When you’re over 60, you might be reevaluating your financial goals. You may want to pay off debt, leave a legacy or protect your family’s finances. Life insurance can help. But it’s important to understand the different types of policies before buying one.

It’s also life insurance for over 60  to consider your health. Having a clean bill of health can make you eligible for lower premium rates. Smoking, obesity and some chronic health conditions can raise your rates. Staying active, eating well and not smoking can keep you healthy and lower your premiums.

Term life insurance is usually the most affordable option for seniors over 60. This type of policy covers you for a specific amount of time and is great for people with large debts that will be paid off in the near future or who want to ensure their family’s income will continue after they’re gone.

Securing Your Legacy: Exploring Life Insurance Options for Individuals Over 60

Whole or permanent life insurance is more expensive but lasts a lifetime and offers the added benefit of a cash value component. If you’re worried about how your final expenses will be paid or want to leave behind a substantial inheritance for your loved ones, a whole life policy might be the right fit for you.

Simplified issue or final expense policies are an option if you have some health issues, are in your late 70s or 80s and don’t qualify for a traditional policy that requires a medical exam. These plans typically cover a smaller amount than full-fledged policies and can be approved for with just a health questionnaire.