Finding Life Insurance Over 60 Years of Age

Finding Life Insurance Over 60 Years of Age

A large proportion of younger individuals fail to insure their lives. Sometimes this is because they feel fit and well and simply do not give the possibility of dying a thought. Others find premiums too much to cope with on top of already stretched finances. Before they know it, they are 60 years old; perhaps with age related illnesses starting to develop.

While it is obviously much wiser to get life cover at a young age, it is still possible to find life insurance over 60. Many providers offer policies specifically designed for those who have left this important consideration this late. Typically not requiring medicals, cover is usually provided for the rest of the individual’s life. Premiums are a little higher than they would be for a younger individual and vary between providers, as will the cover amount and conditions, exclusions, etc.

It is therefore necessary to compare a choice of different deals. This is made simpler and quicker by comparison sites. Here, consumers can find a selection of providers offering life cover for people over 60 and obtain quotes. These quotes can then be compared thoroughly before having to decide which one of them will be most suitable.

The risk of illness making it impossible for a person over 60 to continue working is also heightened, and being made redundant at this age could mean having difficulties in finding a new job. Considering some income protection is subsequently also recommended. Short term income protection insurance policies will cover an individual in the event of illness, as well as unemployment.

These policies may serve to provide a monthly income, or pay off a loan or the remainder of a mortgage. In any case, this kind of cover and required premiums will vary, and therefore also require careful comparison.

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