Life insurance is often considered a fundamental part of sound financial planning. Many people of all ages and backgrounds can benefit from having a policy in place. This could be forHomeowners with many years of mortgage payments left or even Looking to provide security life insurance.
Although life insurance is often considered “not affordable” for the latter group, many seniors actually have policies. According to a recent article from “57% of Americans age 65 and older own life insurance policies.” Annuity.org. But that figure, according to the article, “marks a 10% decline in ownership over the past decade.”
While the decline can be tied to any number of factors, the percentage with life insurance is significant. To get the most out of a policy for these older adults, it helps to understand a few strategies that can better enhance their protection. We’ll explore these three below.
If you’re in the market for life insurance, get started now by getting a free price quote.
How seniors can increase their life insurance protection
Here are three effective ways seniors can increase their life insurance coverage now.
Take a medical exam
life insuranceUsed to verify applicant’s health and fitness. With these tests applicants can prove that they are healthy enough to justify the amount of coverage they have applied for. Applicants with positive test results will put themselves in the running for more coverage (at less expensive price points) than those who choose to go. Root No-exam life insurance coverage is often limited because providers don’t have a complete picture of who they’re insuring. But if you sit the test – and do well in it – you’ll improve your chances for further coverage.
Not sure what you qualify for? It’s easy to get a free price estimate.
Apply for term life insurance
Term life insurance is oftenFor various reasons. For older adults who want to increase their protection, this is the type to follow. Lasts only for a certain period of time before expiring. And it has no cash reserves (unlike opponent). For both of these reasons, insurance providers are more likely to offer seniors more coverage at a lower cost if they apply for a different type of life insurance.
Don’t assume you can get as much coverage as you already have. Different providers offer different terms and amounts. It’s possible that you can get more coverage for the same price or less than what you’re currently paying. To find out for sure you need to do your research and secure quotes from at least three insurance companies. Just be sure to do an apples-to-apples comparison (get quotes from three for the same type, amount and length of coverage). This will ensure that you have an accurate baseline to measure against.
You can get a free price quote online now or use the table below to start shopping for life insurance companies.
As with all financial products and services, it pays to stay informed and up to date. Life insurance is no different. There are ways seniors can increase their coverage without necessarily paying more. This includes taking a medical exam to demonstrate their health and fitness, applying for term life insurance and of course, shopping around for the best deals and terms.