When you’re shopping for life insurance, the insurance company is going to review dozens of different factors when deciding how much they are going to charge you every month. One of the biggest factors that they are going to look at is your age. The older that you are, the more that you’re going to pay for life insurance coverage. That doesn’t mean that you have to have an expensive plan that’s going to break your bank.
Purchasing cheap term life insurance for seniors doesn’t have to be a headache if you follow our advice below.
We offer instant term life insurance quotes for seniors by completing our quote request form. After completing this form, quotes will be displayed on the next screen immediately.
We represent over 60 life insurers including all the name brands you’ve heard of like Mutual of Omaha, Prudential, William Penn and ING just to name a few. We also work with a lot of the smaller companies that you may not have heard of, and often times, these companies are the ones that have the best rates for our clients.
There is still a huge need to make plans for your loved ones once you start to get older in age. When someone dies, there is enough to think about between arranging the funeral and burial, without being financially burdened as well.
Lots of people have some form of life insurance or retirement fund through their employer, although usually they selected this plan when they were still middle aged. The problem with that, is that the cost of living can rise drastically by the time they are a senior, and the coverage might not be enough to take care of their loved ones. At that point, their loved one’s expenses and costs might be so much different than what the policies provide, and not reassessing your policy once you get older can put you at a huge risk.
With life expectancy even longer these days, it’s important to understand how long your spouse or dependents will need your income and plan accordingly with term life insurance.
You can even apply for term life insurance benefits for the seniors in your family. Some people don’t want to plan ahead on their own, or won’t face the fact that they need life insurance. If your loved ones are getting older, it might be a good idea to look into starting the process for them.
When it comes to figuring out whether rates will be affordable or expensive, the first things that will come into play are health and age. The longer you consider life insurance protection, the higher your rates will be – life insurance gets more expensive with age. Also those who are healthy and a non-smoker will receive excellent rates as opposed to those with health complications. Though do not worry that you will not be able to get coverage if you are in poor health, there are other options out there such as a no medical exam life insurance policy, though it will come at a higher premium rate.
There are no guaranteed rates or premiums for everyone since it’s always dependent on each individual’s situation. If you’re worried about getting high rates, you should work with an experienced term life insurance agent before you purchase a plan, so they can help you to answer questions about your health in a way that is honest but won’t cause your rates to spike.
Not all company’s underwriting is the same – some are cheap, others will be expensive and it all depends on your unique health situation. It is a pretty confusing situation to go at alone, which is why we always recommend working with a helpful agent as your best option, financial or otherwise.
Picking an Insurance Carrier
A good strategy is to tell your agent what you can afford, what type of coverage you need, and then they can come back and let you pick your premium. Keep in mind that some things will cause your rate to spike. Things like being a smoker or being diagnosed with diabetes will all cost you.
The biggest mistake seniors and elderly people make is contacting the “TV” life insurance companies like Colonial Penn, AARP and Liberty Life. Their life insurance options are much more expensive, but seniors get lured in because they advertise relentlessly. We replace their policies regularly with less expensive options.
There are thousands and thousands of people that assume they no longer need life insurance because of their age or that a policy will be too expensive. In most cases, neither of these are true.
Let’s imagine you don’t buy life insurance. Even if you don’t have massive debts, your family is going to be forced to pay for all those small bills and fees. They can quickly add up.
We work with seniors every day to help them save money on their term life insurance coverage. Give us a call or run some quotes on our website. We look forward to obtaining the best term life insurance rates available.
If you’re ready, go ahead and call us. We can make getting life insurance as simple as one phone call. We handle everything for you.