Can you get life insurance at 60 Years old? Whether you are male or female, smoker or not, you can get insured at sixty with many companies.
You are most likely reading this because you think life insurance is important for yourself for your loved ones. A lot of people arrive at this conclusion because they have witnessed and experienced losing somebody they love. It's hard to reach the age of sixty without having gone to a few funerals.
And you either will experience a once a pleasant experience at a funeral but you'll experience it if you're closely connected to where things are taken care of life as easy as easy as it could be with a deceased loved one you've got a life insurance plan, taking care of the replacing the income, those kind of things, or you've experienced what it's like to have no life insurance, how people literally have to do car washes or do GoFundMe accounts, or do pass the plate around at church to do anything possible to overcome the lack of funds to carry on and that's just covering the funeral, not to mention the income replacement the change in lifestyle. Most likely you've experienced it firsthand or you've known someone who has, and this is a motivation to find life insurance now at this point in your life to get peace of mind so you don't have to go through, or your loved ones your loved ones go through these kind of same experiences you don't want them to. And naturally, because of this you want the best life insurance. You don't want a third rate, low quality life insurance that plays games that does things that you don't necessarily appreciate or want to happen. So it's important to get the best hopefully you understand that we certainly don't want anything less than the best when it comes to our loved ones in life insurance is an act of love. We want the best for the people we love so why not look for the best life insurance so here's the thing best is a subjective term, when it comes to life insurance. Best can mean different things to different people, what ultimately matters, the core question at hand is what is best for you.
What we want to accomplish when buying life insurance if you're a senior over 60 is finding the appropriate policy that matches everything that's important, your budget that qualifies you fits your health situation. It provides the coverage you need and whatever time horizon you need it.
You need to work at finding a plan that does exactly that, because that, by definition is what's best for you. The problem is, is there's a lot of plans that are not going to be the best for you. While you may be able to qualify for them they may only last for a short period of time, when you need it forever until you die for example.
So best is something that ultimately is going to be answered through the process of this presentation I'm going to show you a lot of different options a lot of different life insurance plans at different rates. So the question "can you get life insurance at 60" can be answered through this process of learning.
The question I asked everybody I speak over the phone with when they call me wanting to buy a policy what do your want your life insurance policy to accomplish? This is the starting point of figuring out what kind of plan out there is best for you. You really need to think hard and deep about this. If all you need is enough to cover a burial. Then all you need is enough to cover burial. However, if you want to leave a substantial sum of money to people you love. Maybe you're replacing an income. Maybe you're afraid that if your spouse passes away that loss of income, whether it's social security or earnings or work or even both are gonna have to be supplemented and even replaced. Otherwise, your life will change in a dramatic fashion if that worries you to death. Then, now you've got a better idea of where to go and how much coverage to get. So these are the kind of questions hopefully you can see where I'm coming from that you need to answer that will better help you determine what is the best for you. And again, bottom line here. can't state it enough, the best life insurance policy for seniors over 60 matches their individual goals, and by definition individual unique your goals may be different from others. It's why I don't recommend a plan as a one size fits all solution. We need to talk to you. You need to talk to your loved ones you need to sit down and really think about what is the best for you. That's where sometimes people approach me, so I offer the services I do to help talk out these questions that they have to guide them in a direction that answers that question What is the best for them. Sometimes an agent can definitely help you in that regard.
