Blog How to Estimate Life Insurance Needs at Age 60

How to Estimate Life Insurance Needs at Age 60

October 28, 2019 · Personal Lines

As you get older, you may not see life insurance as a necessary investment. Yet, imagine what may happen after you die. Do your loved ones stand to inherit a lot of debt?

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Perhaps they will pay out of pocket for your end-of-life expenses. It is possible today that you will live for 30 or more years. Buying life insurance at 60 can still be a wise investment. Here is what you need to consider.

Take Into Consideration All of Your Needs

Most importantly, know what you wish to accomplish with your life insurance purchase:

  • Do you want to cover end-of-life expenses, such as your final resting place and funeral costs?
  • Do you want to leave money behind for a specific person or charity?
  • Do you want to ensure your spouse has financial support for a few years after your death?

At this age, it is still possible to purchase some forms of life insurance. Even if you are older, you may still be able to work with your agent to make a wise decision for your needs. You are almost sure to pay a bit more for this insurance than if you were to purchase that policy just a few years prior. However, it may not be as expensive as you think.

Final Expense Insurance

One type of plan you may easily qualify for is final expense life insurance. This policy pays out a minimal amount. Most often, it is around $10,000 or less. (Some flexibility exists here).

The goal of the policy is to cover your final needs. It may help pay for funeral costs, burial costs and any costs related to your health care at that point. It tends to be a policy that offers straightforward coverage for the rest of your life.

Buying a Term Life Insurance Policy

While a whole life insurance policy is not usually available to those over the age of 60, some term plans are. These provide coverage for a period of several years.

Buying them as early as possible is best, however. It usually helps keep your costs down. Keep in mind that term life insurance is flexible. The person you name as your beneficiary can use the funds as they would like. This can give you more ability to leave behind a significant amount of money to a loved one.

Consider the options for life insurance at age 60. The options available may surprise you. Work closely with your insurance agent at 888-513-8784 to make sure you always get the coverage you need.