Current trends show that more people over 60 are interested in life insurance now more than ever. There have been rapid changes in our society and economy within the past decade leading to more uncertainty regarding the future, and more people wanting to remain insured beyond their income-earning years. Technological advances have also introduced a paperless transaction system with e-policies being issued online. It's faster and easier than ever for retirees to find the best life insurance rates and apply for life insurance.
Experts say that the post recession life insurance market is starting to show gains. Monthly life insurance application activity recorded a 1.1 percent increase from the previous year for the first time in seven years, according to MIB Life Index. The highest growth was seen in the age group of 60 and above with an 8.4 percent increase over the last year. The age group of 45 to 59 was up 1 percent.
Why are more people over 60 considering life insurance?
In uncertain economic times, life insurance creates a tremendous sense of financial security knowing that loved ones will be financially taken care of if one spouse dies before the other.
With markets crashing, many people over 60 lost a major portion or their entire life savings. In order to supplement their dwindling assets, senior citizens are finding life insurance an option worth considering. A life insurance policy will provide a surviving spouse with much needed supplemental source of income.
People over 60 may still have debts to pay off. Ideally, as you reach the age of retirement, your financial security grows, but this is not always the case. There are many who are still struggling to pay off their loans or build enough savings to make a solid retirement fund.
Focusing on balanced diets and exercise, people are healthier and are able to lead more active lifestyles in their senior years. Many choose to venture into a new business adventure after retiring, and may still need life insurance to cover their business debts.
Some may still need life insurance after 60 because they married late in life, and still have kids at home to put through college. With college tuitions soaring and scholarships becoming scarce, having a life insurance policy in place would ensure your children get a good college education even if you were to die unexpectedly.
Life spans are increasing and money is losing value. The retirement fund that was once thought to suffice a life of retirement may not be enough. A life insurance policy would ensure that a surviving spouse still has enough money to live a comfortable lifestyle.
With currenteconomic conditions, any amount of money left to a loved one would be greatly appreciated. If by making regular premium payments you can provide your loved ones a substantial amount of money to increase their financial security, it's certainly worth it.
How to get the best life insurance rates even after 60
There is a plethora of life insurance products specifically tailored for senior citizens. Living on a limited budget, retirees may find term life insurance coverage with a 30-year term period the most affordable.
If health concerns are a major issue, no-medical life insurance can provide coverage without a medical exam, although the premiums may be more expensive than a traditional term life insurance policy. However, only people who are suffering from significant health issues will benefit from a no-medical life insurance plan.
If you are in good health, you should not have any trouble finding affordable term life insurance. Even if you do suffer from minor heart ailments, diabetes, blood pressure, etc., you can still get the best rates by shopping around for term life insurance policies. The best way to find policies in spite of poor health is to search online. Not only will you find a wealth of information on life insurance that would be helpful to you, but you can also get free term life insurance quotes from top-rated life insurance companies. You'll get a chance to shop around for life insurance, compare products and companies just by sitting at your computer and pushing a few keys. Many of these websites have virtual life insurance professionals who can give you unbiased advice on the type of product that would suit your specific needs.
Conclusion
For many, life at 60 has just begun. Blessed with good health and agility, they are living the dream they could not when they were younger and strapped with more responsibilities! Life insurance is a great way to provide financial security to loved ones, particularly in an environment of economic instability.
About AccuQuote:
AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.
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