Life insurance can provide value for anyone, regardless of their age. Don’t think that even though you’ve retired, or are about to retire, that you no longer need life insurance. Although it is more difficult to obtain life insurance at age sixty seven, it is still very possible.
The goals of someone at this age are likely very different though so it is likely that they will want to steer towards certain types of insurance and away from others. Regardless, there are multiple factors that must be considered before settling on any one type of insurance.
What do you need?
As a sixty seven year old retirement has early come or is rapidly approaching. You are most likely an empty nester and your family is largely independent of you. If nobody relies on your annual salary, do you still need life insurance? There are several reasons that people well into their 60’s shop for life insurance every day.
Even at this age, you could leave a lot of debt to your children. All of this debt would be given to your loved ones. If your old life insurance policy has expired, but your debts haven’t, it’s a great idea to apply for a new plan that would cover all of the final expenses.
However, caring for your family is probably still a high priority regardless of how dependent they are on you. Knowing that your family will be well taken care of in your absence is a feeling that cannot be replaced by any amount of money.
Many people want to leave behind a wonderful legacy. In most cases this is a large sum of money that they have been working on building for years, but after you pass away, that heritage could get eaten alive by taxes and fees. Life insurance will counteract those taxes and ensure that your family gets the full legacy that you wanted to leave them.
What are the going rates for a 67 year old?
Insurance companies have a complex algorithm that they use in order to determine what your rates will be. Your health today is not the only factor, and just because you consider yourself healthy does not necessarily mean that a life insurance company will do the same.
However, if you are indeed healthy, you will want to go for the Preferred Plus policy. This not only provides quality coverage but it will do so at an affordable rate.
Here are some sample quotes for a $250,000 policy at the Preferred rating:
| Sex | 10 Year | 20 Year | 30 Year |
|---|---|---|---|
| Male | $160.16/month | $224.66/month | $336.66/month |
| Female | $93.19/month | $129.14/month | $222.25 |
At age sixty seven you hopefully have no medical ailments, but age this can change very quickly. It is always better to be safe than sorry and secure life insurance now while you are in good health and mind. .
What Type of Insurance Does a 67 Year Old Need?
There are several kinds of life insurance, but for a 67-year-old, most of them aren’t good options. Although it is certainly true that your rates will increase with age, people over 60 can still find affordable rates despite having waited so long.
When you’re deciding which type, you need to look at your debts, your life span, and much more. If you need help making this decision, you should get advice from an insurance expert. If you have any questions, don’t hesitate to give us a call.
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What is Term Life Insurance?
Term life insurance is appealing for many ages whether that be in your 50’s or 60’s, but particularly for someone at age sixty seven. Not only is it one of the most affordable type of insurance, but it is best suited for someone of the age because a sixty seven year old most likely does not need insurance for much longer than the shortest term that is available.
Term life insurance is offered for several different spans of time that could very well cover a 67 year old until death. If you have special conditions, or you just need someone who can help you navigate through the different types of policies, an experienced life insurance agent can help you do so. A knowledgeable agent can guide you to the perfect policy to fit your needs.
Term life insurance comes in a variety of lengths. Deciding how long of a term you want to buy depends on your health and how long you expect to live (hopefully, another 30 years), but the length has a significant impact on premiums. With term policies, it’s a good idea to buy a little longer than you think, because if you have to purchase another policy after this one expires you’ll have to reapply for coverage, at that point your insurance premiums are going to be MUCH more expensive.
Many applicants are surprised by their premiums, even at age 67. The best way to get the lowest rates available is to receive quotes from some of the best insurance companies before you decide which plan works best for you. Getting all of these quotes can take hours on the phone calling companies and answering the same questions over and over.
Even if you have high risk health conditions, there are still several life insurance options. Many people with any pre-existing conditions assume that they can’t get approved for a life insurance policy. This isn’t true, there are several insurance agencies that work with high-risk patients or types of policies.
Regardless of your age, one of the best investments to make for your family. Don’t want any longer to get the coverage and peace of mind that you and your family deserve.
Source: goodfinancialcents.com