Bridging the Gap to Retirement with Term Insurance
Many people are finding that the term coverage they purchased years ago is expiring at a point when they still need coverage. This usually happens to people turning 60 who still need coverage until they retire. When they originally purchased their term policy, they probably felt that coverage to age 60 would be long enough to cover them until retirement, but as we all know life doesn’t always go according to plan. Many continue to work longer than originally anticipated because they might have lingering financial obligations that they are trying to take care of like a small mortgage balance or they need to save more money for retirement. Purchasing term coverage could offer the protection needed to bridge the gap to retirement or longer if necessary.
Term life insurance for those over 60 is more affordable than you think. Some companies are more forgiving in underwriting older applicants when it comes to things like build charts, family history and even some medical conditions. In most cases, people looking for short term coverage to last until retirement require smaller amounts of coverage. Here is an example of monthly premiums that you would expect to pay if you are a 60 year old non-smoker in excellent health from an A rated insurer.
| Male | $250,000 | $300,000 | $500,000 | Female | $250,000 | $300,000 | $500,000 |
|---|---|---|---|---|---|---|---|
| 10 year | $73.06 | $86.80 | $100.54 | 10 year | $52.94 | $62.65 | $72.36 |
| 15 Year | $104.78 | $124.86 | $144.94 | 15 Year | $69.78 | $82.86 | $95.94 |
| 20 Year | $134.75 | $160.83 | $186.90 | 20 Year | $97.56 | $116.20 | $134.84 |
Rates as of 9/23/2014
As you can see, short term and even long term coverage rates are very reasonable. Make sure you use an independent insurance agent who can shop multiple carriers and get you the best rate. People often overlook the importance of having coverage that lasts until retirement. If you have obligations and your life insurance has expired or is going to expire, consider a term policy to bridge the gap until your retirement.
Do you need new coverage to last until retirement or beyond? We work with many of the best insurers who offer excellent rates for those who are older and in need of coverage. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
