Today’s seniors are living longer than ever and need life insurance for those years to protect their loved ones financially when they pass on. Fortunately, because seniors are living longer and healthier lives, it is easier now than it was in the past to get cheap life insurance for seniors. But there are several issues to consider when shopping for life insurance that can help you find the best life insurance at a cost that won’t break your budget.
Don't Buy More Life Insurance Than You Need
As you get older, your life insurance needs will change.
1. Your children will be grown and supporting themselves.
2. You won’t have as many financial obligations.
3. You probably have a retirement nest egg.
4. Your home may be paid off or close to being paid off.
For all these reasons, you don’t have to have as much life insurance as a senior as you did when you had a mortgage, kids to raise and college tuition to consider. An Independent LifeNet insurance Solutions agent will work with you to take a look at your current insurance coverage to see whether you have the right amount of insurance for your current status in life.
If you really only need life insurance for seniors that will cover your medical bills and funeral expenses, you may be able to dramatically reduce your coverage to an affordable amount.
Don't Consider Group Life Insurance Policies
If you’re a senior but still working, you may be eligible for a group life insurance plan through your employer. These plans usually have lower premiums than individual policies as many employers subsidized the rates. If your employer offers free.
If you have a group plan in place at work, many companies allow you to continue with the policy after you are retired (this is called porting your policy). However, the cost of these ported policies is much higher than an individual senior life insurance policy you can buy. Additionally, many of these ported policies increase in premium every five years.
Compare Multiple Quotes for Life Insurance For Seniors
Each life insurance policy on the market, including cheap senior life insurance is reviewed by underwriters who take into consideration multiple factors when deciding how to approve a policy.
Some carriers will offer better deals and be more competitive. To find cheap life insurance for seniors, be sure you compare across multiple providers and talk to an agency that offers several different plans from different insurance companies to get an accurate comparison between plans.
LifeNet Insurance Solutions has agent quote engines that will review and quote many more insurance companies than you can find yourself. Our licensed agents will also be able to tell what type of policy will work best for your personal situation. Let us take the guesswork and anxiety out of the process.
Final Expense Life Insurance Products for Seniors
If you’re looking for cheap life insurance for seniors, whole life final expense policies may be an option. These policies have simplified underwriting, meaning you only have to answer some medical questions.
These policies are offered in amounts of $2,000 up to $50,000 of coverage, depending on the insurer. This coverage is easy to qualify for and can be in force in as little as a day or two.
If you are uninsurable, you can also get coverage. With guaranteed issue life insurance, seniors can get life insurance no matter what their health situation. Your family will receive death benefits when you die, but there are severe limits on how these are paid out in order to keep the higher costs (compared to other options) within reach for seniors. The coverage will be limited in amount and you may have to wait up to two or three years before the death benefit is in effect.
LifeNet Insurance Solutions is a great place to start your search for cheap life insurance for seniors. We offer a wide range of policies from multiple insurance providers so you can compare and contrast the benefits and costs to find the best life insurance plan for you at a price you can afford. Contact us today to speak with one of our agents.