Normally, the insurer rates you as a smoker if you have had used tobacco products within twelve months prior to applying for the life insurance.
Smokers fall into the high risk bracket, and cost more for the insures to provide them coverage, hence, the insurers charge more from the smokers. Quitting smoking thus can help you in lowering your life insurance as well as health insurance costs.
The best life insurance for someone over 60 depends on your goals for the life insurance policy, and how long you need the coverage.
You may need to stop smoking for 1-2 years before you can get re-rated by your current life insurance for a non-smoker rate. Or, before a new insurer will consider you a non-smoker.
Return of premium rates are usually much higher than rates for level term life insurance coverage. Yes, it's a good deal, if you outlive the term of your policy.
Usually, people over 60 may be able to get a term life insurance policy for 10 or 15 years of coverage.
One way to find the best plan and price is to compare free quotes online for term life insurance from several insurers. That way you have an idea as to what your premium may be before speaking with a professional life insurance agent.
Some companies that offer simplified issue life insurance plans for people age 78 and under include Colonial Penn and Globe Life. These plans do not require a medical exam.
Stonebridge Life offers guaranteed acceptance permanent life insurance with no exam required for people age 45-75.
It depends on your health, what your needs are, and how much coverage you need, as well as, what type of life insurance you want.
But, it's usually a good idea to compare several plans from several insurers before choosing a policy.
