Are you searching for affordable life insurance options for seniors?
In order to make a good decision on which policy is best, you first have to educate yourself about what type of policies are best for seniors and the elderly. Getting an insurance policy when you are older is different than when you were in your thirties or forties.
Older People Have Different Needs for Life Insurance Coverage
As you get older, your reasons for purchasing a life insurance policy will be much different. Many seniors look to obtain coverage just so they can ensure that their family has enough to take care of their final expenses, such as funeral costs, final debts, taxes, probate fees, and more. Other seniors are worried about leaving their surviving spouse with a diminished income and so they look to obtain enough coverage to supplement that loss of income. Whatever your need for life insurance as you get older, you should know that you have a couple of basic options.
Temporary Coverage vs A Policy That Will Last for Your Lifetime
Whether you are young or old, there are two basic categories of life insurance coverage – term life insurance, also known as temporary coverage and whole life insurance, which is a policy with permanent coverage.
A term policy can last anywhere from one year to 30 years. Your rate is locked in for that particular term and once the term ends, your policy ends. Most companies will allow you to renew the policy up to a certain age, though the rate will be higher if you choose to renew because you will be older than when you first obtained your policy.
A permanent life insurance policy guarantees coverage for the rest of your life. Your premiums remain level and the policy builds cash value. This type of policy for an older person is usually referred to as final expense insurance or a burial insurance policy. This type of coverage is best for someone who is concerned with final expenses such as funeral costs, taxes, final debts, and more. It is also best for someone who wants a policy that will never expire as long as the premiums are paid.
What If You Have Some Health Issues?
As you get older, chances are that you will develop some health concerns. Many seniors worry about obtaining affordable life insurance coverage as they get older because they think it will be impossible. In most cases, this is just not true. There are many highly rated companies that specialize in coverage for various situations. One company may quote you a very high rate if you smoke and have high blood pressure, while another company may offer you a standard smoker rate. That is why it is important to shop around and compare rates from several companies. You will be surprised when you do this because if you look at the rates from seven different companies, each company will be different.
The First Step Is to Compare Policies
You will need to do a personal rate comparison to determine what your actual rate would be depending on your needs and health issues, if you have any.If you prefer to get rates over the phone or if you have questions about your particular situation, then call 1-877-801-4402 toll free and speak with an experienced insurance professional or get started now with an online quote. It only takes a minute to compare rates from several companies that specialize in life insurance for older men and women.