Some people wonder why life insurance is necessary at age 60 and beyond. After all, this is the time in life when one retires. The peak earning years might have passed. The children are all grown up. So, what is the purpose of having life insurance after 60?
Let's take a look at the life insurance options for those age 60 and beyond. We'll also explain their benefits.

Term Life Insurance
Individuals age 60 and older can usually still obtain term life insurance. The duration of a term plan typically maxes out after a couple decades. If you suspect you will need a policy beyond 20 or 25 years, there are some other options.
Life insurance beyond 60 may be necessary to protect valuables you have accumulated. It will also provide a legacy to heirs. Alternatively, you can provide a legacy to one or several charities. Life insurance can even protect a spouse's retirement income.
Others get life insurance after the age of 60 as they are making plenty of money that their family depends on. If such a breadwinner were to pass on, his dependents may struggle to maintain their quality of life. Life insurance protects such income in the final working years. Term life insurance may even provide protection for a mortgage or personal loans. Term life insurance can specifically apply to a mortgage's exact time period such as 15 or 30 years.
Permanent Life Insurance Beyond the age of 60
If the scenarios above do not match your needs, consider permanent life insurance. It may be ideal for those who have a legacy to grant, assets to protect or desire a means to leverage funds for funeral purposes. There is no sense paying for a term policy for two decades only to outlive the policy and lose coverage as time progresses. Permanent life insurance lets you pay a smaller amount across time for a larger payout when you die. This money can cover burial expenses, debts or support a person or charity. Such proceeds are usually tax-free.
Time is of the Essence
One of the most important factors for obtaining life insurance beyond 60 is timing. Apply sooner rather than later. Your age is a primary factor in determining premiums. Those who apply at the outset of their golden years may pay lower premiums. They also enjoy more options in terms of available life insurance types.
Need life insurance? Let Wilgus Insurance Agency help. Call us at 844-494-5487 for a fast, free policy quote.
Contact Wilgus Insurance Agency today or visit one of our locations below!
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1203 Pemberton Dr. Salisbury, MD 21801
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