Some people believe you can’t get good life insurance policies when you’re ‘past your prime.’ There is the popular opinion that companies are just going to deny you a policy, or jack up the rates beyond your ability to pay, for example, when you’re nearing retirement.
That’s not true. It’s true in general, older applicants will pay higher rates, and this makes sense according to the risk calculations in the insurance industry. But it’s not a blanket fact you can’t get good, affordable health insurance when you’re past the age of 60. You have to have the right tools.
Too many people go looking for insurance on their own. They don’t have anybody in their corner, who can explain to them the ins and outs of the industry. Insurance companies may take advantage of these shoppers sometimes. But those who use an insurance broker can know they have researched the industry because they’ve had a professional doing the analysis for them.
This article will show you how at age 67, you can still get a great insurance policy at a price which won’t make your jaw drop. If you’re ready to get your insurance quotes, go ahead and use the form on the side.
Life Insurance Needs of 67-Year-Olds
For anyone in their 60s, life insurance looks very different than in other age groups.
At this point in your life, you either don’t have a mortgage loan, or it’s much smaller. A mortgage is the main concern when buying life insurance. If you don’t have a home loan, then you can have a smaller policy.
Are you still working? How much longer until you retire? As long as you’re working and have people relying on your income, you need coverage. As you get closer to 70, the less likely you have people who need your paycheck.
Your children are out of the house. Your spouse is getting close to retirement as well. All this means you can buy a small life insurance plan.
When adding up the numbers, don’t forget about your funeral. Yes, it’s bleak, but it’s going to happen. Do some research or call a funeral home to get an idea of how much it’s going to cost when the time comes. The average is $10,000, but getting a specific number is a better idea.
Term Life Insurance for 67-Year-Old Applicants
Here’s a starting point for shoppers who are 67 years old, and still want some kind of term life insurance policy. You can choose the term, the amount of coverage and other factors will change the prices of your policy offers. To get an idea of what’s possible, here is a simple chart:
coverage for a 67-year-old male, non-smoker, at a 10-year term, for $500,000
|Monthly Premium||Annual Cost|
coverage for a 67-year-old female, non-smoker, at a 10-year term, for $500,000
|Monthly Premium||Annual Cost|
If you use any form of tobacco, don’t even worry about looking at these numbers.
These plans are for half a million dollars in coverage, which could be more than you need.
The smaller plan you get, the less you’re going to pay. This is why you should always do the hard calculations of adding up your life insurance needs. Nobody wants to spend more on life insurance than they need.
Getting Quotes from an Independent Insurance Agent
As you can see from the rates above, every carrier is going to view 67-year-olds different. There are quite a few companies who are going to change ridiculous premiums, but how do you know you’re getting crazy high rates?
The only way you can know if you’re getting affordable coverage is to gather a bunch of quotes before picking a plan. Gathering all of those plans doesn’t have to be a 6-month long search. We don’t think you should have to do it yourself.
We tell all of our customers the same thing. Even if you don’t use our agents, using an independent insurance broker is ALWAYS the best way to buy insurance.
An insurance broker will get basic information about your specific risk factors. Then, he or she will scan the market for the carriers who can offer you the best life insurance contracts. The broker may need to know about any particular health conditions you have, drugs you are on, and other risk factors. They’ll need to know, for instance, whether you’re a smoker. With this basic lifestyle information and medical history, brokers can go out and look for the best options for you.
There are a lot of advantages to using an independent agent. First of all, you get all of the available policies at once. Think about having to call those companies yourself. That could take a while.
Another reason to use an independent agency is the professional advice and guidance you’ll receive. Unless you’re an insurance expert, you could be missing out on opportunities for quality insurance.
If you have any questions about the application process, the kind of insurance you need, or how much coverage you should buy, we would be happy to give you the resources and answers you need.
Choosing a Life Insurance Policy
For someone who is nearing retirement or past retirement, there are some particular questions to think about in terms of what you want in a life insurance policy. For example, do you need policy provisions until a certain pension payoff point, or ongoing coverage?
Either way, you can find coverage which is tailor-made for your specific needs. You can change the amount of payout money according to what kind of policy you want. Carriers even offer extremely low dollar policies which would provide for the cost of funerals and other related costs. There are top life insurance companies who offer final life insurance. Premium amounts will come down to fit your budget.
Final expenses plans are policies with face values of $25,000 or smaller. They are designed for applicants retired or close to it. This demographic no longer needs the full-sized plan. Becuase the coverage is so small, you don’t have to go through all the red tape of a normal plan.
To secure one of these burial insurance policies, the company will only need the most basic info. Name, birthday, zip code, and payment info.
Think about making an easy call to us to get the shopping process started today. With help, you can get a policy that will work for you and your family, even though you may not be as much of a ‘desired risk’ as you were when you were 30 or 40 years old. Let us help you today by getting several quotes from some of the top life insurance companies.
If you’ve believed the lies of “being too old” for insurance, let us prove you otherwise. Through our years of working in the insurance market, we’ve helped hundreds of applicants 67-years-old and older! There is never a point which you’re too old for coverage.
Call us today for a quote at 1-888-552-6159.
If you’ve been avoiding buying life insurance because it takes too long or it’s too complicated, think again. We will make it as simple as a few keystrokes and a couple minutes of your time.