Inexpensive Life Insurance for Seniors

Where can seniors find inexpensive life insurance?

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.

Veterans Life Insurance: What One Should Know.

If you’re a veteran and are looking for some affordable life insurance then you’ve come to the right place.

Whether you’re healthy or have been seriously injured, we can help you find the life insurance policy you need.

We’ll look at some of the most pressing issues facing our heroic veterans and give you the answers to your most pressing life insurance questions.

There is a policy out there that will suit everybody.

Let’s start right off and say that healthy veterans who have no lasting physical or emotional injuries will simply be eligible for the same types of life insurance policies available to everybody else, and at the same rates.

Life Insurance Policies for Injured Veterans

Let me say right off that I specialize in helping people with serious health disabilities. As an independent agent I know which companies are more lenient than others when it comes to underwriting anyone who has health issues.

So, if you’ve been turned down by a company or have become discouraged, then I urge you to give me a call so we discuss your particular situation.

Here are some of the most war related and health issues faced by our returning veterans.

PTSD (Post Traumatic Stress Syndrome)

The emotional scars inflicted by the tragedy and horror of war, and any other form of traumatic incidents can leave you with lasting emotional problems that can dog you for life.

Some vets are able to cope better with PTSD than others and can function as well as anyone else.  Others have a much deeper psychological trauma that impacts their daily lives.

The bottom line when it comes to how life insurance companies rate someone with PTSD is simply dependent on the degree of the disability.

If you have relatively mild PTSD, and by that I mean you can cope quite well and only need one type of medication, then you will likely qualify for ‘Standard’ rates in most instances.These aren’t the best rates available but they are from being excessively more expensive.

If your PTSD is much more severe and you are taking a variety of medications, and receiving regular psychological or psychiatric treatment while being off on disability then you are likely to receive a lesser rating than standard. It will all depend on the medical evaluation received by the insurance company, the medications you are on and you’re overall health situation.

It means basically that we would have to look at your individual situation on a case by case basis as each situation is going to be different.

The point is that regardless of the degree of disability you have from PTSD there is some form of affordable life insurance available for you, and it’s just a matter of finding the right company with the right policy to match your particular individual needs.

Life Insurance and Physical Injured Veterans

Asides from the emotional impact that can affect a veteran there are also the many forms of physical injuries that can affect the daily lives of our veterans.

The range of injuries is so varied that I can mostly generalize about how the insurance companies will rate you as each situation will be unique.

In many instances, the physical injury you incurred will also be rated in different ways by different life insurance companies.

How you are rated will more or less depend on how well you able to function, what sort of treatment you are receiving, and in some instances the state of your future prognosis.

The more you can function in being able to look after yourself such as being able to drive, bathe yourself and prepare meals and whatnot, the better your rates.

Loss of limbs or amputations can be viewed differently by different companies. A loss of a portion of a finger can be viewed differently than the loss of both legs for example.  But, even a double amputee can be quite functional these days given the advancements in prostheses available.

Another common injury with many veterans is Tinnitus.  There are plenty of avid weekend game hunters and firearm users who are in the same boat.  Most of these individuals will get the same rates as everyone else so long as their brain scan is clean.

Head injuries and severe burns could be a bit more problematic but it may depend on the degree and extent of the disability, treatment and how well you can function.

Bottom Line for Veterans

The main thing to remember is just because one or two life insurance companies turned you down or wanted to charge a premium that was too costly, don’t be discouraged. There are hundreds of life insurance companies and they are not all the same.

There are also many different types of policies and regardless of your service related injury, there is something available for you.

How to Find Affordable Life Insurance for Veterans

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.

Can you Buy Term Insurance at Age 76 – 80?

If you’re between the ages of 76 to 80 years of age, you might be wondering if you are still eligible to buy term life insurance.

I am pleased to say that you can still buy term life insurance if you happen to be in this age bracket.

