Best Term Life Insurance For Seniors Overview
Term life insurance for seniors is a type 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 life insurance policy of $500,000 for less than 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 it’s likely that they’ll accumulate wealth overtime to replace the inexpensive policy. However, the more expensive whole life policy of $100,000 will be paid out eventually.
Many companies are not willing to offer the best term life insurance for seniors because they fail to recognize that people are living 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.
Best Term Life Insurance for Seniors With Health Conditions
We offer the best term life insurance for seniors for those who are in good health. While the premiums will exceed those for a 25-year-old, more insurance coverage can be purchased at a great price with a term life insurance policy.
This is an attractive option for children who care for their elderly parents, considering that the cost of care only increases, and having a good policy in place can help offset the years of care, and especially funeral expenses.
While an appealing coverage type, the challenge is that 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 convenient. Even if you’re an older senior who is 80 years old or older, there might be final expense insurance, permanent life insurance or universal life insurance that will cover your funeral costs and provide you with peace of mind as a policyholder. Term life insurance is generally not available to folks over age 80.
Best Term Life Insurance for Seniors – How to Get Quotes
Getting a quote for life insurance is simple. In fact, our website has a free quote tool for you to enter your zip code. Then, you can shop for as much coverage as possible in the form of a whole life insurance policy, universal life policy or term life insurance policy with ease. We want to help you find a great option.
For those who do not qualify for a term life insurance policy, there are other options to consider for end of life expenses. These smaller policies cost more per the coverage but the reassurance of having a policy in place is worth it.
Whether the premiums are for a cash value of $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.
Term life insurance for seniors is the most affordable for the cost of the premiums, 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.
Best Alternatives to Term Life Insurance for Seniors
Permanent plans do not expire, but the premiums per dollar will have higher premiums than that of a term life insurance policy. For example, a $20,000 whole life policy for that same woman noted above will cost more than a typical $20,000 term. However, some policies — particularly those with a relatively low benefit amount — will not require you to answer health questions or undergo a medical exam in order to purchase a permanent policy. This these types of life insurance policies, coverage amounts should still be enough to help with medical bills and burial costs, however.
Be aware that the death benefit might not be paid out in full if you pass away within a certain number of years after buying your policy. You’ll want to look into this when shopping for insurance so that you will know how much your loved ones’ payout will be.
Although the cost of insurance can be daunting, it’s important to remember that having term life insurance for seniors 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 is a disaster waiting to happen, and a plan that will most certainly fail.
Reach out to our experienced professionals today who are ready and willing to help find a term life insurance plan that works for you! Our insurance agents regularly help senior citizens shop for life insurance rates for guaranteed universal life, burial insurance, and other life insurance plans, and we’ll be happy to help you find the best rates for insurance premiums and the best plan for you. We can even help you look for a plan that offers tax-free living benefits and that ranks well on the A.M. Best ratings, such as Mutual of Omaha or another great plan.