If you’re older than 60, you shouldn’t think you’re too old to think about your and your family’s future! There are many life insurance companies that accept applications from older adults.
From 60 to 65 you can still apply for a term life policy at Haven Life. It’s an easy procedure that you can do online. Their policy costs are some of the lowest and the time to complete the application can be extended through 4 extra months, even if you submit it on your 65th birthday!
In your early 60s, you can also check State Farm’s offer. They have the possibility to convert a term life insurance policy to a whole life policy. This company’s insurance policies are even renewable until you reach 95.
Keep in mind that once you’re 70, your insurance options are reduced, but not inexistent. The life insurance costs rise when the one applying isn’t in good health or if they’re older than average. Don’t worry! There are still many options to consider.
The companies North American Company for Health and Life Insurance and Mutual of Omaha allow new applicants up to the ages of 75 and 74, respectively. Both have been rated A+ by A.M. Best, which means they are financially stable and trustworthy.
If you’ve already celebrated your 80th birthday, you still have time to get burial-only insurance in many companies, which would help your family once you’ve passed away. However, if you had an insurance policy in North American consider a rider that lets you extend the death benefit up to age 120.
Ideally, you should choose your life insurance policy before you turn 60. There are several options that allow the application of older people, but keep in mind that they’re more expensive because of it.