When choosing a life insurance policy there are many factors to consider, depending on your individual circumstances. Buying a life insurance policy at 60 is still possible but the rates may be more expensive than they would be if you purchased the policy earlier in life. The best type of policy for a 60 year old will depend on the person’s individual needs and goals.
If you are interested in a short-term policy, a term insurance policy may be the right choice. It provides coverage for a specific period of time (usually 10 to 30 years) at a fixed premium rate. It covers death or other specified events during the period for which the policy is in force. In the event of death during this period, the insured's beneficiaries will receive a death benefit from the insurer.
If you are looking for a policy that will provide you with lifelong protection so your family is taken care of in the event of your death, an endowment policy or a whole life policy may be the best option for you. Endowment policies are a type of life insurance that pays out a lump sum in the event of death or after a predetermined period (usually 20 to 25 years). Whole life policies are a type of permanent life insurance that provide lifelong protection, with the death benefit typically increasing over time to help keep up with inflation.
If you are looking for a policy that provides a cash value that you can access while you are alive, you may want to consider a cash-value policy such as a universal life insurance policy, which is a type of permanent life insurance with a flexible death benefit and cash value that builds over time.
Ultimately, the best life insurance policy for a 60 year old will depend on their individual circumstances and goals. It is important to do research and talk to a qualified life insurance advisor to determine which type of policy is best for you.