These days, folks are living longer than ever before. While that’s a good thing, it’s costing most seniors more than expected after retirement, leaving less available for end of life expenses and final bills. If you’re over age 55, you probably know firsthand how challenging it can be to secure a quality senior life insurance plan. Luckily, there are options. Whether you’re looking for additional coverage or you’re in need of an affordable policy for a fixed amount of time, term life insurance may be exactly what you need.
Term Life Benefits
Term life insurance is a great way to provide financial security for loved ones after you are gone. Many people rely on it to pay for a mortgage, college tuition, unpaid credit card debt, even the costs associated with caring for an elderly family member. In other cases, term life insurance for seniors offers an easy way to fund a life insurance trust which may help family members manage estate taxes. Often, children of aging parents purchase term life insurance policies naming a parent as the insured.
Term Life Insurance is Affordable
Despite what you may have heard, term insurance for seniors can be obtained at an affordable price – you simply need to know where to look. In fact, if you’re in good health and looking for a short term solution, term life insurance can be a very affordable option. At United Life Group, we have experts who can help you find the right policy to balance the right amount of time with the right coverage to protect your loved ones.
Comparing Plans for The Best Rates
One of the most important things to remember about term life insurance is that you need to compare policies to get the best rates. United Life Group professionals have the resources to help you compare benefits from several top providers, ensuring you can easily find the perfect plan to suit both your individual needs and your budget.
At United Life Group, we make it our business to help you with yours. When you’re ready to explore your options, give us a call. Term insurance may be just what you’ve been looking for as an affordable alternative to costly permanent life insurance.
Term Life Insurance for Seniors Overview
Many seniors find that as they reach their golden years, they wish they’d have done a few things differently. Among these choices is having gotten more life insurance. This is because having a good life insurance policy is one way of being financially responsible and a great way to leave something behind for your loved ones.
With so many kinds of insurance, it is important to know that the most affordable (where you get the most insurance for the cost) is term life insurance. However, term life insurance for seniors is often very hard to get, and the reason is within the definition of the policy.
What is Term Life?
Term insurance is a kind of policy that covers a specific period of time (a term). Many young people find that they can purchase a 20 or 30-year term policy of $500,000 for less than they can a whole life policy of $100,000. The reason for this is because a 25-year-old in fair health is not likely to pass away at the age of 55, so the odds are in his favor that he’ll be able to accumulate wealth over time to replace the very inexpensive policy. However, the more expensive whole life policy of $100,000 will definitely be paid out eventually.
Many companies are not willing to offer term life insurance for seniors because they are too closed minded to the idea that people are living much longer than they used to and many seniors are healthier than ever, as was discussed by Dr. Robert Pascale in his 2012 hit book, The Retirement Maze.
Can Seniors get Term Life Insurance?
Here at United Life Group, we offer senior term life insurance for those who are in reasonably good health. The premiums are not going to be as good as those for a 25-year-old, but more insurance coverage can be purchased at a great price.
This is an especially attractive option for children who care for their elderly parents. While we could never place a monetary value on the good we do in serving our mother or father, or other relatives, the truth is that the cost of care only increases, and having a decent policy in place can help offset the years of care, and especially funeral expenses.
The challenge, though, is that while whole and burial policies may disqualify you for major health issues, such as heart disease, cancer, or diabetes, the underwriting process for term insurance is much more stringent. To be specific, one can be denied simply for their height, weight, cholesterol, or blood pressure.
Having said this, one should not be discouraged from getting a quote, especially when it’s so easy.
How to get a Quote
Getting a quote for insurance is simple. Our website, has a quote engine for you to enter your zip code. Of course, it’s important to remember that not everyone will qualify for term insurance.
What to do if you Don’t Qualify
For those who do not qualify for a term policy, there are other options, such as whole life or burial insurance. These smaller policies cost more per the coverage, but the assurance left behind in there being something in place is worth it.
Whether the premiums are for $5,000, $10,000, or even $25,000, there is a policy that is right for you or your loved one, and having this policy in place is a very important part of one’s financial planning.
Among the important points to take away are that there are different kinds of insurance available to seniors, which are:
Term life insurance is the most affordable for the cost of the premiums, but it is built with an expiry date in mind. Prices fluctuate based on the amount of the policy and the length of the term, so a 65-year-old woman’s 5-year policy of $50,000 will be less expensive than a 10-year policy of $75,000.
Whole life and burial insurance does not expire, but the premiums per dollar will be more expensive than that of a term policy. For example, a $20,000 whole life policy for that same woman noted above will cost more than a typical $20,000 term.
Lastly, it is important to remember that having life insurance is not a luxury, it is an important part of one’s financial planning. While no one ever plans to fail, many do fail to plan, and not having a life insurance policy in place – be it term, whole, or burial – is a disaster waiting to happen, and a plan that will most certainly fail.