Life insurance is the key to protecting both you and yours. Due to the wide range of support that a life insurance policy can offer, there are multiple groups that can benefit from securing a policy. Whether you are a parent of young children, the spouse of a partner who depends on you financially or even a Starting their career, life insurance is often a valuable and affordable financial product.
When it comesHowever, common knowledge is that life insurance is worthless. As the thinking goes, the amount of coverage that can be taken out is relatively high.
Although the pricing structure for senior life insurance is significantly different than that of the younger population, there are some. And the cost of doing so doesn’t necessarily have to be prohibitive.
If you’re in the market for life insurance, start by getting a free price quote so you know exactly what to expect.
Life Insurance for Seniors: Dos and Don’ts
If you’re an older adult considering life insurance, these dos and don’ts can help you understand as you complete the application process.
Know your budget
Before you hit the “Apply” button, make sure you know what you can afford. As mentioned, life insurance costs for seniors can be manageable, especially if you are in good health. But the more coverage you ask for, the higher the premium you will be expected to pay. So it helps to know where there is room in your budget first. This will make the application process smoother and more efficient.
You don’t want to get your hopes up by being cited for an unaffordable policy. On the other hand, you may be able to secure more coverage than you initially expected. Crunch the numbers, have a top image in mind and then go from there.
You can get a free price estimate so you know how much it will cost.
Don’t automatically assume that life insurance isn’t worth it
Just because you are older, you shouldn’t automatically assume that having life insurance isn’t worth it. What may be convenient for one senior may not be convenient for another and vice versa. So, look at it through a personal lens.
Maybe you need a policy that can help cover end-of-life expenses like wakes, funerals, burials, and more. Then a life insurance policy at a reasonable amount may actually be worth it. Similarly, if you don’t have much (or any) savings or home equity to leave to a loved one, a life insurance policy can help fill the gap. It can also help pay off any debt that you would otherwise leave family and friends to deal with.
So don’t immediately rule out getting life insurance because of your age. It may still be helpful depending on your personal situation.
Choose the right policy type
The two most popular types are with . The former has an attractive cash reserve that can be tapped When not expired. However, often significantly less expensive than Mainly because of its lack of cash reserves and the pre-determined life of the policy (whole life insurance lasts for the lifetime of the insured).
For seniors, especially those who are a, term life insurance may be a better option to pursue: it is cheaper and can be set for as long as the insured needs it. Having whole life insurance is also beneficial, but saving that cash takes time and the benefit won’t be immediately accessible.
Know your goals and what you can afford, and then choose your policy type from there.
Don’t skip taking a medical exam
If you’re healthy and want to eliminate some of the worry an insurance provider has about insuring you, don’t skip out. A medical exam that checks your blood, urine, blood pressure and more can go a long way in securing your policy – and it will help reduce the premium costs you would otherwise have to pay if you passed the test.
With that said, if you’re worried about what a test might discover (or just want to speed up the process as much as possible), you can apply too.. Just understand that, due to the lack of health checks, you may pay more for this type of protection.
Get a free price quote now or use the table below to explore some of the top life insurance providers on the market.
Despite conventional wisdom – and depending on your individual circumstances – life insurance policies for seniors can actually be beneficial and affordable. To get the best policy, however, you should know your budget and why you need a policy. Also make sure to choose the right policy type and don’t miss medical exams.
If you think you might benefit from a life insurance plan, get started by getting a free price estimate