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Getting bank life insurance for those over 65 requires preparation on your part, but it can be done. In fact, bank life insurance might offer a better chance for those over age 65 to get the right policy for them.
The Value of a Relationship
While it is true that it can be more difficult to get competitively priced life insurance the older you are, it is also true that relationships matter in the financial services industry. A bank that knows you and has your banking business now will be as aggressive as possible in attempting to get your life insurance business as well.
Term Versus Whole Life Insurance
Many people believe that you cannot get term life insurance, which is typically less expensive than whole life insurance, once you are over 60 years old. Today, this is simply no longer true.
Term life insurance, as the name implies, covers a specific term, five, 10 or 20 years as an example. Whole life insurance is also called permanent insurance because once you are given a policy, it cannot be cancelled as long as you make the premium payments.
Bank life insurance will be available both in term and whole life. Each type of insurance has its benefits, and your bank life insurance representative will make these clear.
Getting Bank Life Insurance for Those Over 65
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