So again, we go back here a little bit. There's different life insurance types for different life insurance goals or different goals financially. So it's important that we take a look at the options, and then deconstruct them, so you can better understand when you're looking at a term insurance versus a whole life or universal life plan. What plans would be better suited for the kind of goals that you're going to accomplish so let's begin. Okay, so there's three different types of life insurance available. These are kind of overall rules and there's different variations with these plans. So, you know, just take this as a general guide to helping you understand the basic functioning of the three different kinds of life insurance that are available to people over 60. Now I'm not here, on a crusade to tell you that this kind of plan is a bad one or that one is bad, and it's always bad no matter the circumstance that's foolish coming in one size fits all does not help the vast majority of the people. My approach to this is that something is better than nothing life insurance purchased is better than that, that may not be the best plan is better than no life insurance purchased at all. Too many people bought die without coverage with, even if they had the wrong insurance and it's a lot better than none, and no widow, is going to turn down a plan that wasn't necessarily the best either. So where I'm going with this is that I don't approach the life insurance game, or the life insurance, decision making process on which one works best. As a all these plans are bad and this is the only one that is even sensible that's foolish. So, again, the goal is to figure out. Again, this is it comes back to you, the client. You have to figure out what matters to you, what you're going to accomplish what's important for you to accomplish and why a life insurance policy can cover those things that need to be covered. So it is a personal decision. It's not something that even me as an agent can tell you is better than the other. We can certainly guide you and influence you and show you the facts. But the facts are what allow you to make the decision is what is best for you. So, again, the last thing you want to do is buy life insurance does not match up with your goals. There are so many circumstances to where people buy a policy, and they're told it works a certain way or they're not told it works. Another way, and they think they've got a good life insurance plan until they reach a point later in life where they're older their health is not as good, and they get that dreaded rate increase that they'd never seen through those years, even decades of religiously and beautifully paying the premiums, and now they're on a fixed income. Now they're in a position where they can't afford this and now they've got to ask themselves how can I keep this policy going when the price is substantially increasing by leaps and bounds and will continue to each and every year. This is a position that you do not want to be in. It is a position that is full of stress and duress. And it causes all sorts of problems, when you least need them happen so let's take some time to talk about these options. So you can decide what works best. So let's first talk with term life insurance for seniors who are over 60 years old so Tom insurance is what I would consider the most recognizable most popular well known type of life insurance product on the market. Most of the time when you see the gurus on TV or on radio, that are financial gurus and they're talking about life insurance they're usually going to recommend across the board, regardless of situation to buy term life insurance. Of course you may be thinking, Okay, there's different life insurance but term is not the only one well how does Term Life Insurance work. So let's take a look at a basic understanding of term life insurance so term insurance, simply provides a set level of coverage in most circumstances, usually it's the same amount of coverage. It doesn't decrease it used to decrease for a lot of plans but now that usually most of them stay the same throughout a set number of years before either a canceling outright or be increasing substantially in price. So, in a sense, what one can do to recognize and remember what term means is term is terminating coverage, meaning that in a future period of time, your term determinant.
So let's talk about the pros as well as the cons of a term insurance plan. I think term is going to be the best recognized by clients such as yourself as being at the least expensive when it comes to premiums. It gives you the best bang for your buck.
Just keep in mind that you must take into consideration the length of time the term is enforced, meaning the amount of time you are covered before it cancels or goes up in price. That's right, term plans have a termination date, which means you are no longer protected the day after it expires.
Also, many of the term plans for those over fifty have terms that allow them to increase youyou're going to get more coverage for every dollar of premium. You put into the plan. Generally speaking, that's why you usually see term insurance used for cover to cover larger debts. Say you have 100 or $200,000 mortgage. Most of the time those debts are covered by a temporary plan, because a mortgage is a temporary obligation. In most cases, most people who have a mortgage are going to live long enough to make sure that it's paid off. And so term insurance covers for that period of time in which, maybe you don't live long enough to pay it off and so you need a death benefit to cover it at the point in which, If you died on timely before that debt is paid you also see term insurance commonly used as an income replacement tool. There is a saying that is a prominent that grew in prominence in the 60s 70s and 80s called buy term and invest the difference. The concept was for a younger man or woman who was working in the 30s or 40s and 50s to buy a term insurance policy just for the death benefit protection and income replacement that one would get if someone died earlier than retirement age, and the concept was to take the difference and set a certain amount aside into a mutual fund or some sort of investment on a monthly basis, and over that 20 or 30 year period of time, you would ultimately get to the point where you would have a lump sum of retirement that you had by investing monthly in a mutual fund that so much that you were self insured you didn't need to have term insurance and though even though it fell off and it canceled. Say you bought it at 35 and you retired at 65, you don't need the term anymore because you've had 30 years of exponential growth buoyed by you know the consistent level of stock market growth, at least this was the theory on paper. So term insurance is used for temporary situations like if you die before you pay all those zeros into your investment plan to retire from the other thing about term insurance is. While it is a less expensive plan, some term insurance options do provide a conversion option conversion options is simply a portion of the life insurance contract that says, at any time up to x date, you can take this plan and then turn a portion or all of it into a whole life, or a permanent plan that doesn't cancel because of age or health. So, this is a way to get coverage cheaply for some people, but then work on turning it over to whole life as they begin to approach that conversion drop off age what that age is depends on the product that you use some are with for the entirety of the product there's a really good conversion option some cut you short, you may get a term insurance plan at 65 that lasts till 75 but you have to convert at age 70 or earlier otherwise you lose that option. there's some plans that are designed like that, again, it's a good option to have, because it allows you kind of the best of both worlds if you can't decide between term and whole life, as long as you take advantage of that option prior to its expiration. So let's talk about the cons of term life insurance for seniors over 60 so here's the big one, this is the this is the conceptual foundation here.
