Getting life insurance at age 60 is certainly possible, but it can also be more difficult and expensive than it is for younger people. Here are some things to consider when looking into getting a life insurance policy after the age of 60:
- Health Status - Age is just one factor that life insurers look at when assessing an individual’s risk and rates for coverage. They will also consider health history, overall lifestyle, and other factors that can affect their assessment.
- Coverages Available – The types of policies available will likely be limited to Term and Whole Life insurance options, as most other policies may have shorter maximum term lengths or higher premiums associated with them for older applicants.
- Premiums – Generally speaking, premiums will be higher for those applying for life insurance in their sixties than they would be for younger applicants due to the greater likelihood of death during the policy’s duration. However, if you’re in good overall health, you may find some reasonable rates depending on the company you choose to go with.
Overall, getting life insurance after age 60 is very possible—it just requires more research and patience in order to get the best deal available.