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At any age life insurance is an important purchase, and this is no less true for seniors. When thinking about getting life insurance for seniors there are many things to consider, including:
One of the first things you have to decide is if term insurance is right for you or a permanent policy would better fit your needs. This is where you need to think about what you want to accomplish with this insurance coverage. Basically, do you need coverage for a limited time period or would coverage for your lifetime do a better job?
The goals(s) you want to achieve with life coverage will help determine which type of policy is the best choice for you. Here are some goals better met with a term policy:
There are different types of term life insurance.
Our usual go to policy is level term life insurance. In level term life insurance for seniors, the death benefit and the premium both remain the same for the entire period of the term policy. After the level term period expires, the premium will increase dramatically, because the insurance carrier is basing their risk on you living during that specific term period. Often the premium difference at the end of the level term period is staggering. It will continue to increase annually. If you still need coverage you would have to apply for a new policy. You would be at 10 to 20 years older than when you purchased this policy and your new coverage will naturally be more expensive.
There are some level term policies with chronic care and critical care riders built into the contract. Although they are slightly more expensive than level term policies without the riders, the additional value they provide may make the extra premium well worth it. If you are diagnosed with certain illnesses and meet the care requirements, you can borrow out of the policy to fund your care. (This loan will reduce the face amount payable to your beneficiary. There are fees associated with the loan.) If you don't have long term care coverage, this can help you during a difficult time. This is not a replacement for long term care coverage, but it can be a great benefit to you and your family.
Decreasing term insurance is generally not a great deal, because the premium will remain the same, but the face amount will lower over time. This type of coverage is often referred to as mortgage coverage and is usually more expensive than level term policies. We would use a level term policy to protect a mortgage. The beneficiary is usually your spouse, and as the mortgage decreases, your spouses face amount grows.
Renewable term life insurance has a level death benefit however the premium increases annually. This may be the least expensive coverage if you need coverage for a short period of time. But if you are not certain how short the time period will be, a traditional level term policy protects you for a longer time with a level premium.
There are return of premium term policies. Just like it sounds, after the level term period you would receive all of you premium payments back. You get the most money returned if you keep the policy to the "end", with some companies offering partial refunds for a few number of years prior.
Which policy is right for you? Talk to your life insurance agent for advice on the best way to achieve your goals and get the most value from your life insurance.
Here are some goals that are better accomplished with a permanent (or lifetime) policy:
There are many types of permanent life insurance available.Many of these life insurance policies are flexible and can be structured to meet your needs.
Whatever type of permanent coverage you decide is right for you, you will need to work with an agent. Choose an independent life insurance agent as they will have many carriers available to look at. Every company has different underwriting guidelines they follow. By placing your application with the right company the first time you save time and have your coverage in place faster.
How much insurance do you need? We find that many of our clients have some idea of how much coverage they want. If they are unsure we can work backwards, starting with the amount of monthly premium someone wants to spend, and we will tell them how much insurance that is likely to purchase.
We can help you know how much insurance you qualify to buy (there are financial guidelines from each insurance company). We will work with you to find an amount of insurance that you are comfortable with, that makes sense for your situation, and that is affordable.
The amount of insurance you choose to get will help determine the company(s) we look at. If you are getting a small final expense policy, we have a group of companies we use. If you are looking for a larger policy, then we have another list of carriers. Although there is overlap, what type of policy determines where we look. The quote engines are separate, but both give us many choices to provide you the best value.
As experienced agents in the senior market, we know what to look for and what to ask you as we prepare to get your quote(s). There are often many issues to consider when quoting senior life insurance . The older we get, the more medical issues there tend to be. Underwriting may be more complex when there are multiple issues and multiple medications. Experience working with seniors and life insurance is very helpful. Here's why:
AM Best is an independent company that rates insurance companies. We only use companies that are rated A+ down to A-. This helps us write your insurance with a financially stable carrier.
There are many different options for getting affordable senior life insurance. Using an independent agent is the easiest way to getting a good value on your coverage. Let us do your shopping for you- we know where to look! We will help you through the life insurance maze to find the best policy to meet your life insurance goals. Call today (800) 698-7033.