Tips to Save on Life Insurance over 60:
- Choose the annual premium payment option.
- Choose a shorter "term" for your coverage - you may be able to choose term life for a duration of 5, 10, 15 or 20 years.
- Buy life insurance now instead of waiting - rates are based on your age and increase each year. That's why you want to lock-in the lowest rate as soon as possible.Compare pricing from several insurance carriers, since each insurer develops their own rates and pricing guidelines based on your specific risk factors.
- Quit Smoking - If you smoke, quit smoking. Smokers may pay up to 2-3 times more for the same amount of life insurance as non-smokers.
Here's how to compare the best prices on life insurance for people over 60 years old.