Life Insurance Advice for Seniors

Lenny Robbins
Oct 22, 2013 8:45:00 AM

If you are a senior citizen and are looking for life insurance, you want to get the best quotes possible for your coverage. You also want to apply to the right company for your situation.

If you’re not sure how to go about getting affordable quotes or don’t know how to compare life insurance providers, you need help. Even if you do know how, getting help can save you time and money. It's not as easy to get accurate quotes for seniors as there are generally more health issues

An Independent Life Insurance Agent can easily help you figure out what you need and which company is best for you. Here are some of the considerations:

How healthy are you?

senior-life-insurance-4-answers-2018The healthier you are, the more favorable your life insurance quotes should be no matter how old you are.

If you have any of these health issues though, it may be more of a challenge to find affordable coverage and you’ll benefit from the expert advice of an independent agent:

  • Diabetes
  • Heart condition
  • Cancer
  • Overweight
  • Sleep apnea
  • Smoker

If you do have a health issue, how you manage it will impact your rating. Insurance companies like to see you taking care of yourself, seeing your doctor regularly and following doctor's advice. An independent insurance agent will have a good idea which companies have more lenient underwriting guidelines for your situation and can point you in the right direction.

How financially stable are you?

If you have assets including a pension, retirement insurance benefits, significant savings and other investments, you’ll need to evaluate what you have, how much you spend and your likely longevity to aid in the decision about how much life insurance you need. If you have a significant estate, you might want insurance for estate planning.

Because people are living longer, you may deplete your assets and won’t have enough to live on or as much as you planned to leave for your survivors. If you are subsisting on social security alone or worry your assets will not provide enough, you may want to purchase supplemental coverage. Here are common concerns:

  • Funds to cover burial costs
  • Funds for your surviving spouse to live on
  • Funds to pay off debts such as a mortgage, car loans or credit cards
  • Financial assistance for other family members that you help support


How much coverage can you afford?

In addition to considering your assets, debts and what financial position your survivors will be left in, you must also consider your budget. Different types of policies come at varying costs.

The type of policy, amount of coverage and your health status will all factor into pricing and can affect how much and what kind of coverage you can purchase without impacting your current lifestyle.

You may not know how much insurance you need or what type of policy is best to meet your goals. This is where the expertise of an independent life insurance agent can prove invaluable. You don’t want to make a mistake with this all-important investment and seeking expert advice is the best way to make a good decision.

How do you know which life insurance company to choose?

Not all life insurance companies are created equal. If you have certain health conditions or extreme hobbies, a specific company may offer you a better premium price because they have more lenient underwriting guidelines for your illness or activity.

Each company has their preferred niche and some will offer less expensive life insurance quotes for senior citizens compared to others. Your independent life insurance agent will be able to evaluate your needs, desired coverage and any health or lifestyle concerns and make recommendations for which companies are the best fit for you.

The Bottom Line

Before jumping in and searching for life insurance quotes for senior citizens by yourself, look for an experienced Independent Life Insurance Agent to help you. Using an agent will not increase your premium costs and, in fact, can save you money because they can do the legwork to find you the best possible policy at the best possible price. Remember they have access to more carriers than you do and they should know which company will best for you.

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