What if you outlive your term insurance. What if you have a plan that doesn't convert. Better yet, what if you do have a plan that converts. And when you're 65, you get it to 80. And you converted at 80, who's to say. You can even pay for it at that point because they convert at the age in which you are when the quest conversion option, it'll be extremely more expensive for whole life or permanent at at than 65. So a lot of people just don't have enough coverage and they outlive it. But one of the startling facts about term insurance is that 97 might even 98% of term insurance policies never pay out. They just lapse or go away or they're, they cancel because they're outlived. And so, again, I'm not criticizing term insurance as being bad, but what I'm asking you, the viewer or the reader here is to consider the nature of the obligations that you have. Are your obligations something that you will outlive are your financial goals something that you'll outlive. Case in point, what if you are looking just for a policy. If you're a senior over like over 60 looking for life insurance, just pay for a funeral. 10 or $15,000 tops really is all you need. But we know we're gonna die, and we're gonna die at any time, right, it could happen tomorrow today, next second can happen in 20 3040 years. It is a guarantee that you will incur this expense. So in no circumstances are you ever gonna outlive that expense and is a plan like term insurance appropriate considering the nature of a expense that's guaranteed. So therefore, these are the questions where you look at the products. Look at your situation and then ask yourself, is a term plan appropriate for a permanent problem. That's something got to ask on your own.
Another con of term insurance for a 60 year old is that the underwriting tends to be a little bit more tougher for seniors. I've got a lady. She's got 150,000 that's got $250,000 of coverage she applied for four years ago, three years ago so I'm like that. She was 63 she got preferred pricing. She was an excellent health no medications taken, she wonder when a physical did everything necessary, which we'll talk about later which isn't necessarily something required so just bear with me here for the case of sake of example, you can qualify for competitive premiums, but as you get older, and as your health elements, increase as does with most people as they age. Even an even a term insurance plan can be difficult, or price wise, not something you necessarily can can qualify for at the kind of rates that you may have seen. One of the most common ways that that agents. Try to bait people in is with showing prefer plus rates, those aren't always necessarily the coverage amounts that you can qualify for.
So it's important to understand that it tends to be tougher, although not impossible, again it just depends on the individual their health. So you know again one of the most important things about insurance is actually getting the insurance. When we just see a price it's just a price, it's not it's nothing substantive until the policy has been approved at that price or something. So the thing you have to important focus, focus your attention on is not the price as much as, can I qualify that price and actually can I qualify period. So these are the things you got to understand and yes it is more difficult.
As you get older, incur issues, and some days you may not even be able to qualify for it it's a term is completely off the table. That was talking about universal life insurance options for seniors over 60. So, let me define universal life. It's kind of an interesting product that is helpful in some circumstances Universal Life is essentially it's known as flexible premium life insurance. Also I've seen adjustable premium life insurance the concept of Universal Life is that it is a permanent product, so it will last a set number of years. I can last until 120 years old so basically forever, it can last 20 years that's usually what we see. And we're anywhere in between. and you have the capability to adjust the premiums to what you're comfortable paying. So, years ago This product was sold because as a as a interesting option for life insurance coverage because the idea was well you know whole life is we'll learn the premiums are contractually fixed you cannot alter them downward, or upward. And so, but reality of life is that people lose their jobs and there's times in between that they may not be able to make those payments. So what if we could design a life insurance product that can adjust the premiums either way. So it allows for life insurance to be had on more flexible basis so there's some neat aspects to this particular problem. So, so yeah, appropriately design. Universal Life can provide substantial coverage over a predetermined time. I commonly use a universal life plan that has a rider attached to it which means another line in the contract that states that the premium cannot be adjusted upwards under normal guidelines. So, where I can, I just had a case of a couple of 272 year old people in perfect shape, and we applied for an insurance plan through Universal Life product, where the premiums could never go up. So they were fixed in place as long as the client paid that premium will never increase in price. And at will, no matter what the circumstances are as long as that premium was paid the policy could not lapse. And they were covered up to age 120, so it was a great final expense type of solution with permanent protection right they pay the same premium, no matter how long they live as long as they pay that premium the policy cannot lapse. So it allows for maximum final expense coverage. I love that product it's great it's perfect for that kind of situation. And so, what you can do is in that situation, because their health is really good and they could qualify for. I could get them more coverage with a what's called a new lapse universal life or guaranteed Universal Life product than I could with a traditional whole life plan. So it just if you compare dollar for dollar I could get the more final expense life insurance so in that circumstance. It was more sensible to go that route considering what they informed me as their goals I wanted to make sure there was money for burial, and then some leftover money for income replacement. And so they just got as much as they could, for what they could afford. So let's talk about the cons because there's definitely some cons with these plans and it all depends upon how it was proper how it was designed. Now a lot of people who own Universal Life plans that are not listening to this might be pulling their hair out thinking, why are you Dave, calling out Universal Life plans or garbage or junk. Well, a lot of plans that were designed. Back in the 90s and 80s were inappropriately designed a lot of agents came into the business to, you may be one of these people who have one of these plans in fact the person I was just talking about had one of these universal life plans she had an adjustable premium life insurance. They were sold, where the premiums were so low, and they were designed to be low, that they showed that under a, it's kind of complex I'll try not to get too, in the weeds here, but the way Universal Life policies are designed is that back in the 80s interest rates were a lot higher if you can remember them. And the people designing the plans the interest rates affects the actual premiums, you have to pay to keep the policy in force. So everybody believed when they design these plans they didn't phrase it always behind, but they weren't because there were lower the cost go up in those environments to keep the policies in force so there's a lot of people who were in their 50s now in their 70s and 80s, who had these plans no price increases we're getting the dreaded price increase ladders, and why because there was an element of risk when they took these plans out there was no, there was no guarantees on the premiums maintaining level coverage either.
