Today’s seniors are living longer and healthier lives than ever before, and these active years mean it is easier now than ever before to get cheap life insurance for seniors. However, there are several important things to consider when shopping for the best life insurance policy that fits your needs and comes 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 change as your life itself changes. For instance:
1. Your children become self-supporting.
2. You don’t have as many financial obligations.
3. You probably have a retirement nest egg.
4. Your home may be paid off or close to it.
For these reasons and others, you don’t need 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 senior life insurance specialist can take a look at your current insurance coverage to determine whether you have the right amount of insurance for your current status in life. For instance, if you really only need life insurance that will cover your medical bills and funeral expenses, you may be able to dramatically reduce your coverage and the premiums you pay.
Don't Consider Group Life Insurance Policies
If you’re a working senior, you may be eligible for a group life insurance plan through your employer. These plans usually have lower premiums than individual policies, since many employers subsidize the rates.
However, group life insurance should never be a senior’s primary coverage. You could lose or leave your job; in some situations, seniors may be singled out during workforce cuts because they make higher salaries.
Buy a personal policy that will last as long as you need it, with a premium and face amount that will never change. The younger you are when you purchase it, the healthier you are likely to be and the less expensive the policy will be.
Some companies also allow you to continue with the policy after retirement (called “porting” your policy). However, the cost of ported policies is much higher than an individual senior life insurance policy. Additionally, many ported policies increase premiums every five years.
Compare Multiple Senior Life Insurance Quotes
Every life insurance policy on the market is reviewed by underwriters who take into consideration multiple factors when deciding whether to approve the policy.
Some carriers offer better deals in order to be more competitive. When you want to find affordable senior life insurance, be sure to compare rates across multiple providers. The easiest way to do this is to consult an independent life insurance agency that specializes in senior life insurance. These agencies can offer different plans from several insurance companies, therefore getting you an accurate comparison between plans.
LifeNet Insurance Solutions is an agency committed to expertise in the senior life insurance market. We have agent quote engines that review and quote many more insurance companies than individuals can find from looking online or through directories. Our licensed agents can also assess which type of policy will work best for your unique situation. We 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 in order to apply.
These policies are offered in amounts ranging from $2,000 up to $50,000 of coverage, depending on the insurer. This coverage is easy to qualify for and can be in place in as little as a day or two.
If you are uninsurable for some reason, you can still get coverage that will cover end-of-life expenses and give your loved ones peace of mind. With guaranteed issue life insurance, seniors can get a policy no matter their health situation. Beneficiaries receive benefits when the insured passes away, but there are severe limits on how guaranteed issue life insurance policies are paid out. The coverage is limited in amount and you may have to wait 2–3 years before the death benefit is in effect. Such regulations keep the higher costs of this product (compared to other options) within reach for seniors.
Talk to an Experienced Independent Senior Life Insurance Agent
LifeNet Insurance Solutions is a great place to start your search for inexpensive senior life insurance. We offer a wide range of policies from multiple insurance providers, and we will help you compare and contrast the benefits and costs of different policies to find the best life insurance plan for you at a price you can afford. You’ll have taken care of your loved ones so that your only concern is spending time with them. Contact us today to speak with an agent who is an expert on senior life insurance options.