Term Life Insurance for Seniors
Article by Kathleen
Good information about Life Insurance for Seniors
Many people may not consider the idea of taking out life insurance policies after the age of 50, but a senior life insurance policy may be just what the doctor ordered when it comes to helping secure financial security for the ones you love after you have gone. Major insurance providers will often offer term life insurance for seniors at rates which could be a very affordable option to help with expenses.
How can a senior life insurance policy help my loved ones?
Let’s face it, no one wants to think about leaving this world, let alone the financial burdens that could be passed on when it happens. Ignoring these things does not make them any less of a reality, however, and the costs to those you leave behind can be both unexpected and painful if the proper preparations are not made. Life insurance for seniors might be an excellent option to help them deal with these costs when they arise. A good policy might provide money which can help offset the costs of:
–funeral expenses
–Paying of estate taxes
–Paying off a mortgage
–Transferring of a business
Will I be approved for senior life insurance?
No one is usually approved automatically for life insurance at any age, and health considerations will be a factor when applying over the age of 50 as well. Age, gender, height and weight can all be used as factors, as well as blood pressure and cholesterol. I addition to these possible factors, insurance companies will also usually look at family illness history and any prescription medications you are on. If your health is less than it could be and you think that may not qualify, there are some companies like Gerber Life that may offer life insurance for seniors age 60 and older without the need for a medical exam.
At what age can I still apply for these policies?
It is not common to find life insurance for seniors that is long-term or permanent, but term life policies are commonplace for most major insurance providers until the age of 70 and for time frames of up to ten years. Requirements can vary from state to state, but in some states, like Arizona, seniors may qualify until age 75.
Are these policies affordable for seniors?
Applying for insurance at an earlier age can make a big difference in your monthly rates. The difference in applying at age 60 versus age 65 can be around per month (.76 vs 7.37 in the example), while waiting until the age of 70 can increase the monthly premium another 6. The jump at age 75 is even more, from 3.56 to 1.91.* For many, any of these rates would be a justifiable and affordable expense in relation to the benefits offered from having a policy rather than not having one.
What do I need in a policy?
Your needs will likely vary depending on your own situation and circumstances, and there are almost always those who will take advantage of you if given the opportunity. Before you start shopping life insurance for seniors, determine what your needs are financially speaking. Decide what things may need to be taken care of by your loved ones. Once you have a grasp of these things, make sure that you talk to a professional that you trust to help you pick the right product for your needs. Don’t let your desire to help those you care about lead you into a situation where you can be taken advantage of by someone who just wants to push a profitable product for them.
To find out more, visit: http://www.lifeinsurancematters.org/articles/term-life-insurance-for-seniors/.
*Policies based on a 6′, 190-pound male for a 10-year 0,000 term policy at the ages described. Quotes are based on MetLife rates as of October 11, 2011. Rates are subject to change.
KC Joseph is a writer who enjoys creating content about life insurance to people of all ages who are looking for advice.