And so, long story short, the agents and adequately design these plans, so low in premium that ultimately it ended up acting like term insurance product, where the rates went up and the coverage stayed the same but at much higher rates, exactly at the time you didn't want right when you're retired on a fixed income and not as much disposable income. So, these are very potentially very dangerous.
I usually don't like to sell these plans in many of the circumstances I'm in. They can be useful in specific situations, but it's important to people usually want peace of mind and peace of mind is not just about getting covered it's also making sure they can afford to so okay so the one thing I'll tell you is case study I had a gentleman who lived in East Tennessee. He was 72 at the time, he had COPD. And he had bought one of these universal life lands 25 years prior, we worked at the milk dairy store, and he had paid 30 bucks a month for 30,000 in coverage, and he had paid it and paid it for 20 years, the last five years for I met him, his prices increased by the time I met him. He had 30,000 coverage. However, instead of 30, a month. The guy was paying 600 every three months. That's how much the premiums went up. This guy was literally drowning in premiums he couldn't afford retired had COPD, could not work because of it. And all I could get for that same price as around 9000 coverage at that time. And so I'm mentioning this to you because in this particular circumstances is exemplary what happens when these universal life plans are not properly designed it hurts the policyholders, and you feel like them, you have no idea you just trust the agent. So you have to take careful consideration for recommending something like this and make sure the safeguards in place, to the best of the ability to make sure the plane works properly. So hopefully that makes a little more clarification on why Universal Life plans can be, what they are. Why be careful. So let's talk about whole life insurance options for seniors over 60 so whole life insurance is permanent protection with contractually designed level premium, so put in a little more simple terms, as long as you keep up with premiums on a whole life insurance plan, you cannot be canceled due to age or health pay your premium, no matter how your health changes, no matter how old you get, as long as that premium is paid, you have the same amount of coverage as you did when you started in most circumstances. Premiums cannot increase for any reason. So contractually if you see a quote for 50 bucks you're approved at 50 bucks, it will always pay 50 bucks, there are no circumstances with whole life, where they can sneak a price increase on you. So a lot of people like these type of Hawaii plans because first of all their permanent protection, remember I mentioned earlier, we got to match the life insurance type that you have with the life insurance or the financial obligations that you have your goals financially. So a lot of people buy whole life plans for funeral expense protection. We know funerals are always going to occur. They're going to occur at some given time in the future. And you don't want a plan that may not be there when you need it like a term insurance plan. So if a client tells me they want funeral insurance policy usually I start with a whole life plan, because it gives the kind of peace of mind and certainty that pay a premium you're guaranteed to have the protection. That's nice. And there's usually more options for final expense or for whole life insurance. If you have bad health or take a lot of medications, a whole life insurance is historically more flexible with underwriting. So a lot of the people I see have all sorts of health issues. They've got COPD lung problems diabetes, cancer, heart history I could go on mental health issues. A lot of term insurance and Universal Life plans are much more restrictive in those regards whereas with many of the companies I deal with, they're very very flexible and to still give preferred coverage. So, when health is an issue. Whole Life final expense plans for seniors over 60 are a worthwhile consideration case study, I had a gentleman who at the time of the meeting was 63, he smoked. He had COPD, it was his only health problem just took an inhaler. And he was a, he was a mechanic he worked as a mechanic at a garage, you know, so he was doing fine. And I was able, despite the COPD, which in most cases you could not get term or hold or universal I'm doing my whole life plan. First day full protection. 13 months later, fast forward, he had a blockage in his intestines, and the doctor went in, perform surgery and knit his large intestine, he bled out and continued to bleed out he became septic. Eventually he died from the complications of this, this mishap that the doctor costs. And
