How to Find Affordable Life Insurance for Seniors Over 60

Lenny Robbins
Feb 5, 2013 3:01:00 PM

Life insurance for seniors can be a little tricky. There are several different policy options to choose from. Additionally, we have more underwriting issues (usually medical) as we age. These can make finding accurate life insurance quotes for seniors confusing.

How to Pick the Right Type of Policy

There are 3 different types of life insurance policies available for seniors. They are:

  1. Term life insurance 
  2. Universal life insurance
  3. Whole Life Insurance
1. As you may know, term life is best when you need insurance for a specific time period. You may need coverage while you pay off a loan, or something that has a specific time
period.
 
2. Universal life insurance is a very flexible type of policy. When you structure it with premiums to remain level for your lLife insurance quotes for seniors can be trickyifetime and no cash accumulation, it is usuall
y the lowest cost permanent policy available. Face amounts start as low as $25,000 depending on where you live. Some states have minimums of $50,000 tor $100,000. Full underwriting is required
meaning you will have a paramedic exam and your doctor records will be ordered.
 
3. Whole life insurance has many different products available. All of these we discuss have simplified underwriting, meaning no exam or doctor records. You can get a final expense policy ranging from $2,000 to $40,000 where coverage starts on day one. Certain medical issues allow you to get a graded policy where coverage phased in over 2-3 years. If you cannot qualify for any of these policies, there is a guaranteed issue product where no medical questions are asked. Coverage is accidental for first two years, then covers death for any reason. 
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Why Online Quote Engines are Not Always Helpful

Getting a quote from an online engine can be a good place to start. This is particularly true for term insurance. However, the quote engines work best when you don't have medical issues. The more questions the engine asks, the better.

Even so, you will get a better answer from an independent life insurance agent! They have access to quote more carriers than you can quote yourself on the internet. 

Term quotes are relatively to find online. Quotes for permanent policies are impossible to do by yourself. There aren't sites that allow you to quote these policies by yourself. There are many factors that go into giving you a quote, including your age, height and weight, and your medical history. An agent has special software to include this information when getting your quotes.


Medical Issues and Senior Life Insurance Quotes

If you have multiple medical issues such as high blood pressure, high cholesterol, diabetes or a history of cancer or other ailments, it can make getting affordable life insurance for seniors more difficult. The price you pay for life insurance depends on how the life insurance company rates you when looking at your health history and medical exam information.

Multiple medical problems make underwriting less straightforward, especially if one condition affects another. The more medications and medical issues a person has, the more complex their application for life insurance can be. This is where an independent agent can really be a benefit.  They can factor all of your issues into your quote.  If they aren't certain, they can talk to their in-house (independent) underwriter for assistance. 

How Insurance Companies Quote Senior Life Insurance

Life insurance companies know that as we age, our test result norms change as compared to younger people. So generally, insurance companies have different guidelines for cholesterol, blood pressure and other medical markers for seniors.

Of course the healthier you are, the less expensive your insurance premium will be. You may have a medical issue that you fear will inflate your premiums, but best to talk to an independent agent to see what effect it may have. Every company has slightly different underwriting guidelines and your agent should be aware of which carriers look more favorably on certain medical issues.

However, for you to get the best life insurance for seniors, you need to have a life insurance agent who is experienced in working with seniors. An independent life insurance agent who knows about the more common (and even some of the less common) ailments of seniors and how they affect underwriting is your best path. 

How an Independent Agent Can Help You Get Good Senior Life Insurance Quotes

Sometimes, an older person with multiple medical issues may have difficulty in getting affordable life insurance, or in getting life insurance at all. That is when an independent agent is particularly important. In complicated cases, an expert independent agent can consult an in-house underwriter for advice and help in working with a life insurance carrier underwriter.

Moreover, an independent agent knows the ins and outs of different life insurance policies and companies. They can help guide you to apply at the company most likely to give you a better rate.

The Bottom Line

Getting realistic life insurance quotes for seniors is possible, but it can be tricky. Especially if you have several medical issues in your health history, you need to be sure you work with an experienced independent life insurance agent to get the best possible insurance for you.

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