You’ve come to the right place.
Here’s the scoop on affordable term life insurance for seniors.
What Kind of Insurance Can Seniors Buy?
If you’re a senior you can pretty much qualify for any type of life insurance policy if you’re in good health. You can choose between term and permanent life insurance.
However, since you’re here looking for senior life insurance that isn’t expensive than your best choice is term life insurance.
What is Term Life Insurance?
Term life insurance is the most basic form of life insurance policy offered by insurers. This type of policy is especially ideal for many seniors who are looking for insurance coverage for a specific period of time.
What Are the Benefits of Senior Term Insurance?
There are a number of benefits and positive reasons for a senior to consider why term insurance is the best option. These include:
1. Term insurance covers death benefits only. You can choose the amount of death benefits you need in just about any amount from $25,000 to over $1,000,000 dollars.
2. Term insurance is the most affordable type of policy a senior can buy.
3. You can select the length of term you need. This policy is sold in periods of time such as 5, 10, 15, and up to 30 years and can even be age specific such as age 65 for example. However, you should be aware that there are cut-off age dates for longer terms which are age specific.
For example, a 60 year old may be able to buy a 30 year term, but may only be eligible to buy a 10 or 15 year term when they hit age 69 and older.
4. The premiums are locked in for the period of the term for most policies, but this can vary from company to company.
5. The proceeds from a term life insurance policy are paid in a lump sum. These proceeds which are paid to your named beneficiary are also non-taxable so your loved ones can use the money in any manner they choose.
A Senior Should Buy a Term Policy as Soon as Possible
The one thing to keep in mind about life insurance is that it becomes more expensive as you age. So, it’s important that if you are coming close to a birthday, you will save yourself more money by buying a policy now before you reach that birthday.
Some insurers are also more lenient when it comes to age than others.
What if I’m Not Very Healthy?
This may or may not be too much of a problem depending on the health issues involved. First off, you should know that life insurance companies use dozens of variables in how they rate people when determining how much they will charge for a premium.
Some of these variables include your age, whether you smoke, the state of your current health, family history and many other factors.
Even though you might have health issues, you should be aware that you can still qualify for a policy but you might receive a lower rating which could impact the cost of your premium.
But, again it’s important to know that each insurance company rates health issues differently. Choosing a company that is more lenient can also help save you money on your premium.
Even if your health issue prevents you from being approved for a policy, you do have other options such as Guaranteed Acceptance, but you should phone me to discuss your options beforehand so we can discuss your health issues.
Are There Other Life Insurance Options for a Senior?
Yes, there are other options. Many seniors only want a small policy which will cover their funeral expenses and to pay for small debts they owe.
This type of policy is known as Burial Insurance or Final Expense insurance. These policies start as low as $2,000 dollars and as high as $50,000 in coverage. This policy would stay in effect until you actually die.
Where Can I Find a Life Insurance Policy For Parents Over Age 60?
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 877 – 966 – 9383.