Life insurance in your sixties

Try fully underwritten first

The assumption that age alone forces you into a no-questions policy costs people money. Fully underwritten coverage generally gives the most benefit per dollar, and it's frequently available.

Simplified issue and guaranteed issue exist for when health rules that out — not as the automatic starting point.

The survivor income question

This is usually the real need in this decade. When one spouse dies, household income often falls further than household costs do — a pension may reduce or stop, and Social Security household income typically drops to the higher of the two benefits rather than both.

Working out what a survivor would actually live on is the calculation that tells you whether coverage is needed and how much.

What to watch out for

• Graded death benefits — confirm whether the full amount is payable from day one
• Policies sold primarily on "no health questions" when you'd likely qualify for better
• Any pitch that pressures you past the free look period
• Replacing an existing older policy without comparing it properly
• Annuity products presented as if they were life insurance

Before buying anything new

• Locate every existing policy, including old and employer ones
• Request in-force illustrations on any permanent coverage
• Check whether a term policy still has a live conversion option
• Confirm what happens to group coverage at retirement
• Check beneficiary designations across all of it

Guaranty protection is worth knowing about

If an insurer fails, state guaranty associations provide a backstop up to capped amounts — commonly $300,000 of death benefit, with some states higher. Carrier financial strength matters more the closer your coverage sits to or above that cap.