Reasons for Permanent Life Insurance for Seniors 

If you’re looking at a permanent life insurance policy you must consider the goals you want to achieve with life insurance. The below are different scenarios that permanent (or lifetime) policies are perfect for.

• You want to leave money for your final expenses
• You want to protect your spouse and assure sufficient funds remain for them
• You have a special needs child or grandchild
• Your spouse has health care costs that will need funding
• You have a family member you support that will need money
• You want to use your life insurance for estate planning
• You want to continue your charitable donations
• You have a business that would surely fail without you

There are different types of permanent life insurance policies available for you to choose from. Many life insurance policies for baby boomers are flexible and can be structured to meet your needs. See below for an explanation of the different types of permanent life insurance options:

Guaranteed Universal Life Insurance

A guaranteed universal life insurance policy can be set up with level premiums for life. You can choose to accrue cash value or opt out of this option, You can pay for your lifetime or with one or ten or limited payments if you don’t want to continue payments over a number of years. These policies offer a level or an increasing death benefit.

The most affordable option for a universal life insurance policy is opting out of accruing cash value and choosing a level death benefit.

Survivorship Universal Life Insurance

Indexed Universal Life Insurance

Final Expense and Whole Life Insurance

This type of permanent life insurance includes several types of coverage. Whole life insurance is the best option for smaller face amounts of final expense life insurance. If you’re looking for a policy in the $2,000 - $40,000 face amount range this option is often the only choice. Final expense policies have simplified underwriting so there’s no medical exam or blood test required. These life insurance policies can be in force in a matter of days.

Guaranteed Issue Life Insurance

Reasons for and Types of Term Life Insurance

A term life insurance policy is a good option only when you only need coverage for a specific time period. (Perhaps to cover a short term loan.)

There are several types of term life insurance available for seniors and baby boomers.>

Experience tells us that a level term life insurance policy is almost always the best choice.

 Level term life insurance for seniors provides a death benefit and premium that remain the same for the entire period of the policy. After the level term policy expires, the premium will increase dramatically because the insurance carrier is basing their risk on you living during the specific term. The premium difference at the end of the level term period will continue to increase annually. You may be able to convert this policy to a permanent one without underwriting before the end of the term if your conversion option is still available.

If you still need coverage after the term expires you’ll need to apply for a new policy altogether, which will naturally be more expensive due to aging if you’re even still eligible. 

Chronic care and critical care riders can be built into some policies, although they are slightly more expensive. The additional value these riders provide may make the increased premium worth it. If you’re diagnosed with an illness and meet your care requirements, you can borrow out of the policy to fund your care. Keep in mind that the loan will reduce the face amount payable to your beneficiary and there will be fees associated with the loan.

Decreasing Term Life Insurance

Renewable Term Life Insurance

Return of Premium Term Life Insurance

What are the Best Companies for Life Insurance for Seniors?

The amount of insurance you choose to purchase will help determine the carriers we look at. If you want a small final expense life insurance policy we have a group of companies we work with. If you desire a larger, more expansive policy other carriers will be a better option. The type of policy determines what life insurance companies we look at.

Our experienced agents can help you find the best life insurance for seniors and understand the senior market to know exactly what to look for and what questions to ask as we prepare your quotes and application. The older we get, the more medical issues we must consider when looking for affordable life insurance for seniors.

The underwriting process may also be more complex when multiple medical issues and medications are present. Our independent agents have extensive experience working with seeking affordable life insurance for seniors.

Our agents:

• Know which carriers look more favorably on certain medical conditions which can mean the difference between an approval and a decline
• Have in-house independent underwriters to assist us with more complex cases. Their experience working directly with carriers and their underwriters put them in the unique position of knowing carriers’ preferences best. Unlike our independent agents, most agents don’t have the ability to discuss a case with the carrier underwriter.
• Work with highly rated companies that give you access to a wide range of policies with different underwriting guidelines. Underwriting guidelines differ from company to company, so you may be declined from one carrier but be approved for coverage with another. One large drawback of a captive agent is that they have only one carrier available for you.
• Deal with specific cases where our underwriter can request informal quotes from multiple carriers giving us vital information about where you should consider applying.
• Have our in-house underwriter assist with your case from the initial quoting to discussing your file with the insurance carrier underwriter which can make acquiring an affordable policy a reality.

LifeNet Insurance Solutions mainly uses insurance companies that are rated A+ to A-, which helps our agents write your insurance with a financially stable carrier.