Life Insurance for Seniors
Posted by Lenny Robbins on Tue, Mar 22, 2011 @ 04:56 AM
Life insurance for seniors is much like life insurance for anyone. Some people will tell you it’s hard for seniors to get life insurance, but that’s not necessarily true. We know…because we specialize in life insurance for the 55 and older set!
Health Issues
As we age we generally have more health issues. The more health issues you have, the more expertise your agent needs to have! As we have said before, each insurance company looks at medical issues a little bit differently than the next company. Having an agent who is well versed in the differences between companies can save you a considerable amount of money. Additionally, if an agent has an independent (in-house) underwriter to discuss your case with, it can save you time and money.
Term insurance vs. Universal Insurance
Believe it or not, seniors will find sometimes a universal life insurance policy can be less expensive than a term policy. Once again, it comes down to your agent….there are companies who have special programs on permanent policies making them less expensive than term if you fit the requirements.
Depending on age and health, you may find a permanent policy is a better value than a term policy even without these special programs. For example, a 70 year old male is eligible to purchase a 25 year term policy, but may have a lower premium with a guaranteed premium universal life insurance policy.
Important Points
When it comes to life insurance for seniors using an independent life insurance agent can be to your benefit. They can:
- Save you time and money by writing your insurance with the correct company
- Save you money by going to a permanent policy with special programs
- Save you time and money by consulting their in-house independent underwriter
- Give you multiple options to achieve your life insurance goals