So you consider yourself a senior. At this point you know life isn’t as short as the cliche saying and you probably can’t help but laugh when a teenager talks about “plans.” By now you also know that life can throw many curve balls, so you’re looking into some life insurance coverage. As we age our life insurance needs change, so as a senior you have a few options to look into depending on your situation. If you have any questions your best bet is to pick up the phone and give us a call. You can also compare life insurance quotes with no personal information on our website and request and application online. With us you get the ability to compare with all of the life insurance companies on the market and get the policy that best fits your needs. The best part of working with InsureChance is that it doesn’t cost you a thing! We know how much you love saving money so call us at 888-492-1967. The third option is to continue reading. Let’s talk about life insurance for seniors.
You may be wondering if you will be able to get coverage if you are considered a senior citizen. The short answer is yes, but it will depend on a few factors. The first thing you would have to do is establish the kind of life insurance you are looking for. This will largely depend on your needs and what you can afford. There is term life insurance for your temporary needs and permanent life insurance for your permanent needs. Let’s break down the difference in each product before we get into what is the best option for you.
Term Life Insurance
Term life insurance is the most popular and easy to understand type of life insurance on the market. This is a form of temporary coverage that you purchase for a certain amount of time. This term can be anywhere from 5 to 30 years depending on your needs. So whether it’s a mortgage, debt, or simply the fact that you want to leave some money for your grandchildren’s college education, term life insurance would be your go to product to take care of temporary financial responsibilities. Term life is the most affordable coverage on the market, so if you are struggling to make ends meet this is your best option to at least have some kind of coverage in place. The latest age to get a term life insurance policy is usually around age 80 on average, depending on the life insurance company offering the product.
If you are a senior at the point of an expiring term life insurance policy you need to check with your company if your policy came with an option to convert. This is an add on that comes with some term life insurance policies that allows you to convert your current term life insurance policy to a permanent one without having to take another medical exam. Your premiums will simply be adjusted to your current age despite any health conditions. The cutoff date is either at the end of the term or age 75 depending on the initial terms.
Guaranteed Universal Life Insurance
This product is known as permanent term because it is permanent life insurance that does expire, but usually between age 90 to 121 depending on type of policy. If you outlive this term then congratulations! You’re one of the oldest people on the planet. Also we can only hope that your financial dependents have figured things out by this point. Unlike whole life insurance this policy doesn’t accumulate much cash value. The cash value that it does accumulate is used to keep the monthly premiums fixed at the same cost. This option is more affordable than a whole life insurance policy. You can compare GUL quotes by clicking the permanent life insurance box on the right.
Guaranteed universal life coverage is an excellent option for those who want the security of knowing that they have protection in place throughout their life, no matter what happens. Even as a senior, locking in GUL coverage at a relatively good rate for strong health and no negative indicators can wind up saving you money over the long run. The longer you want to get GUL coverage, the more expensive it is likely to be. Invest in yourself today by locking in good rates with a solid insurance company.
Final Expense Life Insurance
Often the simplest and the more expensive type of insurance you can get as a senior is known as final expense insurance. As the name implies, this is designed to help cover burial costs, credit card debts, funeral costs, and even medical bills that may be associated with end of life. Using final expense insurance can help to ease your fears about leaving behind a burden for your loved ones. Most companies that offer final expense life insurance do so for a very affordable cost, and if you meet the age guidelines (usually 45-75), you cannot be turned down for medical reasons.
This appeals to individuals who have sought out coverage at higher amounts and been declined by standard life insurance companies or been so highly rated for coverage, that it simply doesn’t make financial sense to purchase the policy. In these cases, you’re better off reevaluating just how much you’d like to pass on to beneficiaries and considering a final expense insurance policy.
One of the biggest advantages to this type of policy is that you know exactly what you’re going to get and what you’re going to get it for, there are no questions left behind and no concerns that you’re going to be surprised later on. You also lose the headache of having to wait weeks for an approval only to find out that you have been denied for health reasons. Since these companies do not deny you based on health reasons, you can rest assured that as long as you pay the premium, your loved ones are going to get benefits from a policy that will help cover funeral costs and the like. Since these companies are also so streamlined, they tend to issue policies very quickly and handle claims rather efficiently, too. The only possible downside is that you can’t get large face amounts on your policy, but you can usually get enough coverage to give you the confidence that your loved ones will be able to deal with your funeral expenses and other related costs.
Life Insurance for Seniors Over 50
If you’re over the age of 50 and your term policy has expired, you could purchase another policy with term life insurance coverage if you are still relatively healthy, but with longevity increasing all the time in the U.S., your coverage might run out before your needs dissipate. This also won’t really be an affordable option if your health has gotten any worse, especially if you have had any major medical issues in the past several years. Insurance companies like to thoroughly review applications for possible medical conditions that could allow them to rate you at a higher class, so this might be out of your budget unless you are in exceptional health and a nonsmoker. Getting life insurance in your 60’s gets even more expensive.
