We don’t meet too many men over age 60 in perfect health. Most of them at least take medications for high blood pressure or cholesterol, and since we specialize in life insurance for men, many have experienced more serious health histories such as diabetes or heart disease.
Trust me… you won’t find the best deal on life insurance by going to your local State Farm or Farmers Insurance agency. You need to speak to a broker who can shop your case out amongst the companies who specialize in impaired risk underwriting.
Estate Planning – You are buying life insurance at a crucial time in your life. If you buy a short duration term policy, you may end up with a policy in your 70’s or 80’s with outrageously high premiums and increasing every year.
But if you buy a whole life or universal life policy, we also need to consider staying within your budget, as we don’t ever want to recommend an option you can’t afford. I just can’t emphasize enough the fact that you ought to discuss your goals for the insurance and your budget with a qualified agent who can recommend the most suitable product for you.
Social Security Planning
Everyone reading this post is either currently on Social Security benefits or will be within the next few years. Do you understand Social Security survivor benefits? If you’re married, how much of your income will go to your spouse? This information is stated in your annual summary of benefits mailed to you. Be sure to factor this into your life insurance needs analysis.
Life Insurance Policy Options
Once you turn 60, a lot of options disappear to seniors. For example, if you were to try to go to your local Farmers Agency, you may not have many options. You certainly would not have a 30 year term available to you, as their cutoff for 30 year term is 50 years old.
Their cutoff for 20 year term is 60 and 10 year term is 65 years old! So you can see your options would be very limited if you didn’t know the insurance market well.
We, on the other hand, can offer 30 year term policies all the way up to age 65, and 10 year term policies at a max age of 80, so you won’t have any problems choosing from a wide range of options that fit your needs if you use an independent life insurance agency.
Other Insurance Considerations Over Age 60
Once you get into your sixties, you may want to start looking at medicare supplement plans, which cover the “gaps” not provided by basic medicare when you turn 65. Since we don’t sell medicare supplement plans or advantage plans, the best place to go is to our associate, Joe D’Aura, from ClearMedicareSolutions.com. He’ll help you compare your options and also has the best article anywhere about medicare prescription drug plans. Let him know we sent you for extra special care.
How to Apply
Most of our policies require an application and medical exam (at no cost to you). We would love to speak with you and walk you through the process of getting you quotes, and helping you with an application. Call us at 877-996-9383 or get started with a quote by using our quote form to the right.