Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
There is a lot of rules that will need to be followed at this age it all depends on the past savings as to what should be done at this point. The best advise I can give is get started most people including my self which I learned the hard way spends more time planning a 4 day vacation than for their long term retirement ( GOALS) so just get started be patient it's not over till it's over.So find a good advisor now you might need to lose your mind in the process or don't over think it.
The best life insurance for a 60 year depends on what you are using it for, as it does with a person of any age. E.g. If you need it to pay off your mortgage, term insurance could work. However, at age 60, you do have to pay greater consideration to how long you want to have life insurance.
If your goal is to have it be in effect upon your death at any age, you are safest getting a permanent policy. Why? Because you may not qualify for a new policy when term insurance ends, and many policies are not convertible to permanent insurance past age 65 or 70.
There are many excellent No Exam Whole Life policies available at age 60, with maximum face amounts of $25,000 or so. You can also buy larger policies if you have relatively good health and don't mind taking an exam. I think Universal Life with a no lapse guarantee is a good choice at age 60. Using an agency that offers many Senior options will help you make the best choice.
There are just too many factors to determine which life insurance would be best for you. The specific need will determine the type and face amount. For example, if you have a debt to be repaid within 10 years, a 10 year level term would be appropriate. If you need a fixed amount to leave for final expenses or an amount to leave to loved ones, a whole life insurance plan that you cannot out live may be the appropriate solution. Find an experienced independent life insurance broker you trust to help you maneuver this need.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Most people expect a life insurance policy to pay a death benefit when they die. If that concern is limited to a specific period of time, like the term of the mortgage, then term insurance that matches that period of concern is appropriate. Otherwise permanent insurance is the best option, if you can afford it. Permanent insurance is less expensive in the long run but the initial cost is higher than term insurance because term policies normally end before the insured dies (without any benefit.)
That is a great question! There are some questions that I'd ask you before giving you my answer. The first would be to ask what you wanted the policy to do for you. Wealth transfer, debt coverage, covering final expenses? Then I'd ask you how much coverage it would take to accomplish that for you. Then we'd get into your health, and come up with an answer that fits you. If you'd like to do that, please drop me a line. I hope that helps, thanks for asking!
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If your goal is to have it be in effect upon your death at any age, you are safest getting a permanent policy. Why? Because you may not qualify for a new policy when term insurance ends, and many policies are not convertible to permanent insurance past age 65 or 70.
There are many excellent No Exam Whole Life policies available at age 60, with maximum face amounts of $25,000 or so. You can also buy larger policies if you have relatively good health and don't mind taking an exam. I think Universal Life with a no lapse guarantee is a good choice at age 60. Using an agency that offers many Senior options will help you make the best choice.