best final expense insurance.
  • Haven Life by MassMutual: The best term life insurance.
  • Main life: The best for estate planning.
  • Transamerica: The best indexed life insurance.
  • Fidelity Life: The best for a quick decision.

Best Life Insurance For Seniors Over 60

Best Life Insurance For Seniors Over 60

People over 60 are the largest group of people who buy it today.

Although there are agents who convinced people many years ago that they would not need coverage at this stage of the game because their investments would be such that they would not be necessary. Could not be farther from the truth.

The amount of need may be less

People’s needs change. Each person’s situation is different. The need may be less than it was several years ago. However, the need may not be less, and may be the same, possibly more. Has the need been removed?

Life insurance for seniors over 60

Some older adults over 60, 70, or even 80 years of age seek a lesser amount of coverage, enough to cover final expenses, such as burial costs or paying bills. If so, guaranteed issue life insurance coverage (or senior life insurance) may be the best option for you.

For the same reason, generally speaking, most women in their 60s do not need to buy best life insurance for seniors over 60 to 70. According to financial expert Suze Orman, it’s okay to have a life insurance policy until you’re 65, but after that, you should be earning pension income and savings.

Life insurance for seniors over 70

According to many independent life insurance agents, Universal Guaranteed Life Insurance (GUL) is the best option for a life insurance policy for people over 70 due to the guaranteed age at which the policy is valid.

If you are 70 or older, it is not too late to ensure life insurance coverage that lasts during your golden years. Life insurance for those over 70 can be affordable and relatively easy to buy, especially if you have an experienced independent agent to guide you and your family through the process.

Life insurance for seniors over 80

Yes, you can buy life insurance for people over 80. At more than 80 years old, general life insurance is usually the only one available. Most seniors at this age only need life insurance to cover funeral costs, so you will often see policies at this age called burial insurance plans or final expense insurance.

The North American Life and Health Insurance Company offers guaranteed universal best life insurance for seniors over 80 coverage that you can purchase up to age 85, and always have some of the lowest rates. While coverage can extend up to 120 years, it only pays premiums up to 100 years.

When was the last time you closely examined your situation?

Is burial not yet an expense to be covered? In the future, is the cost of burial likely to stay the same, increase, or decrease?

Will it be necessary to replace lost income when the death of either spouse occurs? Where will that money come from? Is the amount of income equal, greater or less now than it was? What will be in the future?

Social Security

If both spouses receive social security benefits and one of the spouses dies, the surviving spouse will continue to receive the benefit that is the greater of the two for the rest of their life. For example, if spouse A receives $ 2,500 per month and spouse B receives $ 2,000 per month, and spouse A dies, spouse B will receive $ 2,500 per month instead of $ 2,000 per month for the rest of their life.

That leaves an income deficit of $ 2,000 per month.

Social Security Disability Insurance pays benefits to you and certain members of your family if you are “insured,” which means you worked long enough and paid Social Security taxes. Supplemental Security Income pays benefits based on financial need.

To qualify for this benefit program, you must meet all of the following requirements: Be at least 65 years old OR be blind or disabled. Have limited income and resources. Be a U.S. citizen or citizen or alien who meets certain applicable requirements.

Retirement planning

How much retirement planning have you done? Is there a chance you could survive your money and drain your retirement income?

Will you be able to retire or will you have to work more than you expected and planned?

Are all bases covered or are there any potential gaps that need to be filled or at least addressed?

Life expectancy

There was a time when age 60 was considered the last chapter in life and people were not expected to live that long. The 60s were considered old. Is this still the case or have times changed? Do people not live anymore? Can you predict when you will die?


There is no doubt that the cost will be greater than 60 years or later than it was years ago. However, assuming you are in reasonably good health, there are probably some affordable options.

Perhaps you have saved some money and it will not be enough to live on. Have you considered a single premium policy for life? The way it works is that you pay a lump sum for a specific paid policy. You will never have to make another premium payment.

Bob is a retirement and money insurance professional who specializes in life insurance products and has more than 20 years of experience.

His company, A Bulletproof Life, is based on honesty, respect and best effort, and they are the 5 F’s: food, fitness, finances, satisfaction and fun.

He believes that the 5 Fs directly or indirectly affect or are affected by life insurance and safe money.

Plan your dream or prepare for a nightmare.

No one has EVER lost a penny doing business with A Bulletproof Life.

Order FREE 6 page report: “Description of Insurance Companies and Products 100 – Life Insurance Products 101.

Good Credit and Good Health Habits of Older Americans

For one thing, insurance companies check credit reports these days and use that information to account for their rates. Seniors are more likely to have good credit and a long history of financial responsibility. Mortgages can be paid or close to being paid, so the debt is less.

In addition to good credit, older people have often developed good health habits. Following a doctor’s orders, they can quit smoking and monitor their weight. These factors can also help with best life insurance for seniors over 60 company fees!

A smaller face value may suffice

One more thing to keep in mind when looking for life insurance for an older adult is that the amount of coverage, or the need for life insurance, may be less. Mature people may no longer need to cover the entire mortgage or plan for their children’s education. Rather than having to consider a policy with a death benefit of hundreds of thousands of dollars, a few thousand dollars may suffice.

Maybe a mature person just wants to leave their family enough money to pay a funeral and pay off debts, with maybe a little left over as assets. Instead of searching for life insurance policies with death benefits of hundreds of thousands, a few tens of thousands may be enough best life insurance for seniors over 60 to 80 coverage!

Life insurance companies are more willing to offer policies to the elderly and perhaps sicker if the face value is lower because their risk is lower. And, of course, the cost of insurance will be less when the amount is less.

Build an asset

Term life is popular with younger families because it generally has the lowest monthly premiums. However, older people looking for a lower face value policy will generally buy a permanent policy like whole life or universal life.

This type of life insurance, in addition to providing a death benefit, can also generate cash value. Thus, it can be more than a life insurance policy, but also a savings vehicle and an asset that can be borrowed or collected if the need arises. Some retired people will even sell their best life insurance for seniors over 60 policy, before dying, to a life settlement company. They can use cash to meet their needs while still alive.

  • Best Life Insurance For Seniors Over 60 70 80 | Should i Buy?