you know, he's dead. And we filed a death claim. And after the insurance company reviewed it it was paid out to his fiance. And so this was a circumstance to where his wife had enough to bury him they live in rural Georgia, funerals are a little bit less expensive so 9000 to the job. But my point is is that if all he attempted to do was get a term or a universal life plan, he would have been approved because of his COPD, and the medications, he took the treat it. So, look if your health is like that that's something I can help you with we've got options to deal with that health is usually never a problem. It's just a function of finding the right plan or type of insurance company or product to match your particular health. So cons about whole life insurance. Look, bottom line. whole life insurance, you're paying for guarantees if you can picture buying and brand new Cadillac, you're not just gonna get the Cadillac you're gonna get the bumper to bumper guarantee the road has a guarantee all the electronic guarantees and all those cars are filled with, you know, it's like a cockpit in an airplane now, you're going to get all these warranties, a whole life plan is much like a buying a Cadillac with all the warranties, you're gonna pay more for those guarantees. And that's just what happens you pay a higher price for any type of guarantees that you're willing to buy. So, with whole life, it does cost more per dollar of coverage, but there are plenty of circumstances where even if you get less coverage compared to something like term it's still a sensible decision to purchase, as, as the nature as easily as described comes down to the nature of the obligation you want to pay for. Okay, so next question is how much life insurance can I get as a senior over 60 commonly people ask okay I see the options I've got a better idea what I want. Well, how much can I get. What can I qualify for because maybe my needs are simple maybe I just want enough to cremate me perfectly fine. Maybe I want to cover mortgage, maybe you want to gift, someone I love, maybe church or charity, a lump sum cash benefits or life insurance you pay out when I pass. So how much can I get so let's answer that. First you can purchase as much or as little coverage as the insurance company allows the smallest amount I've ever seen is $1,000 in coverage. That's small people do buy that Believe it or not, and that's a direct cremation kind of plant you just want to, you know, throw in the cremation hit the button and then put you in a folder. You can do that in some places and get under 1000 bucks and this will do the job. The largest amount, I've seen are the millions. And yeah, even as senior, you can get qualified for millions of dollars in coverage and that's what's asked millions. For example, I've got a client right now working once she's 60. She wants a one year term insurance plan for a million dollars. She has financial obligations. Over the next 10 years she wants covered. We can do it, we can apply for it, it is an option to apply for. So again, there's no limitations here in most cases it's just figuring out what you need. Clients usually purchase the coverage that matches their needs and budget can't say it enough. Upon speaking with a potential client of mine we sit down and we look at options we look at what they can afford we look at what they want cover, and I come back with a comprehensive product that tries to accomplish the goal of giving the most amount of coverage and the right kind of life insurance plan for the most affordable amount that they can they tell me they can afford. That's what you need, that's the focus here is, again, it comes down to this old thing we say as life insurance agents, we get paid a commission, we don't charge you for it it's automatically designed with a plan, but the old saying and life insurance business is the policy that stays as the policy of the pace. And part of that same is, you know, we don't want to sell a plan that is too much for the client maybe we, you know, the old adage of being high pressure, you know, saying, you know, you're going to buy the highest one here, even though it's not something in Ford because people dropped plans they can't afford it's like it's like rocket science right affordability is important, but it's also important to you the client because look if you buy a plan and you pay on it for a year and drop it I mean it's not affordable, and it doesn't pay the death claim right if you can keep your policy if your policy stays with you it's the policy that pays the death claim. It just makes sense you know we got to make sure what we get is going to be something that is never going to cause you financial problems, that's kind of the key. So again, what we're going to sit down and do, whether you do with myself or on your own is you got to start with your life insurance goals. What are the obligations you want covered burials cremations lump sum cash payment benefit payouts to your grandchildren, your kids, your spouse to replace income, pay off a mortgage pay off any kind of financial debt or loans, figure out what it is you want to accomplish, then look at your budget and figure out what you can afford you know is it 50 bucks hundred bucks, $500 10 bucks. There's plans at all those price ranges there's nothing, where you have a cap on it's all comes down to your ability to figure out what that is and then the next step is to find the company an agent that meets those criteria that you've laid out, work with somebody who will help you like myself, lay out this criteria. So, how do you find affordable life insurance coverage for seniors over 60, you know okay I can see what I why I need affordable coverage but how do I do it. So talk about that. So, you get to find a plan that's comfortable for your budget, that's the most critical things and not all companies or agents are in the position to provide you more competitively priced options this, this may be something you're not aware of, but in there there are different avenues in which you can search to find life insurance and many times, the junk mail ads or the TV ads aren't necessarily the best solutions on value of coverage you get for the premiums that you pay.
