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best life insurance for over 60

When you’re best life insurance for over 60, life insurance may become a necessity to help cover debt, provide an inheritance or protect your loved ones from end-of-life expenses. Depending on your circumstances, you may need a short-term term policy or a permanent whole life insurance plan. Either way, a good financial planner or advisor can help you determine the right type of coverage to meet your goals and budget.

Decoding Life Insurance Costs: Understanding What Influences Your Premium

Some of the best life insurance for over 60 comes from companies like Prudential, which offers affordable terms for seniors in most age groups. Its rates are even more competitive for people with common health concerns like fibromyalgia, asthma and depression. The company also offers graded death benefits on certain policies to allow beneficiaries a two-year period of payment before full coverage takes effect.

USAA is another top pick thanks to its final expense guaranteed issue and comprehensive simplified plans that feature high coverage limits. The company’s plans also include a built-in savings component, giving policyholders the option to use their death benefit toward future expenses. Its customer service is also top-notch.

Mutual of Omaha is one of the most reputable providers of life insurance for seniors. The insurer offers a wide variety of term and whole life insurance plans, including no-exam options, with higher coverage limits than many competitors. It also guarantees acceptance for whole life policies up to age 85, which is well beyond the standard age at which most insurers stop offering them.

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