Finding an Affordable Life Insurance Policy for Seniors Over 60

According to USA Today, the official life expectancy rate of Americans in 2012 was

72.8, which was a record high. Though it is indeed good news, it also comes with the

additional responsibility of having to plan for your future so that you don’t outlive your

retirement savings. When you aren’t working, it is advisable that you have fixed

expenses for things such as insurance, utilities and housing costs (of course, it is better

not to have any kind of mortgage).

Choosing a life insurance policy that won’t burn a hole in your pocket is important. If you

are looking for an affordable life insurance policy for seniors over 60, then you need

to consider certain essential factors such as your retirement age, the benefits offered,

and the age at which these benefits become available.

The following factors determine the amount and duration of the life insurance required:

Full Retirement Age: The Social Security Administration has listed theage at which

one can attain full retirement. It should be noted that the earliest age at which a social

security benefit can be availed is 62. However, there will be a certainloss of benefit if it

is received so early on.

Types of Insurance: There are two major types of life insurance policies -- term

insurance and permanent life. Permanent life is further divided into whole and universal

life insurances. Term life insurance is an affordable alternative to permanent life

insurance. You will need to pay low and fixed monthly premiums depending on the

length of the policy and the coverage. It is also a good option for covering your short-

term financial requirements. Whole life insurance provides you protection throughout

your life. It does not expire or reduce in value. Premiums don’t increase and they remain

fixed.

Other things to Know:

Individual or Group Policies - Younger people who are in good health can choose

individual policies. The main advantage of opting for an individual policy is that you will

pay lower premiums. However, as you grow older, the premium rate increases.

Individual policies also give you maximum choice as you can find a policy that meets

your specific needs. Employers, government entities, churches and unions buy group

insurance policies. A single contract insures a group of people under this policy. Group

insurance can be a great alternative if you are looking for low premiums and good

coverage.

Policy Riders - There are various riders that are available when it comes to life

insurance. These are additional benefits that you can add to a policy to expand the

coverage by paying an additional premium. For instance, a spousal rider gives you two

policies in one. The disability waiver for premiums covers the premium on your behalf if

you meet the disability criteria defined in the policy. The rider provides disability benefits

for seniors who are above the age of 60.

Life insurance premiums for people above 60 are usually on the higher end. However,

there are many companies which cater to the senior market. This allows seniors who

are older than 60 to receive affordable insurance. Consulting a leading insurance

provider will help you select the right life insurance policy to meet your budget and

specific requirements.

Contact Us: Choice Plus Benefits Inc.

http://www.choiceplusbenefits.com/contact-us/ 14200 Midway Rd., Suite 107, Dallas, TX 75244

Telephone: 972.850.0680 FAX: 214.622.6448

E-mail: jstamper@choiceplusbenefits.com