So I'm going to kind of give you a little crash course in the different kinds of agents that are out there and tell you what you should consider before doing business with them so a lot of agents in the life insurance business are captive agents captive agents means are captive or beholden to that one company they work with. And in many cases they have a very limited selection of options that are only available through that one company. What does that mean to you why should you care. Well, you shouldn't care because one product is not the be all end all solution for everybody that's out there, you may be in a circumstance where they have to rate your premiums up 50% because you've got two or three blood pressure medications, whereas another company would give you the same coverage but half the price or give you double the coverage for the same price. And so what you begin to think about and ask yourself is, if I deal with a captive agent, am I getting the best value on premiums that I put into the policy, or even the best value for the coverage that I purchased. How do you know it captive agents are going to tell you hey, the guy down the street is better than me. Because he's in this just like the rest of us are he's in it to make a sale. So his bias is towards helping you yes with what he has but he's not going to necessarily say go see the guy down the street. So you have to have a level of suspicion healthy dose apparently as I say, and understand that captive agents aren't necessarily the best solution. What is. I recommend people to try at least before they buy from a captive agent to talk to an independent agent, independent agents are the exact opposite of captive agents they represent more than more circumstances, and usually people choose to be independent agents easily agents choose to be independent agents because they want the ability to help their clients out and give them the maximum amount of coverage for what they can afford. Or at least have more options to get better value for their clients again when you work with one company in the insurance business your options are limited, with an independent agent potentially could be on one. So if you work with a competent independent agent, then you'll find that you'll, you'll probably can't always say for sure but you probably find that you'll give yourself the best odds of chance or best odds that you'll, you'll get a better deal than what you could find elsewhere, it's not guaranteed. But it's a chance we're taking especially if you're just comparing what the Capital One does to you. That's why I'm independent I represent numerous companies, and I do so because everybody's health budget and goals are different. And I don't feel appropriate only offering one solution on a product level to my clients because it may not be the best and then but I found, especially recruiting agents and training them and seeing the competition out there, it's usually never, the best option for the vast majority of people out there and I just can't help people like that it doesn't make sense for me it doesn't sit well with me. If I were in your shoes, I would want an independent agent to make sure I'm getting the best deal.
Okay, so let's look at some life insurance rate examples for seniors over 60 so let me kind of clarify a few things here we're going to talk about term whole universal life, and I'm only looking at a 65,
male and female, year old there don't smoke and these are preferred plus health okay so this is preferred classes like what I mentioned earlier, you could be a preferred or a standard or smoking rate. Don't look at this, just on the surface of how the premiums are, because many times agents that show you a price and this is why I'm not going to go into a table chart on all the premiums. All it is is just an illusion, it's the old saying in this business. We're just showing you something that you may get that was worth nothing until you actually complete an application and go through the underwriting process and get a decision on how the company will rate you, so I don't want to oversell that, wow, these are the exact prices that you did if you're this age. But what I want to demonstrate is a difference in what the price is go for so that you can see kind of what you're up against if you look at a whole life plan versus a term insurance plan and see the differences in previous This is the idea behind this is just a big picture look without getting very specific into, you know, details on prices because it's just not, It's not the right thing to do. You can pay whatever you wanna pay, but you ultimately don't know what you're gonna qualify for until you go through underwriting hopefully that makes sense it's not that I'm dodging the price question it's just a difficult one, for an honest agent to answer, but it takes a lot of. It takes a health analysis to figure out what the best odds be. So on that note, Let's continue here, and understand that your health is unique and these by no means are exemplary of what you qualify for you got to seek out the help of an agent someone like myself, to see what those options would be so term insurance, this is what we're looking at this is if you look through here. $100,000 10 year term insurance plan for a male, we're looking at, you know, a low of $42, a month, too high and there's more companies in this this is just a limited selection of 55, a month. So this is somebody who's in perfect shape doesn't smoke, probably has never been seriously ill with a disease. This is kind of a price for most likely a fully underwritten policy. Can it be higher Yes, very gone over that. But notice that term, you know most people can afford 4050 bucks a month to get a lot of coverage for. So now compare this with the universal life plan. Again, we're talking about a permanent plan that most likely will last till your 120, and where the premiums are contractually locked in and there's no, there's no guarantee there's a guarantee on not lapsing, as long as that particular premiums paid. So big difference hundred thousand dollars in