Purchasing life insurance is the only way to support your belongings or beloved ones financially, after your death. However, if you somehow miss purchasing life insurance at an early age, what will you do now, especially when you are 60?
At that time, a question may arise in your mind about whether you can purchase life insurance for a 60-year-old. If so, how much does life insurance cost for a 60 year old?
Well, it is possible to purchase life insurance even after 60 years old, and the costs will depend on factors like age, gender, smoking status, etc. In general, a 60 aged male may have to pay $97 for a 20-year term plan with $100,000 death benefits, while a female has to pay $64 for the same plan.
To explore more in-depth information in this regard, keep reading the entire context.
Can A 60 Years Old Really Get Life Insurance?
Why not! Age doesn’t impact approval for purchasing life insurance. Actually, people of all ages can purchase life insurance. So, whatever your age is, you will qualify for the life insurance policy.
However, the insurance coverage and premium will depend on several factors besides your age. Your health condition, lifestyle, hobbies, and occupation are also considered when you purchase a life insurance policy.
Typically, the life insurance rate will grow depending on the insured’s age. For that, the senior life insurance rates will differ from the younger ones. So, it is ideal to purchase life insurance when anyone realizes that he is capable of bearing monthly premiums. If you buy life insurance earlier, you will get your desired policy at significantly lower rates.
It doesn’t mean you can’t purchase life insurance after 60 years. You can still qualify for life insurance even after you are 60 years old, but in that case, you may have to pay higher rates. To get an overall idea about insurance rates, check out the section below.
How Much Does Life Insurance Cost For a 60-Year Old?
As we said earlier, life insurance costs depend on several factors, including the insurer’s age. So, it isn’t easy to assume how much life insurance costs for a 60-year-old person. Since life insurance costs grow according to age, it is obvious that 60-year-old insurers may have to pay a higher cost.
However, a 60-year-old healthy and a non-smoking male insurer may pay $97 for a 20-year term policy. For this policy, the insurer’s belongings will get around $100,000 in benefits after the insurer’s death. When a 69-year-old healthy man purchases the same policy, the cost may be $260.
On the other hand, a 60-year-old healthy female insurer may have to pay $64 a month for the same policy. When the woman turns 69, the same coverage may cost around $177.
However, the costs for both male and female insurers can be varied depending on the factors discussed in the section below.
What Factors Affect the Cost Of Life Insurance?
Life insurance costs actually vary from insurer to insurer. The main reason for such variation is some crucial factors that determine how much your life insurance will be. For your convenience, we have briefly talked about these factors so that you get an idea about the cost of your life insurance.
It is obvious to all people that life expectancy decreases as age increases. For that, older insurers may cost a high premium for life insurance. The premium cost will increase by 8-10% yearly if you delay purchasing coverage. So, the younger you are, the less premium you pay for life insurance.
According to CDC research, women usually live longer than men. For instance, men in Canada live an average of 82 years, while women live an average of 84 years. That’s why insurance companies offer lower premium rates for women insurers. This is because women will get a longer time to pay premiums than men insurers.
When purchasing life insurance, insurers have to undergo a medical assessment. This assessment will examine your health to check whether you have any serious illnesses, such as diseases of the heart, kidney, or cancer.
These diseases will decrease your life expectancy, causing a higher premium rate for life insurance. Sometimes, you may be required to submit your family members’ health reports to check whether you have any hereditary diseases.
Smoking Or Vaping
Smoking or vaping causes a higher risk for people, decreasing life expectancy. This is because smoking can cause different fatal diseases to your health, including cancer.
Since smoking lessens life expectancy, you may need to pay a higher cost for life insurance. However, if you haven’t smoked for at least 12 months, you will be considered a non-smoker.
Lifestyle And Occupation
If you are involved in any risky occupations, such as motorsports or skydiving, you may have to pay a high premium for your life insurance. These occupations are quite risky for anyone, even causing death sometimes. For that, insurance companies charge higher premium rates from insurers related to high-risk activities.
Type Of Policy
Life insurance types also impacts the cost of the policy. In general, two types of life insurance are available: term life and whole life insurance. Term life insurance is inexpensive and offers longer years of coverage, unlike whole life insurance. In contrast, whole life insurance requires you to pay premiums as long as you live, as the policy has no expiration date.
Coverage amount is the benefits your belongings will get after your death. This amount usually depends on how much premium you pay each month. So, if you pay a higher premium, your coverage amount will be higher. In that case, high coverage amounts sometimes put insurers at a higher risk, especially when purchasing life insurance at an older age.
Should You Purchase Life Insurance At Age 60?
No matter if you are 60 years old, you should purchase life insurance. This will protect your family and belongings financially in your absence. Below, we have outlined some advantages of purchasing life insurance.
Support Your Family
In some cases, you might be responsible for caring for your family, even after 60 years of age. For that, if you die suddenly without life insurance, your family will face deep trouble. You may not want your family to face such problems. In that case, if you have life insurance, your family members will get support financially after your death.
Leave A Financial Legacy
Everyone wants to leave something for the children to start a business or invest somewhere, and you may not be exceptional. In that case, if you have life insurance, the coverage money will support your children financially to succeed in their desired plan. That money will help your children fulfill their dreams without your presence.
Pay Off Final Expenses
Death is always painful, so when you die, your family will have to undergo emotional situations. The situation will worsen when they have to pay off your final expenses, especially in your absence. In such situations, your life insurance will help to bear your funeral and burial expenses to ease your family.
Frequently Asked Questions
People of all ages have different questions about life insurance. For that, here we have replied to some frequently asked queries about life insurance.
Is Purchasing Life Insurance Worth At 60 Years Old?
Purchasing life insurance at any age is absolutely worth it. People of all ages should buy life insurance to support their families, pay off final expenses, and pay left debts.
Which Type Of Life Insurance Is Good For Seniors?
In general, it won’t be easy to choose any particular life insurance for seniors. Depending on the age and health condition, life insurance types can be varied. However, compared to cost, term life insurance will be the cheapest and best option for seniors.
Is Life Insurance A Scam?
Life insurance is a financial relationship between an insurer and an insurance company. In this relationship, the insurance company gives the insurance coverage money to the insurer’s belongings after his death. But some companies try to sell life insurance fraudulently, which is a scam.
No matter if you are 60 years old, you still have a long time in your life to go ahead. For that, it is crucial to think about your belongings or family; what will happen in your absence.
In that case, purchasing life insurance will be a good choice to support your belongings financially after your death. However, most seniors are confused about: how much does life insurance cost for a 60 year old?
After reading the entire context, we hope you may gather all the information in this regard. While purchasing life insurance, you should consider the factors discussed above that impact your insurance cost.