What are The Best Life Insurance Options For A 60 Year Old Man?
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Expert Review Of The Best Life Insurance Options For A 60 Year Old Man
Jim Tobin, CFP®
Why you can Have confidence in this review
At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews.
Hard as it is to believe, you really are age 60. if you are like me you are wondering "how'd that happen?
Nonetheless, it did, and looking for life insurance at 60 can mean very different things to different people.
For some. life insurance at age 60 is about helping ensure that a legacy is left for their kids and grand kids. For others, it's about protecting the lifestyle of a spouse. And for still others, it's simply making sure that your loved ones are not stuck with a funeral and burial bill.
We have structured this article to answer the most common questions from 60 year old men seeking life insurance. You can easily jump around by using the quick navigation links.
Do I need life insurance at age 60?
Deciding the question "do I need life insurance at age 60?" is really all about your income, assets, obligations (current & future) and how you'd want things to go if you weren't around.
Some of the common concerns we hear are:
- Educational expenses for children and grandchildren
- Covering the outstanding mortgage ballance
- Income stream for surviving spouse's retirement years
- Funeral and Burial Expenses
Even though there are multiple programs to find the perfect amount of insurance, at the life Insurance Help Desk we recommend using a simple formula. We do this because we understand that for the vast majority of people, budget will dictate the "perfect" amount. The formula we use, L.I.F.E. can be seen here.
What kind of Life Insurance is Best at age 60?
Deciding what type of life insurance is best is really dependent on why you need or want the coverage.
If you simply want to reach retirement age with protection for family members who rely on your income, term is the right choice.
If you want to leave a financial legacy that will provide for heirs regardless of when you pass, then guaranteed universal life is probably the best deal.
If you are looking for an investment alternative, whole life or indexed universal life fits the bill.
Lastly, if you simply want to make sure your loved ones are not burdened by your burial costs, then burial insurance is the right move.
This article will focus on term and burial insurance as they are the most commonly purchased. If you'd like to learn more about whole life or GUL, just reach out.
Term Life Insurance for 60 year old men
Once you have decided that you need life insurance, and decided that term is the type that fits your need, you will probably have a few questions about pricing, companies and conditions.
Below you will see samples of pricing, a discussion about "best companies" and existing health conditions.
Are the 60 year old male life insurance Rates accurate?
Yes the rates are accurate.
The quote tool is updated regularly and the rates are legitimate. However, much like a computer program that is "garbage in> garbage out", you need to use the correct health rating.
This can be problematic as most people don't really know. This is a good reason to speak with an independent agent. Alternatively, a generally safe way to proceed is to use Standard class to price coverage and hope to be pleasantly surprised.
Sample Rates for a 60 year old man
Sample rates for male age 60 Preferred Class no tobacco use
Sample rates for male age 60 Standard Class no tobacco use
Note that the samples above were for non smokers. Tobacco use has a significant negative affect on rates. For accurate rates with tobacco use (not just smoking), use the quote tool.
As people age, some carriers show more leniency for specific conditions in which the applicant is compliant with treatment. These applicants can often be classified below "preferred" but above "standard".
This classification is known as "Standard Plus' .
Below are"Standard Plus"examples that are common:
Sample rates for men aged 60 with type 2 diabetes
Sample rates for men aged 60 with sleep apnea
Sample rates for men aged 60 20 lbs. overweight
I have existing health conditions...How Do I Decide On a Life Insurance company?
How to Navigate an existing health condition and how to pick the "best" company are intimately interminged questions.
The truth is that different carriers have different risk profiles for specific conditions.
That is to say, Lincoln Financial maybe more apt to make an offer to an applicant with a history of colon cancer than Principal. However, Principal is likely to make a better offer than Lincoln on an applicant with sleep apnea.
This is a long winded way of saying that the "best" carrier for you depends on your individual circumstance.
Provided the financial ratings are good (we only offer carriers with 'A" or better ratings), your decision will come down to the underwriting niches of a particular carrier and your policy preferences.
When we speak of policy preference, we are referring to riders and term lengths that vary from carrier to carrier.
Guaranteed Universal Life (GUL) Policy for 60 year old man
While this article is focussed on term life insurance and burial life insurance, it seems only practical to post the rates for GUL policies.
Note that these are the base policies that run to age 121 (really), if you'd like to "dial down" the age that the policy is guaranteed to you have that ability. Just give us a call to discuss your best GUL options.
GUL Rates For 60 year old Male Preferred Risk, No Tobacco
GUL Rates For 60 year old Male Standard Risk, No Tobacco
Last in this section is a quick word about underwriting of term and GUL policies. Carrier underwriting of term/gul policies can take anywhere from 1-8 weeks depending if you opt for an exam or the carrier requests an attending physician's statement from your carrier. This is important to consider if time is of the essence or you just hate needles. In either case the no exam option is the preferred route.
Burial Insurance for a 60 year old man
Burial life insurance is a whole different ball of wax than traditional term insurance (or even GUL).
These are a few of the major differences.
- Unlike term insurance burial life insurance is whole life insurance (not the cash accumulation kind). It never expires, the rates stay the same and the benefit never decreases,
- The coverage amounts are much smaller $5000-$30000
- The health underwriting is very lenient
- The underwriting categories are:
- Level- Full benefit with no waiting period
- Graded/Modified- graded benefit payout eligibility over 1-3 years
- Guaranteed- benefit limited to premiums paid plus interest until 3 years have elapsed.
- Policies are often in force the same day as applied
- Most burial carriers do not operate in all states
What does burial insurance cost?
Burial insurance is considerably more expensive per benefit dollar than term insurance. This is for two reasons:
- Lenient health underwriting
- Policies that don't expire
Even though these policies are expensive on a per benefit basis, they may still make sense. They can be written for small amounts which keeps the out of pocket cost low and they ease the mind of burdening loved ones with your final expenses.
Sample Burial life Insurance Rates for a 60 year old man
Is there a "best" burial carrier?
Much like term insurance, it will depend on your situation. The rates tend to be comparable. So, the big issue will be how do they treat any condition you have and do they do business in your state.
In all but the most severe health cases, you can usually find level coverage with the help of an experienced independent agent.
All term and burial policies have a suicide exclusion clause. Most states still use the 2 year exclusion, However, some states have gone to 1 year.
Why Use The Life Insurance Help Desk?
You have lots of choices when it comes to how you buy your life insurance policy.
That said, the only way to get access to 50+ carriers and an experienced agent is to use an independent agency. While the reasons are many, it basically comes down to choice.
With a "captive" agent who works for one company or worse a direct purchase through the carrier, you never get to see the competition, and the agent is incentivized to "make it fit" with his company.
The big national brokers are better, but they limit their carriers in order to increase leverage in commission negotiations. Moreover they turn over their staff at an astonishing rate. Its difficult to speak with an experienced agent when they come and go so fast.
At the Life Insurance Help Desk we are committed to a transparent process that services clients for the length of the policy. This is a career for us not just a job.
So, with that said , we hope you fill ot a quote form or give us a call. We'd like to thank you for using the Life Insurance Help Desk to shop for life insurance for men aged 60.
Bonus: The most common mistakes people make buying life insurance and how to avoid them