coverage we've gone for $40 a month 180, but this is permanent protection. This is something that won't cancel, and like I described earlier you're gonna pay more when you have more comprehensive coverage so you can kind of see 176 to 217. Just depends on what you can qualify for in your health. Now can Whole Life Insurance 65 year old male 15,000 so we went from 100,000 to 15,000. So this is kind of falling somewhere in between. We're looking at about 70 bucks to 85 bucks. Now if you start doing the math and like well tell them, hey, Universal Life is hundred grand preferred plus. You know 180 bucks. Wait a minute, you know, this whole life of customer like $400 400,000 if you do the math, like, wow, why would anybody do something like this. Well whole life is primarily what I use I'm somebody who has had health problems, they take a lot of prescriptions, and they need flexibility and underwriting. So yes, you will pay more for flexibility and underwriting you will pay more when you will these insurance companies accept, you know, chronic diseases like COPD or current health his or her health history issues. Hopefully it makes sense you pay more for more flexibility in underwriting when it comes to insurance. So, and plus, sometimes your only options for coverage are these smaller plans when you just want enough to be buried or cremated. Again, don't look too seriously in the price here. And the goal here is just to demonstrate that the concepts here. Let's look at females here same deal here that's there's nothing structurally different except females are less expensive to insure, you'll notice that you know the males at 65, or 45, or 44, they're 33 here. Females are always less expensive women live longer than men. They have average longer average lifespan is of course we don't know when we're going to die but on average women live longer, don't have as many health elements, as, as often as men. Even the Universal Life plans we're looking at 164 to 174 instead of 190 to 220 or so, and then the whole life plan substantially less expensive for 15,000 so get the idea here, you know there's gonna be a difference in price, again it just matters what you can qualify what your health is and what you want to accomplish maybe all you need is a 10,000, you know, so you'll pay less, and maybe you've got health issues and you're gonna have to go whole life man maybe you don't maybe in perfect shape. You can do better with the term or universal life. Great. You know I'm in the capacity that can help no matter what the situation is because my bias isn't helping you get the best deal so I can get your business. So let's talk about the question Should I get the cheapest life insurance available, certainly, as the if dealing with people who are on a fixed income I won't say you're cheap, but being frugal, let's say, is something that will pass through the mind as somebody who's only paid once a month. It's only natural. So sometimes we think frugal was the same as cheap it's not there different words I mean different things.
What we need to think of instead of cheap is thinking, Okay, how can I get affordability plus an insurance policy that matches my goals. Don't be all about the price price is important. But what do you get for the price or the premium that you pay that is what really the question you should be asking yourself, and how well does what I'm paying for accomplish the financial goals I set out to achieve by buying a life insurance policy. These are the primary questions. Prices not everything, but don't use this as an excuse, especially from an agent to buy more you can ultimately what matters here is the best combination of premium value. So how do you qualify for life insurance for seniors over 60. There are several important steps in the qualification process and getting life insurance for seniors over 60. A lot of it depends on your health. A lot of it depends on what product to choose a lot of it depends on really what you want to do. There's a lot of flexibility, a lot of options here. So first of all, the process of qualifying for life insurance as a senior for six you find an agent or company you can trust, find somebody that matches the goals you'd like them personally you feel like they're doing a good job explaining things to you, and they're helpful, and they actually care about helping you, you kick got Well, you've kicked it off well with them. You feel like they know what they're talking about these report that's like number one, before we even talk about product or options number two. Once the agent, does the right process, like for example when I would sit down with someone like you find out where your goals are what you want accomplish present an option to you, it's acceptable you think it matches your goals compared to the other options. The next step is to complete the application. Once you complete the application, depending on what carrier, what product you apply for there could be supplementary underwriting requirements so for example, a lot of whole life insurance plans I showed earlier. All they require is a phone interview sometimes just fax the patient and they pull your medical records that's it they don't even talk to you. Some require a phone interview to further investigate make sure everything is kosher answer any questions about underwriting they have a more traditional, the more larger plans the terms universal life, some of them require a full medical underwriting underwriting process, we'll get more into that through an exam. And we'll talk about more of the exam process later and how sometimes it's optional. And then once you do all that whatever the requirements are for that particular product you just wait. And if you if it's a simplified process you wait for a couple of days and get approved, if you if you go in for an examination that can take weeks, sometimes months just depends on how fast your doctor is replying back and how much information they need to pull. And then ultimately you receive your final underwriting decision. This is what is the concrete offer from the insurance company of what coverage you get for what premium, you'll pay. That's how you get the coverage, and then you're approved you accept it and the cover, so let's kind of build on one question that a lot of people have a lot of people asked Should I get an examination. As a senior over 60 when searching for life insurance. So to better clarify what exactly an examination as exams include specimen collection. This includes the process of drawing blood, either a doctor or a nurse doesn't usually pull it off, you know the typical sites like you go when you see your doctor. Every year annually. They sometimes will ask for you to do your analysis repaint a cup and they examine the urine. Yeah, sometimes companies even just swab your tongue and take a specimen exam with respect and, and then and there's usually a general physical involved they
