Life Insurance Over 60

Individuals should always buy insurance based on their need. If you are over 60 and you have identified a particular insurance need, you can buy term life insurance but premiums will be higher than if you were younger.

If you have some health issues, don’t automatically assume you’re uninsurable. Over the past 20 years due to high tech medical advancements, life threatening illnesses are rated differently. In the past you would be uninsurable until after you survived at least 10 years. Now if you are treated and your prognosis is good a year later, insurers will cover you. For example; a man over 60 is eligible to be insured even with cardiovascular disease at or near the standard rate six to twelve months after a mild heart attack or angioplasty with no subsequent heart attack. However, you probably will not be able to obtain coverage if you have had a severe heart attack.

If you are in good health, with none of the so-called “bad health habits” you will find companies competing for your business. If there are some health risks, you still can buy a twenty year term, fixed-premium policy with a $500,000 death benefit for about $6,500 a year.

On Line Brokers

Online brokers are a valuable source for finding just the right insurance at the right price. They have ties to many insurers to name a few; Accuquote.com, Selectquote.com, and FindMyInsurance.com who will let you search for quotes on term life policies. Another that can connect you with term as well as permanent life is LifeInsure.com. Keep in mind quotes from Internet brokers are estimates and the premiums can’t be determined until after a detailed application and medical examination.

State laws require at least a telephone contact with a licensed insurance agent. Be sure the agent knows the underwriting quirks of various insurers. Each insurance company sets its own criteria for rate classes, so some will set higher or lower premiums based on cholesterol levels or whether one of your parents or siblings was ever diagnosed with cancer before age 60, and so on.

Improve Your Health Habits

Whatever your health, get a complete physical and make sure you get in shape before you apply for insurance so that you won’t be hit with an unpleasant surprised. To enjoy a productive life as well as qualifying for insurance do whatever your doctor recommends and get your stats in line. Get serious about your health and move up to a better risk class. If you are overweight, shed the extra pounds, if you smoke cigarettes, quit, and if you have high blood pressure or high cholesterol, get it under control. Develop faithful habits by taking your medicine or what ever is prescribed to bring these potential “health bombs” down to normal levels. By improving your health and keeping risks at normal levels you can change from uninsurable to insurable and reduce your premiums drastically.