But, there is on drawback. You will be somewhat limited to the length of term you will be able to buy.  The reason is simply sue to the fact life insurance companies have age cut off points where they will simply no longer sell term life insurance.

What Length of Term Can I Buy if I’m 76 – 80?

For the most part, everyone in this age bracket can buy at least a 10 year term life insurance policy.  Those of you who are aged 76 – 78 can also buy a 15 year term if you need a longer one.  However, those who are ages 79 or 80 are no longer eligible to buy a 15 year term policy.  A 20 year term policy is not available to anyone in this age bracket.

How Much Will Term Life Insurance Cost Me if I’m 76 – 80 Years Old?

I did some checking so you could get a rough idea of how much you might have to pay for a monthly premium.

The following quotes are for a $100,000 term life insurance policy and the rates shown are for a Preferred Plus rating which includes someone who is a non-smoker and in reasonably good health. They include what you might pay per month for both a 10 year term and for a 15 year term (For those who qualify).

$100,000 Term Life Insurance Quotes for Ages 76 -80

Age 10 Year Term 15 Year Term
76 Year Old Man $186.55 $354.46
77 Year Old Man $214.55 $409.76
78 Year Old Man $254.28 $477.58
79 Year Old Man $295.84 N/A
80 Year Old Man $349.30 N/A

(Disclaimer – These rates are effective as of January 15, 2013)

As you can see, the monthly premium increases rather rapidly.  So, if you happen to be approaching your birthday, or the cut off age for a 15 year term policy which is what you were hoping to buy, you shouldn’t procrastinate and put it off.  You might not be able to get the term policy you want and the policy will become increasingly expensive.

Why is Term Insurance Better?

The reason why you might prefer term insurance all depends on why you want life insurance in the first place.  The first main advantage is that term life insurance is without a doubt the most economical to buy and can still be very affordable.

At this stage of your life people want life insurance for a variety of purposes.  Most likely you are retired by now and have very likely either paid off the mortgage on your house, or are very close to doing so.

You might want it still as income replacement to care for your spouse.  Perhaps your health has deteriorated and you want to pay for your outstanding health care expenses or simply to be use for death and funeral expenses.

You may also still have some existing debts that you want to be able to pay off should you pass away unexpectedly.  You may simply want to leave a financial legacy for your children or even your grandchildren.

However, if you need life insurance for such things as estate purposes, inheritance taxes, business reasons, or to set up a trust or donate to a charity, then you might be better advised to look at some other form of permanent insurance plan such as whole life or a universal life insurance policy.

It’s best to talk to an independent agent like myself to get the best advice for these situations.

Will I Have to Take a Medical Exam to Qualify?

The answer for the most part is yes.  As people age, life insurance companies require more medical information so they know how to rate you.  These medical exams usually entail a few simple tests and are relatively easy to take.

Can I Still Get Term Life Insurance If I’m Ill?

The answer is very likely yes but it will depend on the degree and seriousness of the illness.  I specialize in finding life insurance for people who have serious illnesses, so don’t assume you don’t have options or other choices because you do.  Even if I can’t find a term policy there are plenty of other life insurance policy options that we can discuss.

In Conclusion

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.

3 Essential Tips for Buying Life Insurance on Your Parents

In most cases, you can purchase life insurance policies for your parents with their knowledge and approval.

But how do you go about doing this, and what is the appropriate amount and type of coverage?

We will cover these questions and more in this article.

The most popular types of policies for parents are term life insurance, whole life insurance, and second-to-die policies.  See below to determine the best type of coverage for your parents.

Essentials for Buying Life Insurance on Your Parents

1.  Is Buying Life Insurance on My Parents a Good Deal?

Prior to age 85, it seems life insurance can still be purchased for a relatively affordable premium.  As you can see, the older your parents get, the higher the cost for the same coverage.

