As we age our financial responsibilities change along with our needs. This also becomes true for our life insurance needs, and that’s where a senior life insurance policy comes in. The older you are the higher your premium is, factored in with any health issues. Unlike term, it’s when you die life insurance protection, not if you die. So if the term life insurance you got years ago is expiring you have a few options.
Option 1- Convert your Term Life Insurance policy
Many term life insurance policies have an option to convert the life insurance coverage into a permanent type of coverage without any proof of insurability. Meaning your original health class rating will remain, even if you happened to acquire a host of health problems during the length of the term. Your premium would only change to reflect your current age. You have an option to maintain the same amount of coverage or opt for a smaller death benefit to adjust to your current life insurance needs. If your term already expired or didn’t come with this rider, you have other options.
Option 2-Final Expense
Probably the least expensive option for senior life insurance is final expense. Final expense life insurance is what it sounds like, it’s there to cover any last expenses that your death will bring. Final expense life insurance specifically designed for seniors who have minimal financial responsibilities and no dependents. Ranging from 10,000 to 50,000 worth of coverage this policy is designed to take care of funeral expenses, hospital bills, and pay off any other costs your departure will create.
Option 3-Guaranteed Universal Life Insurance
When considering senior life insurance, guaranteed universal life (permanent term) is the best return on investment. A guaranteed universal life policy will allow you to get much more coverage than final expense. This allows you to leave a legacy behind after your death. If you want to pay off your grand kids college education, pay off your kids a mortgage, or just send your family on vacation a GUL policy is your best bet.
Senior Life Insurance Tips
If your reading this your probably a selfless person. Getting life insurance purely for death protection to make sure your loved ones are taken care of, is a very noble thing to do. But that tells us that you’ve probably been this way your whole life, no pun intended. That being said we advise most of our senior customers to have their beneficiaries pay for their life insurance policy. This isn’t uncommon; the logic behind it is that your beneficiaries are making an investment. One that will make great returns, with minimal risk, considering the odds of death are 1 out of 1. Having the beneficiaries pay for your senior life insurance allows you to spend that money to enjoy the next few decades for yourself.
Feel free to call us at 888-492-1967 if you have any questions or get your Life Insurance Quotes Online.
