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.

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.

Are You Between The Ages of 31 – 35 and Looking for Life Insurance?

I can give you the answers you want and find you the right life insurance policy that will suit your particular life insurance needs.

At this stage of your life you are most likely getting well settled into your career and have likely started a family and bought a home. You need to protect your family should something unfortunate happen.

That’s the best reason to keep reading and learn more about what type of life insurance to buy so your family can keep on going. It’s about giving your family security and financial protection.

Some Examples of Affordable Life Insurance

You might be wondering first off about how much life insurance costs. Well, it depends on the type you buy and the amount of coverage in your policy. But, I did some research and I have some quotes for what it would cost you monthly to buy a $100,000 term life insurance policy for someone in your age bracket.

The following quotes are for a person in good health and who doesn’t smoke. These quotes show what it would cost you monthly for a 10 year term, a 20 year term and a 30 year term.

$100,000 Term Life Insurance Quotes for Ages 31 – 35

Age                                 10 Year Term        20 Year Term       30 Year Term

31 Year Old Man                 $7.26                         $9.45                   $13.21
32 Year Old Man                 $7.27                         $9.47                   $13.48
33 Year Old Man                 $7.27                         $9.49                   $13.83
34 Year Old Man                 $7.27                         $9.50                   $14.09
35 Year Old Man                 $7.27                         $9.52                   $14.35

(Disclaimer – These rates are effective as of February 1, 2013)

Types of Life Insurance Policies for Someone Ages 31 -35

If you’re not sure what type of life insurance would suit your particular needs then I will explain the differences.

Life insurance comes in 2 main types which are known as term insurance and permanent insurance. Permanent insurance is further broken down into whole life and universal life.

Term Insurance

Term insurance is a life insurance policy that covers you for life but is sold in periods of time like the samples shown in the quotes above. There are other term options available because you can get a term policy to cover you to specific age in you life such as age 65 which is when most people often retire from working.

Term insurance is ideal if all you’re looking for is income replacement. It can also be used to pay for your death and funeral expenses, pay off your mortgage, your other debts such as loans and credit cards. continue page 2…….

Life Insurance Ages 76 to 80

Senior Couple Married Needs Life InsuranceOne of the more common questions we get here at Huntley Wealth Insurance is whether or not you can purchase life insurance between the ages of 76 to 80, and if we can help.

Yes, you can qualify for coverage at this age, and even all the way up to age 90, and yes, we will help you find the best life insurance for seniors over 75 at the best rates for your needs.

How Much Does Life Insurance Cost at Age 76-80?

The cost of life insurance at age 76, 77, 78, etc., really depends on your health.

Some of our clients have never experienced health issues, who will be candidates to qualify for preferred health ratings, and lower premiums.

Sample Term Quotes for $25,000 Coverage

Type of Insurance             10 Year Term               To Age 121

Male Age 76                          $113                                $124  (ALL QUOTES PER MONTH)
male Age 77                          $125                                $132
Male Age 78                          $143                                $143
Male Age 79                          $161                                $159
Male Age 80                          $183                                $180

Quotes based on premiums for a male in Preferred Non tobacco health classification as of 11/21/11.

Please use our quote form on the right for a quick quote, but please understand that these quotes should be used as a general guideline, and be sure to read the section below titled “Your health affects your premium” to understand the pricing better.

Your Health Affects Your Premium

When you think of an individual at age 78 or age 79, it’s pretty rare to find one who does not at least take a couple medications, even if it’s for something as mild as hypertension or osteoporosis.  With a minor issue such as these, affordable coverage is not hard to find.

If your medical impairment is not too complicated, you may be able to be approved at preferred or standard rates.  This means you’ll pay a lower premium for the same amount of coverage than a policyholder who is approved at a substandard health rating.

Quotes for Second-to-Die Life Insurance and When It’s Appropriate

Family Estate Planning using Second-to-Die Life InsuranceBy far, the most common type of life insurance purchased is on a single individual.  But in the right circumstance, a second-to-die life insurance policy may be exactly what you need.

A second-to-die policy is unique in that there are two insureds (usually spouses) and a death benefit is only paid out upon the second insured’s death.  So we have two lives covered, two deaths, but only one death benefit.

In most traditional types of life insurance sales, the proceeds are left to the surviving spouse for various financial needs.  Obviously, that’s not the case here, so let’s take a look at why someone would purchase a second-to-die policy.

