Life Insurance for Elderly

 

   
       
 
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Affordable Life Insurance on a Social Security BudgetLife Insurance on a Budget

If you've found your way to this article then you are probably a senior who wants to obtain life insurance coverage but you need something affordable because you are living off of social security.

Let's face it, with today's rising costs for food, housing, gas, and everything else, it is hard to find room for much else, including life insurance protection.

But for the majority of seniors, it is a necessary expense to ensure that their final expenses aren't left to burden their loved ones.

Don't Focus on the Policy Amount, Focus on What You Can Afford

You probably have a certain policy dollar amount in your mind that you want to get to ensure that your family will have all of the money they need to take care of your final expenses. It may be $5,000, $10,000, or $25,000 and more but the question is can you afford the rate that it costs to get that policy amount?

If the answer is no then you need to look at it from another angle.

Most seniors who are living on a fixed income have very predictable expenses each month. This includes rent or living expenses, food, gas, and other recurring expenses such as utilities, phone bill, etc. Whatever money is left after those expenses are paid is what you can consider available to purchase a life insurance policy.

So let's say you get $1,000 per month in social security income and after your monthly bills are paid, you have $150 left. This is the amount of money you have to work with to obtain life insurance.

What if you want to get a $15,000 policy but it costs $215 per month? Well, that means that you will have to settle for a smaller face value because the $15,000 policy is out of your budget.

It is always best to get coverage that you can comfortably afford. In the above scenario, if there is $150 left over at the end of the month, I would recommend you get a policy that costs no more than $100 per month. This will ensure that you have money to pay the premium each month, even if your expenses go up a little bit because what good is it to get life insurance if you can't afford it?

There Are Companies that Specifially Cater to Seniors

The good thing is that there are many carriers in the market now that cater to seniors. This means that they understand the budget, health concerns, and needs of senior citizens who need life insurance. There are policies available that are affordable and simple to qualify for because there is no medical examination.

You can obtain preferred rates if your health is great, but there are also guaranteed issue policies for those seniors who have health challenges.

Get a Quote and Compare Rates Online

The first thing you shoud do is get a free rate comparison and see what a policy may cost based on your age, your health, and the amount of coverage you can obtain. This will give you an idea of what you can afford and what type of policy is in your budget range. Get started now towards peace of mind for you and your family.