Here are a few quotes for $100,000 of coverage:

60 years old $72 per month
65 years old $132 per month
70 years old $229 per month
75 years old $395 per month
80 years old $767 per month

Please note the quotes above are for a 10 year term policy for a healthy male, who can qualify for non tobacco rates, and are accurate as of 6/10/2013.  Actual rates will depend on your parents’ health.

…Ok, back to question #1 – “Is it a good deal?”

Obviously, life insurance can still be quite affordable if your parents are in their 60′s or 70′s, and they’re only getting $100,000 of coverage, as in the example above.

But let’s say you need more coverage than that, and they are over age 80…  Is it still worth the cost?

For example, you would pay $14,560 per year for an 83 year old mother in good health for a $250,000 policy guaranteed for life with North American Co for Life and Health.

If we assume our 83 year old has a life expectancy of 10 years, you will have paid $145,600 into the policy after 10 years.  If she were to pass away at any point before that, it seems to be a great rate of return on your premium.  You certainly wouldn’t be able to match that kind of return in any alternative investment.

If your parents are younger than 80 and in good health, life insurance is an incredible leveraging tool, and makes even more sense than in the example above.

Honestly, life insurance loses leveraging power after age 85 and is pretty expensive.  See the quote form on the right for an instant quote.

Quick ”Life Insurance for My Parents” Video Tips

 

Ownership of Policy: One of the first things I ask the child when he/she calls me is who would be the owner and payor of the policy.  In some cases, children are simply calling on behalf of their parents who are not internet savvy, and are doing nothing more than helping their parents, who don’t know how to buy life insurance, with the quoting and application process, but that the parents will be paying for the policy.

In other cases, you have children who will be the owner of the policy, pay the premiums, and also be the beneficiary of the death proceeds.  Usually this is okay as long as the child can prove an insurable interest. This is 100% legal, but will require approval by the insurance company.

An insurable interest means that the child would be somehow financially affected by the death of his or her parents.  So if your parents have a big mortgage on their home, and you don’t want to inherit their debt, life insurance may be in order.  Or if you are responsible for your parents funeral and burial arrangements, life insurance may be used for this…(continue to part 2)

Yes, You Can Still Qualify up to Age 85. Sample Quotes Below.

Life Insurance for 81 to 85 Years OldYes, you can still purchase life insurance between the ages of 81 to 85, and in some cases, even to age 90.  Before reading too much below, let’s look at some sample cost of insurance rates.

I always feel it’s best to discuss life insurance pricing right out of the gate when dealing with my clients over age 80, since sometimes the premiums are prohibitive.

The quotes below are for a male age 81, 82, 83, etc in good health, who can qualify for the best health classification, and purchasing a 10 year term policy.

Age                        $100,000              $250,000
Male Age 81       $395                       $903 per month
Male Age 82       $453                       $1049 per month
Male Age 83       $531                       $1245 per month
Male Age 84       $620                       $1468 per month
Male Age 85       $718                       $1719 per month

Note: Life insurance for people over 80 listed above are valid as of 12/2/2011 and subject to change.  Not available in all states, and based on Preferred Non Tobacco User.

Please keep in mind you can also get quotes for $25,000 or $50,000.  You don’t have to buy $100,000 if the premiums are out of your budget.  Use our quote form on the right for a quick quote.

You should also be aware that if the cost of life insurance as a senior is prohibitive, you can potentially save thousands per year by purchasing a second-to-die policy, which only pays a death benefit upon the second death.  This could be the perfect solution for a estate planning need or to leave an inheritance to your children.

How to Purchase Life Insurance at Ages 81 to 85

The key purchasing life insurance at age 82 or 84 years old, or any age for that matter, is your health.  If you’re healthy and have had no history of serious medical impairments, such diabetes, COPD, or heart disease, you will pay a lower premium than the policyholder who has had medical problems.

Having said that, be sure to speak to an experienced independent agent such as myself, Chris Huntley, about your health history.  A good agent will know which company will give the best health classification, and therefore lowest premium….(continued on page 2)