The answer would be a 10 year term life insurance policy that should meet most of your needs and cover the reasons why you want to get some life insurance.
As you well know by now, life insurance does get more expensive the older you become, but even in your sixties you can still find term life policies that you can afford.
Just to give you an idea of how affordable a 10 year term policy can be, I’ve provided a few samples to give you an idea of how much your monthly premium would cost for someone in their 60’s. These rates are for someone does not smoke and is in reasonably good health.
|$100,000 Term Life Insurance Quotes for Ages 60 – 69|
|Age||10 Year Term (Monthly)|
|60 Year Old Man||$29.00|
|65 Year Old Man||$53.41|
|69 Year Old Man||$82.25|
(Disclaimer – These rates are effective as of January 15, 2013)
You can see from the rate differential between someone who has just turned 60 compared to someone who has just turned 69 that there is a fairly significant variance between what you would pay for a monthly premium.
So, if you are in your sixties and coming close to another birthday, don’t delay in getting your 10 year term policy because it will cost you more when you have that birthday.
Why a 10 Year Term Life Policy?
Most people in their sixties are getting close to retirement age. You may not be there yet, and perhaps you plan to work even up to age 70 or even beyond. In any event, you still want to make sure your loved ones have that financial security blanket in case something happens before you retire.
If a serious life threatening illness, or even were you to die unexpectedly, your family will need that extra protection to get through the difficult times.
Another reason why a 10 year term life policy is the best way to go is simply because term life insurance is the cheapest to buy and the easiest to get. The other main thing to keep in mind is that the monthly premium the company charges you will remain the same during the life of the term so you can budget accordingly.
Finally, you should also know that the death benefit that your beneficiary receives will be tax deferred so the money can be used any way they need to use the death benefits.
Reasons to Buy a 10 Term Life Insurance Policy for Someone in Their 60’s
The reasons why you will want a 10 year term policy will vary from person to person, but most people who are looking to buy term insurance do so for income replacement. If you need to consider estate taxes, estate planning or setting up a trust you might be better off to look at buying a whole life or universal life insurance policy…….continue page 2……