asked for health questions, a doctor, nurse digs into some of the health questions. That is normally accomplishes or accompanies the physical. Sometimes a very large plans will have more detailed physicals redo. You do a hard task to do EKGs. Usually this is the rear of the options but it can't happen with very large plants. So here's, here's the pros of doing exams. A lot of people ask this question don't like the idea of do an exam. Let me, let me give you. Let me give you both sides of the story. So pros, from the very healthy. You should be totally Welcome to a physical. The reason is is that an insurance company prices out their life insurance products, whether you're a senior member 60 or anybody else, based on how much information they can collect off of the applicant. So when you do a physical drop one up in a cup. You do a physical what the doctor or nurse, maybe do an EKG and that kind of thing. That's very up to date relevant information. That's information that they can, they can make a decision on that's current. Whereas if you're just applying for a policy where there's no exam, the insurance companies have to rely on information that could be out of date. You know, you may not have been to a doctor, a year or two, but you may have developed new condition since you've seen the doctor, where a blood or your analysis could have pointed that out. So what happens is is that if you do an exam, and you're healthy and you get approved for preferred, or even, even just prefer to standard race. Many times you can get the best rates for that particular age and product. So there's an especially if you're doing really large amounts of coverage it's wise to do a physical. And again, in many cases, the only way to get coverage in these circumstances. When you're talking about very large amounts of coverage, especially as you get older, one way you can do it is with a physical done. So let's talk about the cons of doing an exam. First of all it takes longer to get the application approved. They've got weight on the exams, the specimens come back with their analysis, plus get all the doctors information too so there's a longer turnaround period. And hey look you they may find something that you weren't aware of maybe your blood, blood pressure's high maybe you've got diabetes, and they'll rate your case up higher. So, there's no guarantee by doing a physical you're going to get the best price, but there is a higher chance you could get a better price, especially if your health is in really good shape, bottom line here is optional, you know, most of the time, you know, life insurance don't companies don't require it. A lot of the products I offer don't require an examination they just do a detailed analysis for health through looking at attending physician statements, these are doctors records that are faxed by your doctor that you get permission for them to do. And they can make a good decision on competitively priced coverage without doing the whole exam process so usually it's something. Nine out of 10 times most people don't want to do and don't necessarily have to do. All right, let's talk about some final steps here hopefully you found this presentation illuminating educating and you know you felt like you've learned a lot and have better progressed, the process and figuring out what kind of life insurance you can get as a senior over 60, and whether you're looking for this coverage on yourself or a loved one. The next step you need to take is to find that agent that suits your goals best it can help you accomplish, getting a life insurance policy that gives you the kind of peace of mind you deserve. And I will nominate myself for this process. Hopefully you can see why I've helped you out hopefully you feel like this is useful. And the next logical step is just to allow me to sit down with you one on one over the phone or through email whatever is comfortable for you to figure out what your options are and to give you a substantive idea of what premiums would be and how the policies would work and to progress in this application process to ultimately get you quality life insurance and approve. So if you're interested in final expense or life insurance or anything at all to cover any kind of final expenses you need or any kind of financial obligations you have, there's two options here, you've seen my number the entire time I've done this presentation, that's my preferred way, reach out to me at triple 86260439, leave me a message if you don't get to me and I promise I'll get back to you quickly I do have a lot of people all the time, where you can go to my website it's buy life insurance for burial calm you can either, message me under the contact bar at the top of the menu, or there's this little pop up that will happen on desktops I believe it happens on smartphones too. And you can communicate via chat with me directly that way as well both work, whatever you want to do is fine. Some people prefer to start a conversation by email, I'm kind of like that too, so if you want to email me you can at getprotectionfast(at)gmail.com. You can also just give me a call at 833-537-7700 and we can have a conversation. If you like this article please feel free to share it below!