Life Insurance Quotes Online for Seniors
Seniors searching for life insurance may have a hard time finding comprehensive plans with fair rates. A good majority of life insurance providers choose to reserve their best policies for married couples with young children. The providers who offer policies to seniors may require them to take a medical exam, and this still may not guarantee approval. The search for reasonably-priced term life insurance for seniors may not be an easy one, but finding a supportive underwriter in this vast marketplace is possible.
Choosing the correct plan may be an issue for seniors as well. It’s difficult to make a precise choice when so many rates, plans, and provisions flood the marketplace. Before you examine life insurance quotes online for seniors, learn as much as you can about terms, benefits, and entitlements. Taking this step will give you the education needed to make the right choice. It will also help you avoid imbalanced offers incapable of providing the coverage needed for adequacy.
For starters, you need to explore life insurance options for seniors between ages 50-85. The most effective form of insurance for individuals in this group would be term life insurance. While analyzing and comparing plans, people tend to forget why they are buying insurance in the first place. Subconsciously, they know the insurance settlement is for their immediate family members, but they tend to forget this fact whenever they consider the amount of monthly premiums.
Always keep your family in mind when you compare plans. You should base your final decision on several factors and scenarios.
- Size of your extended family
- Age of each family member
- Possible amounts of estate taxes
- Current expenses and obligations
- Potential Cost of Funeral Expenses
You will also need to consider your stage of maturity as you observe life insurance quotes online for seniors. Insurers base policy values and premium costs on the senior’s current age. This will also help you determine the appropriate term for the policy you choose for your loved ones. Seniors may end up paying higher premiums for coverage with lengthy durations. They may also need to take a medical exam for eligibility purposes.
To avoid taking a medical exam, the senior may need to purchase a whole life policy or burial insurance. Seniors leaning towards whole life policies will set themselves up for a lifetime of coverage. However, whole life policies are usually expensive for senior citizens because the risk increases for the insurer as the person ages.
Obtaining burial insurance may be easy for senior citizens because the underwriting for these policies is not so strict. The value of these plans range from $5000 to $50,000, with monthly premiums that are plainly affordable. This plan makes the most sense for aging individuals because it provides immediate assistance to the beneficiary. The recipient can use these funds to handle issues pertaining to:
- Funeral and Other Ceremonial Costs
- Costs Associated with Burial Plot Locations
- Personalizing and Positioning Headstones
- Customizing and Sizing Caskets
- Transportation Costs and Decorative Arrangements
In most cases, the monthly rate of these policies will remain the same for the plan’s duration. Insurance companies cannot increase the premium as the individual ages once the policy is in effect. They may however attempt to raise the monthly rate if the insurance expires or lapses. For this reason, it is vital to request payment reminders and automatic renewals during enrollment.
Finding an insurer who will renew an individual beyond age 95 will be quite difficult. For most insurers, this is the cut-off age which constitutes survival beyond the policy. As long as you have an appropriate term policy, your family will receive the actual value of the policy with no problem. If you choose a Return of Premium Term insurance, you will simply receive the premiums you’ve paid if the policy is term is outlived.
United Life Group provides up-to-date quotes on term life, whole life, and burial insurance policies. Our online comparison chart will guide you towards the appropriate term life insurance for seniors. After placing your zip code in the space provided, you can click the submission button to view quotes from several life insurance companies. This convenient online quote engine simplifies the process so you can narrow down your search to the plan that truly befits your circumstance.