The top reasons to purchase second-to-die life insurance are:

Estate Planning Purposes – Approximately 90% of these policies are purchased by couple’s with large estates, who may have an estate tax problem.  This is really a simple concept.  The first spouse passes an unlimited marital deduction upon his or her death to the surviving spouse.  Upon the second spouse’s death, their entire estate is subject to various forms of taxation (income tax, possibly estate tax, etc.)   So what better way to pay the estate tax bill than with a life insurance policy, which cost pennies on the dollar, and pays out an income tax free death benefit?

Support of Children – Since the death benefit does not pass to the surviving spouse, it is usually purchased with a married couple’s children in mind.  Perhaps there are unpaid bills or debt such as a mortgage to be willed to the children, and the parents don’t want to pass away leaving their children with a loan on the house.

Affordability – Second-to-die policies are, on average, 25-40% cheaper than purchasing a policy on just one individual.  The savings could be even more drastic if one of the spouses has some health issues, but the policy is issued anyway based on the good health of the other spouse.

Sample Quote for $1 Million Death Benefit

70 Year Old Male Individual Policy through Prudential, Preferred Health = $30,305 Annually

70 Year Old Male/Female Second-to-Die through Prudential, Preferred Health = $16,907 Annually

Cash Accumulation – Since the cost of insurance (COI) in these policies is so low, some people leverage them as investment vehicles to grow its cash value account.

Charitable Bequests – Perhaps you have a favorite charity or educational institution.  Many libraries have been named and scholarship funds have been created due to the proceeds of second-to-die policies from generous benefactors.  Perhaps you can’t afford a $500,000 outright gift, but you can pay $10,000 per year.  Leverage your dollars and buy a 2nd-to-die policy with your favorite charity as beneficiary.

Types of Second-To-Die Policies

The most common type of second-to-die policy sold is universal life.  All the big carriers such as Prudential, Met Life, and ING offer a 2nd-to-die option.

Protective Life is the only life insurance company I’m aware of that has term policy with this option.  You can purchase 10, 20, or 30 year convertible second-to-die term, and boy, is it ever affordable.

The only downside with Protective’s term policy is the best health class they’ll offer is Standard.  So if you’re both in excellent health, you get somewhat of a downgrade in health classification here, as the best you can qualify for is standard.

Do the two Insureds have to be Husband and Wife?

No.  You can have second-to-die policies with mother and son, siblings, 2 business partners, etc.

For example, I used to volunteer on the board of a private school in San Diego, which had been co-founded by two wonderful women.  You could make the argument that a 2nd-to-die policy would be appropriate for the school to purchase on them for succession planning.

You see, if one were to die unexpectedly, the other could take over her responsibilities, but when they’re both gone, you could argue the school could suffer from decreased attendance while the successor moves into his or her new job.

How to Get a Second-to-Die Quote

You may notice in the quote results, you won’t find an option for second-to-die policies, so to get a quote, you’ll need to call us directly at 877-996-9383.

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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.

Psst! As an added bonus, you can find out what my picks are for the best life insurance companies – click here to read more! 

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)

Important Considerations for Life Insurance at Ages 81-85

Regardless of your age, everyone has their reasons for having life insurance.

If you’re in the 81 – 85 years age bracket, you might be wondering if it’s possible to still buy term life insurance.

The answer unfortunately is no.  The life insurance companies have a cut off date where they will no longer sell term life insurance and that includes this age group.

However, don’t be put out as there are other life insurance options still open to you if you happen to between 81 and 85 years of age.  Life insurance has to be made available to everyone and that includes you.

What other life insurance Options Do I Have if I’m Between Age 81 – 85

There are other life insurance policies which you can buy.  Your two main choices are:

Before I explain the differences between the two policies, I will give you a few sample quotes of what you might expect to pay for one of these policies for someone in your age bracket.

These quotes are for someone who does not smoke and is still in reasonably good health.

$100,000 Whole and Universal Life Insurance Quotes for Ages 81 -85

Age Single Pay
81 Year Old Man $51,433.00
82 Year Old Man $54,312.00
83Year Old Man $57,681.00
84 Year Old Man $61,552.00
85 Year Old Man $65,803.00

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

The above quotes means that you pay this as a one time single payment for your premium and you will be covered until age 121.

What Should I Buy – Whole Life or Universal Life Insurance?

That’s a good question and depends on your needs and circumstances.  The first thing you should know about whole life and universal life is that they both have some similarities which makes them different from a term life insurance policy.

A whole life policy or universal life insurance policy is especially the way to go if you need life insurance for:

  • Estate Planning
  • Setting up a Trust
  • Charitable Donations

Term life insurance pays out death benefits only.  A whole life or universal life policy is different because not only do they pay out death benefits but they both also have a cash value accumulation feature which is a form of savings plan.page 2……