Not so long ago, the average person did not live into their 60’s. Because of this, many life insurance companies did not even offers special cover for those looking for insurance past the age of 59.
Lifestyle changes and advances in medicine have now made it the norm for people to live well into their 70’s and 80’s, opening up a new niche for life insurance. Today, middle age is no longer considered 30. In fact, some will say middle age does not even begin until you turn 50!
For this reason, many people do not even bother to obtain life insurance cover until they turn 60 because it enables them to save over 20 years worth of premiums. Being financially savvy, however, they are still looking for attractive premiums that will offer them the cover they need at a reasonable price.
Times Change And So Do Policies
Go back as little as ten years ago and over 60s life insurance was considered a risky market and the premiums reflected this risk. Because people are living longer, insurance companies are now able to offer policies at much friendlier rates. The policies are developed for people in this age bracket and some policies even offer guaranteed acceptance. This means no medical underwriting is required, which makes this type of policy very attractive.
While there is no medical exam for many of these policies, things such as gender, age, and smoking status will affect the price of the premium. If you are not yet ready to purchase but just shopping for options and are a smoker, it would be a good idea to quit now. The difference in price between smokers and non-smokers can be significant, and you only need to have quit a year prior to qualify as a non-smoker.
The policy will pay out one lump sum in the event the covered dies, with exceptions. Each policy will have its own terms in regard to delayed coverage or death events that are not coverable, such as a suicide or drug and alcohol abuse. It is important to budget out future expenses and income of the beneficiaries when deciding on the exact amount of the policy.
Leaving a Financial Legacy for Your Loved Ones
People are having children much later in life these days. While you may have had your children in your 20s, they could be in their 40s and just beginning to start their own family. If this is the case, you may want to make sure the grandchildren are taken care of in the event of your death.
This will help take the pressure off your children and allow them to set up their own future knowing the future of their children has already been provided for by your insurance policy.
Something else to consider is the cost of your estate settlement. It is common for the children to handle this for their parents but sometimes settlement costs exceed the actual value of the estate. If this is the case, it will actually cost your beneficiaries money out of their own pocket to settle your estate. An over 60s life insurance policy can put your mind at ease that all costs of the estate and burial will now be taken care of with your policy.
Over 60s Life Cover Caveats
While insurance coverage is recommended for everyone, there are always some stipulations of which you need to be aware of before signing and contact. For instance, many of these policies will require a no payout term that must pass before any benefits will be paid.
This is common; you just need to be aware of the specific term of the policy. However, it should be noted that if a death were to occur during this time, most companies will offer to refund the premiums paid during this period.
The policy is contracted to last for the full term but if payments are missed, coverage will cease. This means that all premiums to that point as well as expected benefits will be forfeited. Depending upon how much time has passed since the initial coverage was secured, you may find that premiums will have escalated considerably for new coverage.
If for any reason you think that you cannot make a payment, we strongly recommend you contact the insurance company to try to make suitable arrangements.
Compare Life Insurance Over 60s Premiums to Save Money
Claybrooke wants you to find the best policy as well as the best rates. You can use our comparison tool to shop around for the best prices and then give one of our insurance experts a call to help lock in the best policy for you. We realise that budgets can become very tight as one gets older, which is why we have a team here to help you make your decision.
At Claybrooke we will not force you to buy a policy or try to point you to one company over another. Our goal is simply to get the most affordable coverage that satisfies your beneficiaries’ future financial needs.
Claybrooke Life Insurance Is Here To Help You
Today, virtually everyone is computer oriented when it comes to shopping around for just about anything, including insurance. However, we recognise that people is their 60s and beyond many not like to use computers to secure their insurance. This is why we provide live customer service to our clients to finalise or compare policies.
Our customer service team is here every weekday as well as Saturday. If no one is available when you call, simply leave a message and one of our experts will call you back as soon as they are available.
If you are making an enquiry when our offices are closed, you may also want to have one of your children or grandchildren give you a hand. Rest assured, our initial request form will require very little personal information, so you do not have to worry about sharing personal information you would like to keep to yourself. Once we receive the form, we will respond with a quote and then you can contact us during normal business hours.
When that 60th birthday arrives, you no longer have to worry about not being able to qualify for life insurance cover. Claybrooke makes it simple to both apply and secure coverage for anyone over 60. Use our comparison tools to find the best policy for you and then give us a call to secure your policy to provide peace of mind and financial security for your loved ones.