Life Insurance for Retired Seniors
Many 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
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
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.