As we age, it’s natural to start thinking more about our financial security and the legacy we leave behind. One way to ensure that our loved ones are taken care of after we’re gone is by purchasing life insurance. But for seniors over 60, the process of buying life insurance can be more complicated than it is for younger adults.
Cost of Coverage
The cost of life insurance for seniors over 70 can vary widely depending on a number of factors, including age, health, and the type of policy. Generally, term life insurance is less expensive than permanent life insurance. However, since most term policies expire before the policyholder reaches age 85, seniors may have trouble finding affordable term coverage.
Types of Life Insurance
There are two main types of life insurance: term life and permanent life. Term life insurance provides coverage for a specified period, usually 10, 20, or 30 years. If the policyholder dies during the term, their beneficiaries receive a death benefit. If the policyholder outlives the term, the coverage expires and there is no payout.
Choosing the Right Plan
When it comes to choosing a life insurance plan, seniors have several options. Some seniors may be able to obtain coverage through their employer or a group plan. However, these policies may not offer enough coverage or may expire when the policyholder leaves their job.
