Finding Affordable, Protective Life Insurance For Seniors

Finding low-cost senior life insurance can be difficult, but many senior citizens need insurance policies to keep their households financially protected. By understanding how different types of life insurance work, you can get an affordable policy that provides adequate coverage.

Life insurance for seniors

Why Term Life Insurance Works Well For Senior Citizens

In order to find affordable life insurance quotes for seniors, you should look for a term life policy. Term life insurance is less expensive than permanent forms of insurance like whole and universal life, although it does not offer a return of the policyholder’s premiums at the policy’s end. Standard term policies have a set death benefit that the insurer will pay if the insured dies during a set term, which ranges from 1-30 years. Senior citizens will usually want a relatively short term policy with a term of 1-10 years.

There are a few key terms to consider when purchasing life insurance for seniors:

  • Guaranteed renewable policies can renew at the end of the their terms, although their premiums will not necessarily stay the same. A guaranteed renewable policy with a short term might work well as temporary life insurance for a senior citizen.
  • Annually renewable term life insurance policies operate for a year at a time. They usually have a guaranteed renew-ability clause. However, a senior citizen will see premiums increase significantly from year to year with this type of policy.
  • Some clauses like double indemnity are designed for policyholders with potentially dangerous jobs or hobbies. Senior citizens can often refuse these types of clauses to reduce their insurance rates.

Lowering Premiums And Getting Great Coverage

To get the most affordable senior life insurance possible, you should try to buy a policy as early as possible. Make sure to buy an appropriate amount of coverage and buy the longest term length that you can afford, provided that the policy falls in line with your long-term financial strategy. A longer term means higher premiums, but you will pay less overall in premiums than you would pay for several shorter policies.

Another great way to get lower life insurance quotes for seniors is to stay healthy. Get regular physicals and medical examinations. If you have a clean bill of health, you should still be able to find affordable life insurance for seniors. Life insurance companies use complex tables of actuarial statistics to decide premiums, and a lack of preexisting health conditions often counts for more than the applicant’s age.

Although you might initially have trouble finding affordable senior life insurance, you can often find a great policy by taking the time to compare insurance rates from as many providers as possible. Make sure to understand how your policy works and check to make sure that your insurer is licensed in your state before you sign a contract. Check the life insurance company has a strong financial rating from A.M. Best. With the right research, a senior life insurance policy can provide a lot of peace of mind.

Things you Really Need to Know about Senior Life Insurance

Senior life insurance has become more affordable then ever.

Senior life insurance

This is due to major advances in medical care that allow people to live longer, healthier lives. This is good news for senior citizens. Unlike a decade ago when life insurance was next to impossible to procure, seniors are able to not only find policies, but get very affordable premiums. However, there are a lot of people who continue to go without coverage and even more who are paying for too much. How much insurance is right? The only way to answer that question is to learn as much as possible about how it all works.

Fibbing on the Application
Don’t ever let the temptation to tell small, white lies on your application overwhelm you. There are no white lies when it comes to life insurance! Although it might save a little money on payments, it can end up costing your beneficiaries everything. If the insurance company finds out that an individual lied on their application, they can choose not to pay.

Are Medical Exams a Requirement?
The answer to this question depends on the insurance company. Some providers require an exam, while others just highly recommend it. Insurance companies have to make money to stay in business. That means they can’t take risks. The more they know about an applicant, the better. That means that applicants need to go ahead and take the exams. Get a check up. Let them run their tests. Anything you do to prove that you’re in good health will lower the cost of life insurance. This is especially true for senior citizens.

Can Smokers get Life Insurance?
Yes, but they will be penalized. Quitting smoking will greatly reduce the premium of coverage. Of course, smokers will have to prove that they have quit smoking for at least one year.

Note: Most of the major insurance companies will insure up to $30,000 without requiring a medical exam. Even in this case, it’s still a good idea to get one. Prove that you’re low risk.

Which Policy is Best for Seniors?
So now we cut right to the chase. Which senior life insurance policy is best? Some companies guarantee coverage. The best way is to compare policies and choose the right one. Here are some examples of different types of life insurance for seniors.

Burial and Final Expenses
This is the most common insurance pushed on senior citizens. These policies are also known as Whole Life Insurance. This insurance covers enough money to cover final funeral expenses and can sometimes even leave enough money left over to pay off a few other debts. This insurance never expires so long as the premiums are paid.

