Life insurance can provide value for anyone, regardless of their age. Don’t think that even though you’ve retired or are about to retire, you no longer need life insurance. Although it is more difficult to obtain life insurance at age sixty-seven, it is still very possible.
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The goals of someone at this age are likely very different, though, so it is likely that they will want to steer towards certain types of insurance and away from others. Regardless, there are multiple factors that must be considered before settling on any one type of insurance.
What Do You Need?
As a sixty-seven-year-old, retirement has come or is rapidly approaching. You are most likely an empty nester, and your family is largely independent of you.
If nobody relies on your annual salary, do you still need life insurance? There are several reasons that people well into their 60s shop for life insurance every day.
Even at this age, you could leave a lot of debt to your children. All of this debt would be given to your loved ones. If your old life insurance policy has expired, but your debts haven’t, it’s a great idea to apply for a new plan that would cover all of the final expenses.
However, caring for your family is probably still a high priority regardless of how dependent they are on you. Knowing that your family will be well taken care of in your absence is a feeling that cannot be replaced by any amount of money.
Many people want to leave behind a wonderful legacy. In most cases, this is a large sum of money that they have been working on building for years, but after you pass away, that heritage could get eaten alive by taxes and fees. Life insurance will counteract those taxes and ensure that your family gets the full legacy that you wanted to leave them.
What Are the Going Rates for a 67-Year-Old?
Insurance companies have a complex algorithm that they use in order to determine what your rates will be. Your health today is not the only factor, and just because you consider yourself healthy does not necessarily mean that a life insurance company will do the same.
However, if you are indeed healthy, you will want to go for the Preferred Plus policy. This not only provides quality coverage, but it will do so at an affordable rate.
Here are some sample quotes for a $250,000 policy at the preferred rating:
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At age sixty-seven, you hopefully have no medical ailments, but age this can change very quickly. It is always better to be safe than sorry and secure life insurance now while you are in good health and mind.
What Type of Insurance Does a 67-Year-Old Need?
There are several kinds of life insurance, but for a 67-year-old, most of them aren’t good options. Although it is certainly true that your rates will increase with age, people over 60 can still find affordable rates despite having waited so long.
When you’re deciding which type, you need to look at your debts, your life span, and much more. If you need help making this decision, you should get advice from an insurance expert. If you have any questions, don’t hesitate to give us a call.
What Is Term Life Insurance?
Term life insurance is appealing for many ages, whether that be in your 50s or 60s, but particularly for someone at age sixty-seven. Not only is it one of the most affordable types of insurance, but it is best suited for someone of that age because a sixty-seven-year-old most likely does not need insurance for much longer than the shortest term that is available.
Term life insurance is offered for several different spans of time that could very well cover a 67-year-old until death. If you have special conditions, or you just need someone who can help you navigate through the different types of policies, an experienced life insurance agent can help you do so. A knowledgeable agent can guide you to the perfect policy to fit your needs.
With term policies, it’s a good idea to buy a little longer than you think because if you have to purchase another policy after this one expires, you’ll have to reapply for coverage. At that point, your insurance premiums are going to be MUCH more expensive.
Many applicants are surprised by their premiums, even at age 67. The best way to get the lowest rates available is to receive quotes from some of the best insurance companies before you decide which plan works best for you. Getting all of these quotes can take hours on the phone, calling companies, and answering the same questions over and over.
Even if you have high-risk health conditions, there are still several life insurance options. Many people with pre-existing conditions assume that they can’t get approved for a life insurance policy. This isn’t true; there are several insurance agencies that work with high-risk patients or types of policies.
Regardless of your age, it is one of the best investments to make for your family. Don’t wait any longer to get the coverage and peace of mind that you and your family deserve.
The Bottom Line – Get High Quality and Cheap Life Insurance at Age 67
Securing life insurance at 67 remains both viable and essential. While the dynamics change post-retirement and as family dependencies decrease, the financial implications of debts, final expenses, and the desire to leave a lasting legacy persist.
Premium rates and policy types vary, but term life insurance offers an affordable and fitting solution for many seniors. It’s crucial to understand your needs, seek advice from insurance experts, and compare quotes from multiple providers.
Regardless of health status, numerous options for term life insurance exist. Prioritizing life insurance at the age of 67 not only provides financial security but also bestows peace of mind for you and your loved ones.