Best Life Insurance
Best Life Insurance for Seniors
As much as we don’t want to face it, life is terminal. And if you’ve reached your golden years without a life insurance policy, those premium costs are more costly than they were when you were younger. As your age climbs, so do your premiums.
But there is affordable insurance for seniors. And the healthier you are, the less you’ll have to pay.
Affordable Life Insurance Available to Seniors
- Permanent Life Insurance
- Term Life Insurance
- Final Expense Insurance
Permanent Life Insurance for Seniors
As the population of senior citizens has grown during the last two decades, so has the need for flexible insurance options. Permanent insurance is one of those options.
Although more expensive, permanent policies provide coverage with reliable death benefits for the life of the policyholder. In addition, permanent life insurance allows you to accumulate cash value that you can use to help pay your mortgage and other debts or supplement your retirement. However, if you do not pay back the amount you withdraw before you pass away your beneficiaries will not receive the full benefit.
Term Life Insurance for Seniors
If you aren’t interested in accumulating cash value and want a more straightforward policy, a term life policy fits the bill with a lump-sum payout and an unchanging premium. You control how long you want coverage and the death benefit amount.
However, unlike a permanent policy that provides coverage for life, a term life policy covers a specific period of your choosing. No more, no less.
And although some term life policies do require a medical exam, the application process for a term life policy is easier than for a permanent policy.
Burial Insurance for Seniors
Burial insurance, also known as final expense or funeral insurance, covers only your funeral and burial costs.
And although it provides a smaller death benefit, it requires no medical exam.
If you’re concerned about covering any medical care costs should you become critically ill, you may want to consider an accelerated death benefit that allows you to access your payout early. This can reduce the death benefit your family receives, but you do not have to pay it back.
Things to Consider Before Purchasing a Senior Life Insurance Policy
- your general health. If your health is poor, you may want to purchase a no-exam policy.
- your financial goals. If you want access to extra cash, a permanent insurance policy may be a viable choice.
- how much coverage you think you will need to pay off debts like your mortgage, outstanding medical bills, and expected estate tax as well as how much you would like to leave behind for your family.
- your estimated burial expenses
Things to Consider When Shopping Life Insurance Companies for Seniors
Before landing on your choice of company, make sure you have investigated the following conditions:
- that they provide the kind of coverage you need
- their maximum age for coverage
- their online term application process
- the company’s stability and its ability to pay benefits. You want a company with an A grade from a source like AM Best
- the quality of their customer service. A useful resource is the NAIC.
- any dividends you would like to accrue
- any riders or other conditions that may reduce your death benefit
Reasonable life insurance for seniors is out there. Make sure you make the right choice. Shop senior life insurance rates today.