Life Insurance for Women over 60. We look into the pros and cons.
It used to be the case when it was difficult to get the life insurance at the age of 60, and people were afraid of getting life insurance coverage. Well, it’s not the case now as the time has changed and the scope of insurance coverage has increased to a great extent.
As the median life span rises, it is becoming easier to find the term life insurance for those people over the 60 years of age. In addition to that, women are more delicate and fragile than men. It might be possible that the premium amount will be little high and you have to submit the fitness certificate from the doctor. There will be few more formalities to be completed in order to get into the eligibility criteria of over age life insurance. Insurers are really happy to underwrite policies for women in their 60’s having no major illness and fair health.
Policies for meeting the ends for the Women
Most of the women take their life insurance policy in 60’s to cover funeral and final expenses, to pay off their debts if there is no helping hand for them. If the head of the household dies, his or her spouse or significant relatives will not face the financial problems. There are number of life insurance companies who offer significant special rates on term life insurance for people over 60.
The average premium amount will be higher than it is in 40s or 50s and it is also possible that the amount will be less but still it is more advantageous than having no policy at all.
Special advantage for Women
There is special advantage for a 60 year old women compared to men as they will pay one-third less in premiums than a 60 year old man. As now the policy can be easily purchased online there is no need for women to shop around on high street. She can very well compare the different benefits provided by different insurance companies and ranked high by the insurance bloggers. If you were the earning women before your retirement then it is the best investment for you to get a 10 years life insurance policy from your savings with small insurance premium so that you can be independent in financial terms.
Plan your investment before it gets costly
It is always advisable to get in to some good investment now rather than waiting for good time to come when you will have more money, because such time will never come and the things will get costly and many times you might not be eligible for the same.more information