Finding the Right Term Life Insurance for Seniors Over 75
Just because seniors hit the retirement age, it does not mean that you cannot invest in a life insurance coverage. Majority carriers and companies provide whole life coverage only contrary to term life insurance for seniors over age 75. This is because it is harder to insure men and women the older they get.
Who To Ask: Brokers or Agents?
When captive agents are approached for the right term life insurance for seniors over 75, chances are they will recommend you only one insurance company they are working for. They will make it appear that it is the best choice for you. Truth is, they are paid to refer seniors to the insurance providers that they represent. In a nutshell, approaching one dimensional agents only make your options more limited.
On the other hand, brokers can easily advice seniors on the kind of insurance that they can invest in. It is easy to have a wide range of insurance companies in front of them. You just have to ask the right questions to find a competent broker.
Typical Life Insurance Amounts for Seniors
The average life insurance for the elderly range for as low as $10,000 and can amount to $500,000. Despite what people are saying, elderly people can still buy life insurance. Some people believe that it is next to impossible to do this. Times have changed and getting a policy that is specifically targeted to seniors is possible.
However, seniors do have to consider their age and health condition the determining factor to qualify or not. Other risk factors include smoking, drinking, being overweight and having diabetes can make or break on prices and approval rate. The healthier the senior, the easier it is to get life insurance.
Taking part in dangerous and risky activities like scuba diving, sky diving, and race car diving can also determine quaification of the elderly. There are still some seniors who like to live on the wild side.
Buying Life Insurance Must Be Planned in Advance
Those who purchase life insurance early in life have an easier time getting approved and its more affordable because and cheaper contrary to over age 85 group. However, if that policy expires and they choose not to maintain the policy after they retire, they will encounter some minor problems.
Interestingly, a life insurance will not be as affordable if they were to buy this when they are 85 years old or even older. The premiums are higher for the average senior citizen. Even when the face value decreases, they are still subject to pay a higher premium.
Therefore, one must buy or start looking for a level term life insurance early in life. It is easier to do this than to look for term life insurance for seniors . When this is done in advance, then there is no need paying higher premiums when one ages. Some seniors go through major financial hardships especially if they are simply relying on a fixed income.
example age 40 and 60 prices here
Difference Between Term Life Insurance and Whole Life Insurance
Both offer valuable protection but term life insurance and whole life insurance have different features. For one, term life insurance is designed to help policy holders purchase the protection that they need whenever they cannot afford to purchase the whole life insurance or when they need coverage for only a specific time. It also has a guaranteed death benefit with no no cash value. The premiums increase at predetermined intervals, like a 5 year, 10 year 15 year term life, and a 30 year term. It depends on the kind of policy that the elderly has purchased.
Term life insurance is ideal for those who need protection for a long period of time like a 30 year coverage, especially for a growing family. It is an effective supplement for a permanent insurance during those years.
On the other hand, a whole life insurance is designed to provide coverage and other “living benefits.” This includes guaranteed cash value accumulation as well as burial insurance. For those who are looking for burial insurance for parents, this is the ideal coverage that they can sign up for.
Whole life insurance provides permanent insurance protection. Once approved, the benefits cannot decrease regardless of one’s health. Instead, it remains enforced. Another important thing to note about whole life insurance is that the amount can be used in future expenses like Funeral and burial costs.
How To Choose The Correct Policy
The best option for seniors and elderly is term life insurance. In fact there are still some people who are looking for term life insurance for seniors over 75. The problem is the insurance companies usually stop providing term life insurance to seniors who are over 65 years old.
There are also other insurance companies that refuse to underwrite their policies for those who are over 65 unless it is a conversion policy. For those who have not reached retirement age, they must look into insurance policies to avoid their loved ones with added expenses.
When looking for term life insurance, get lots of quotes. Remember that each company calculates risks differently. Go look around for the quotes that work best for you. If it is term life insurance that you are looking for, you have to look the other way, look for a whole life insurance instead.
A whole life insurance policy would also work better for you especially if you are very healthy. Get a policy that provides final expenses benefits like funeral insurance or burial insurance.
No matter what policy you buy, you have to read the fine print. The same can be said about group policies. Make sure that the policy you have in hand is issued by a A rated insurance carrier so they can pay your beneficiary the benefits especially after you die and you will not be denied of benefits during coverage and especially after.