Life Insurance for Elderly


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Life Insurance for Retired Seniors

Retired Senior Citizen Life InsuranceMany seniors retire in their fifties, sixties, and seventies. This is a major life change, which brings about a change in income. This requires a necessary look at other aspects of your financial situation.

Retirement is a time when many seniors start reevaluating their life insurance coverage. Questions to ask at this time are: Do I have enough life insurance coverage? Do I have too much? Do I have the right type of policy? In some cases, seniors retire without any protection because they have policies that only covered them through their employment. If you are a retired senior or elderly person and you are shopping for life insurance, read more about your coverage options below or get a free personalized rate quote now from companies that offer affordable coverage for seniors over 50.

The Type of Coverage You Get Will Depend on Your Needs

There are two basic types of life insurance coverage available for seniors. One is term life insurance. This form of coverage affordable – you can get a lot of coverage for an affordable amount if your health is pretty good. The drawback to this type of policy is that it is temporary – The coverage lasts for a certain number of years. For example, a 10 year term policy will cover you for 10 years. In some cases, a term policy will cover you up until a certain age, so you may have a policy that will cover your life until you reach the age of 80. Once you turn 80, then policy expires.

A second kind of life insurance that many seniors choose is permanent whole life insurance, sometimes referred to as burial coverage. This is a smaller policy that is used to cover burial costs and other final expenses that are incurred when someone passes away – taxes, final bills, debts, and other costs. A permanent life insurance policy does not expire so it will cover you until you die and the premiums remain level for life. This type of coverage also builds cash value over time. Many seniors get a burial policy because they just want to make sure that they don’t leave a financial burden on their family when they pass away. Coverage amounts range from $3,000 to $50,000.

Qualifying for Senior Life Insurance After Retirement

Your health will play a major role in which type of coverage you can qualify for and at what rate. Since most seniors develop some type of health issue as they get older, it is very important to choose the right company based on your particular situation. This is why comparing multiple rates from different companies is essential to finding the best and most affordable policy for a senior citizen. For example, if you are diabetic and you have high blood pressure, there are companies that will have rates that differ by as much as 50%. If you choose a company that is not friendly to those conditions then you will likely get denied or be charged a much higher rate than you should pay.

Our Goal Is to Help You Find the Best Policy for Your Needs

We want to help you make an informed decision about the types of life insurance protection that is available for seniors and the elderly so that you can get approved for the most affordable rate for your situation. We think it is important to get multiple quotes so you can compare your options. That is why we have partnered with companies that specialize in policies for those who are over age 50.

The first step is to shop around and compare several rates from companies that specialize in coverage for those age 50 to 85. You can access the most affordable rates for seniors, which will save you money.