MoneyGeek recently featured Advisor Kyle Luetters in an article where he provides tips on getting life insurance at 60. Below is an excerpt from the original article, you can read the full piece on MoneyGeek HERE.*
What are the key factors 60-year-olds should consider when choosing a life insurance policy?
This is a great question. Life insurance has a variety of uses, yet its chief purpose is to provide an additional lump sum to replace the potential income someone may generate. In calculating the desired amount, taking into account the insured’s age, financial need, health history and premium payment ability is very key. As we age, our life insurance costs rise dramatically. This replacement of income could be aided by other assets, such as retirement assets, physical assets and other investments.
How does a medical history with complications affect the selection and costs of life insurance options?
Medical history is one of the biggest determining factors. Underwriters typically look for chronic illness, height and weight and vital signs to determine the level of risk they are signing up for when it comes to providing insurance. With more health-related issues, insurance premiums will rise. It also depends on the insurance type and coverage length you apply for.
What actionable steps can people in their 60s take to save money on their life insurance premiums?
Someone seeking to apply for life insurance can help increase their likelihood of being approved by maintaining a proper height and weight for their age, remaining active and undergoing annual physicals.
*Any recommendations made by MoneyGeek have not been reviewed by Moneta and providing the URL should not be considered any endorsement of the content therein.
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