Traditional whole life insurance could be an option, which can appeal as a result of fixed premiums and savings that are supported by the company’s mortgage and bond interests, but you may have to pay out of pocket for this kind of protection. Compared to a term policy, where you might spent several hundred to a few thousand per year, you could certainly be paying five figures a year for whole life coverage. If you’re not going to get a whole lot out of the policy, that’s a lot to pay in.
As mentioned above, permanent life insurance can appeal if you don’t want to worry about recovering your assets in a financial crash. Be prepared that you may have to pay for this kind of protection, though.
Life Insurance for Seniors Over 65
Passing into this category means that you do still have some options when it comes to getting life insurance coverage, but you need to think carefully about what you’re going to get out of a policy versus what you’ll need to pay into it.
As an individual applying for life insurance coverage over the age of 65, there are permanent and term life insurance policies available to you, but there are some restrictions. Companies do have cutoffs for term coverage, so if you were hoping to get longer term life protection it might not be available.
If your health has declined in any way, including the diagnosis of any major conditions, you may need to pay more in premiums. Always balance the amount of coverage you’re looking for with the cost of the premiums. Using an online life insurance quoting engine is the best way to learn about the kinds of coverage you’re eligible to get. If life insurance protection is important to you but you’re worried about the cost, write out the exact amount you’re looking for by calculating the funds you believe your beneficiaries will need. Adjust the quoting engine to reflect different coverage amounts until you arrive at a life insurance policy that gives you the protection you need at a cost you can afford. Remember that there are many life insurance companies out there, so shop around.
Make sure you also reach out to life insurance agents and experts that help run these quoting engines, because some carriers treat certain conditions or concerns in a more friendly manner than others. For example, one carrier might show the cheapest price, but you could find out down the line that you have been rated an entire class lower because of diabetes. If you have special concerns share those with the behind the scenes experts, so that they can answer your questions and point you towards the most appropriate life insurance company. You should find that there are a few companies that might work for your situation. Once you’ve viewed their initial quotes, considering being flexible on your coverage amount if you are sensitive to premium prices.
Life Insurance for Seniors Over 80
Passing the age of 80 can make it very expensive to get life insurance coverage through universal life, whole life, or even term, but don’t give up if you believe that life insurance coverage is the important kind of protection you need. It’s important to note that for term coverage, there are usually cutoffs at which point you will not be able to get covered. For example, a 75 year old may be eligible for a ten year term policy, but will not be eligible to even apply for a longer policy than that.
Many seniors are living well into their 80’s and beyond, so your primary option for life insurance is universal protection. The big upside to selecting a universal life policy is that you know you will be covered regardless of how long you live. Trying to select a term policy at an older age can be a gamble, because your health and life may extend beyond the length of any term policy you select. Choosing a universal life policy, though, ensures that as long as the premiums are paid, your legacy will live in through the assets you pass down to your loved ones.
Another option for those over the age of 80 is final expense insurance, which helps to cover basic costs for seniors who pass away. If you don’t want your family to carry the burden of coming up with funeral and burial costs, final expense coverage is a great option. You can choose the face amount that you think is necessary to cover these basic expenses, giving your family members the freedom to grieve as they need to rather than worrying about covering funeral expenses. A big benefit for those over the age of 80 when it comes to final expense coverage is that while you will need to select a lower face amount than the kind of coverage offered through whole life, term life, and universal life, you won’t be paying the high premiums associated with that coverage, either. Final expense policies are very clear about what you’ll need to pay in and the amount that your beneficiaries will receive when you pass away. There are no questions or areas of confusion when it comes to final expense, making it an ideal product for someone over the age of 80.
Life Insurance Quotes for Seniors
There are many factors that you will need to consider when shopping for senior life insurance coverage. Don’t get overwhelmed by the prospects, though, because taking the next step in obtaining life insurance protection could be the right move for you and your beneficiaries.
Many people have the impression that it’s very difficult or time-consuming to get life insurance coverage, but that is no longer the case. Getting a life insurance quote can be very easy online, and this also helps you to be able to compare across several policies. Even though the industry has made a lot of transition over to the online market, where customers find it easier and faster to sort out their own options, you should consider working with an online quote engine that also has back-end support with experienced and qualified employees. This way you feel confident about getting your questions answered quickly and learning more about your options so that you choose the right kind of policy for you.
Consider what your needs are, but also what you can afford when it comes to making your life insurance decision. Life insurance quotes over 50 can be more costly. Affordable options are out there for senior life insurance coverage, you just have to do a little bit of research and digging to identify them.
