Affordable Life Insurance Protection for Your Family
If you’re sixty-five years old you may be considering the purchase of a life insurance plan to provide financial security for your loved ones.
In today’s world with so much uncertainty, we’re all trying to do our best to make sure the ones we love are taken care of in case we are no longer there to provide for them.
You’ll want to consider few important things before choosing your plan.
First, why do you need life insurance and what are your options? These are just a couple of the things we will review to assist you in finding the right plan to meet your specific needs.
What is Life Insurance and How Does It Work?
Life insurance is a contract between the insurance company and the owner of the life insurance policy.
The owner agrees to pay premiums to the insurance company on a regular basis, and in return, the insurer agrees to pay out a death benefit to the beneficiary of the insurance policy, upon the death of the insured person.
What Goal Do You Want Your Life Insurance to Accomplish?
When it comes to buying a life insurance policy in your sixties, there are many reasons you may wish to get insured, including one or more of the following common reasons for 65 year olds to buy coverage:
What Types of Life Insurance are Available?
There are several types of life insurance policies you may choose from, including the three plans listed below.
These are some of the most common types of life insurance offered to people age 65 and older.
Term Life Insurance
This is temporary coverage lasting for a period of up to 30 years. Usually, someone age 65 may choose a policy "Term" of 10, 15 or 20 years depending on your health.
If you pass away during the term of your policy, the death benefit is paid out to your beneficiary. However, if you outlive your policy duration, then no benefit is paid.
Whole life usually costs up to 5-10 times more than term life insurance for the same amount of insurance protection.
Many people choose term life to provide for the following:
Whole Life Insurance
This is lifetime protection lasting as long as you live, as long as you pay your premiums on time.
Whole life pays out a death benefit upon your death, and it builds some cash value inside the policy over the years you are insured. It usually costs quite a bit more than term insurance.
Many people choose whole life insurance for the following:
Guaranteed Issue Life Insurance
This is permanent lifetime life insurance protection that offers guaranteed approval for anyone who meets the age requirement for acceptance.
For example, one highly-rated insurer offers guaranteed coverage for people ages 45 to 85.
These plans are good for seniors and anyone who has been turned down for life insurance, or has health issues.
You may be able to purchase up to $25,000 of guaranteed life insurance.
There is no health examination required and you won’t have to answer any questions about your health.
Many people choose guaranteed approval life insurance plans to pay for their final expenses, including the cost of their funeral, burial and medical bills.
What Type of Life Insurance is Right for Me?
If you need life insurance to last for a period of 20 years or less, then term life insurance offers by far the best deal.
If you have health issues or have been denied coverage by other insurers, then guaranteed issue life insurance may be a good option for you.
If you need life insurance to last your entire lifetime no matter how long you live, then permanent (whole) life insurance would be an option for you to consider.
How Much Does Life Insurance Cost?
The price you pay for life insurance is called the "Premium".
Your premium is determined by your "Rate" and the "Amount" of life insurance you need.
You may be able to select anywhere from $3,000 up to $1,000,000 or more of life insurance depending on your age and health.
Your life insurance "Rate" is determined by your health classification and other risk factors; such as, your gender, health history, occupation, hobbies, driving record, height-to-weight ratio, tobacco use and lifestyle, among other things which may impact your longevity – how long you are expected to live.
You can get a free quote for life insurance by selecting from any or all of the options listed below which meet your specific needs.
Life Insurance Quotes
Top Pick – JRC Insurance Group
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Highly Recommended – Globe Life Insurance
Get FREE Information on How $1* Can Buy Up To $100,000 Globe Life Insurance for Adults or Children
Highly Recommended – United of Omaha
United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.