Guaranteed Coverage
This coverage is tailor made for those who have been rejected for health reasons. There is a catch. This policy only lasts for a set amount of time:
• Two Year
• Graded
• Limited Benefit

The coverage is only paid out if the applicant dies from an accident. If they die for health reasons, the insurance broker refunds the premium plus any interest it has accumulated.

Term Life Insurance
Term life insurance works exactly how the name implies. The coverage expires once the term of the policy runs out. There are advantages to term life insurance though. One is that the premiums are normally less expensive than whole life insurance. Another is that term life is available for senior citizens. As with all policies, higher risk people will pay higher premiums. Sometimes, term life is the only options available to senior citizens.

Shopping Online
The internet is a great way of finding good rates on life insurance. Here are some of the advantages:
• Able to easily compare quotes from hundreds of insurance companies in just a few clicks.
• Sometimes, insurance companies offer promotional codes that are available only to those who apply online.
• Don’t have to commit. So there’s no pressure. The applicant has plenty of time to decide.

The only downside to finding senior life insurance using the internet is that older people might not be comfortable with computers. Fortunately, that’s what kids and grand kids are for. Some people still might be more comfortable discussing the matter face-to-face.


14 thoughts on “Finding Affordable, Protective Life Insurance For Seniors

  1. Thank you so much for the information on life insurance. I am trying to help my grandparents and have found your posts so useful!

  2. I think the key to finding the affordable insurance is to compare rates and take your time. Don’t jump for the first one you see.

  3. Life insurance is not something I like to think about. But I know it is time to get this for my parents. Thanks for the help you are providing people like me who are clueless to these things.

  4. I think term life is best for seniors as well. You have made very good points in this article. I will be sharing this with my friends and family.

  5. My grandparents have asked me to help them find the best life insurance for them and in my research, I found this post. It is of great help to me because I am new to this.

  6. Seniors life insurance coverage will pay out a group sum upon loss of life of the insured individual. You choose how much you want to pay, beginning from £10 monthly, there’s no medical or health concerns and it’s a simple program. What’s more, as long as you’re qualified you’re assured to be approved.

    Typically the more you choose to pay each 30 days, the higher the group sum that could be compensated out if a declare is made.

    It really is never too delayed to plan for the long run, whether that upcoming is more of a heritage by what you keep behind, or by assisting your family members take care of your memorial costs, which can be very extreme these days.

  7. I’ve had life insurance for over 50 years but my daughter who is in her 50′s never has. I’m talking to her about what she needs to find out for life insurance questions and your life insurance post should cover all the points. Thank you for saving me a lot of typing.
    She is worried about a medical exam for life insurance as she is a smoker. But I think that she will quit when she sees the rate difference. And now, knowing that a smoker can be insured, she won’t argue with me so much.

  8. Lots of great tips here. I didn’t know that term life insurance policies were renewable–it was worth it for me to read this post to learn this fact alone. Thanks. :)

  9. Another great post with lots of good information. I have had to deal with my father who is 87 in trying to get him coverage and this article has helped a lot. It is also useful for those not yet at retirement age. The key is understanding how things work before making a decision. Thanks, Sharing this!

  10. I’ve been looking for an insurance option for my mom recently.She’s in her upper 70′s and the companies just don’t seem very forgiving these days. Thank you for sharing this VERY HELPFUL information here. My family thanks you for that.

  11. In my experience, shopping online is the most convenient way to get all the information you need about life insurance options right at your fingertips. Back in the day, you’d have to run all over town to get the kind of power as a consumer. Now there’s really no excuse for not doing your homework and finding the best fit and the plan that will save the most money. Your article helped, thank you. I have so much more peace of mind knowing that I have this taken care of, and I know my family feels the same. I wish I had done it sooner.

  12. This post has answered all question one may have, valuable information.The best thing is to get one as early as one can really, before you get to the age where they will be a lot to deal with, if you didn’t then at least there are still insurance camponies that will insure you at the age of 80 and the smokers,great news, keeping healthy is the key, to get your premiums down, i would recommend this site to everyone who has been turned down for their insurance especially basic one like Burial and financial expenses

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