get affordable senior life insurance

 

How to Find Affordable Life Insurance for Seniors

 

 

 

What's the Best Life Insurance for Seniors in 2019?

 

Finding the right life insurance for seniors isn't easy. That's why our team of independent insurance agents is here to help you make an educated decision.

We've been successfully helping seniors secure life insurance policies to protect their families and businesses since 1991. Our clients are happy with out services and many are repeat customers. See our reviews on Google and judge for yourself. 

Life insurance options are different for seniors in their 80's, 70's, 60's and 50's. There are more policies available when you are younger. LifeNet's agents are familiar with the many choices and explain what's best for your needs. Some things to consider are:

  • Term or permanent insurance?
  • Fully underwritten or simplified underwriting?
  • How much insurance do you need? How much can you afford? 
  • Is one insurance carrier better than another? Why?
There are many more factors to consider when buying life insurance policies for seniors. You’ll have a myriad of questions, and the experienced independent agents at LifeNet Insurance Solutions will guide you through the process.

See What Our Clients Have to Say!

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These guys are fabulous. They have access to many insurance providers and are not beholden to any one company. they truly find the best rates for you based on your own situation, always with an eye towards highly rated companies; that you can have confidence in. They put up with my seemingly endless request for quotes without a second thought, always finding me the best deal in the end. We've used them several times already for term life and annuities for my parents and couldn't be happier. They walk you through every step of the way and are super-trustworthy.
-D. Enzer, S. Pasadena, CA

 

Senior Life Insurance Options

 

The first thing you must decide before purchasing affordable life insurance for seniors over 60 is whether you want a term or permanent policy. 

 

What benefits do you want out of your life insurance policy? What do you want to accomplish with your insurance policy? The reason you want coverage will help determine whether term or permanent insurance is best for you.

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

This permanent life insurance covers two people (typically spouses) and pays one death benefit after both partners pass. This policy is an excellent choice for high net worth applicants. It can be used to supply cash for the cost of settling your estate, paying off business or personal debts, equalizing the estate among heirs and more. It’s usually less expensive than two separate policies for each spouse. If one spouse in not insurable you may still be able to purchase this type of policy.

Indexed Universal Life Insurance

This option offers many of the same features and benefits of traditional, or fixed, universal life insurance along with interest , in part, based on the performance of an underlying stock market index over time.  These indexed interest crediting strategies provide clients the potential for higher interest crediting rates than traditional products, with protections from market downturns. It's an ideal product for individuals with a higher risk tolerance. All guarantees subject to the claims paying ability of the issuing insurer.

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

Guaranteed issue life insurance policies have no medical requirements. There is either a two or three year waiting period before the full face amount is paid. During this time the policy acts like an accidental death policy. If the insured dies from a medical condition, all premiums plus interest are paid to the beneficiary. This coverage is only available up to and including age 75, 80 or 85 depending on the state where you live. 
Which senior life insurance policy is right for you?

Which Senior Life Insurance policy is Right for You?


How do you know which life insurance policy is right for you? 

Speak to one of our professional independent life insurance agents. 

Get advice on the best way to achieve your cost and coverage goals to get the most value out of your life insurance.


Contact us today to discuss life insurance quotes.

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.

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Decreasing Term Life Insurance

This life insurance for baby boomers option is generally not as cost-effective as other term life insurance policies although the premium will remain the same. The face amount will lower over time. This type of life insurance coverage is often referred to as mortgage coverage and is usually more expensive than level term policies. The beneficiary is usually your spouse, and as the mortgage decreases your spouse’s face amount decreases along with it.

Renewable Term Life Insurance

Renewable term policies have level death benefits, but the premium increases annually. This life insurance coverage is the least expensive option if you’re looking for coverage over a short period of time. If you’re uncertain how short the period will be a traditional level term life insurance policy will protect you for a longer time with a level premium.

Return of Premium Term Life Insurance

These types of term life insurance for seniors and baby boomers allow you to receive all your premium payments back after the level term period. This life insurance option gives you the most money back if you finish out the policy term to its end. Some carriers also offer partial refunds if these policies are ended a few years prior.

How Much Coverage is Right for You?


How much insurance coverage do you need? We find that many of our clients have some idea of how much coverage they want, and if they’re unsure we can work with them to find the appropriate coverage. We can work with the desired monthly premium and determine how much coverage is affordable.

 

LifeNet Insurance Solutions can help you determine how much you qualify to purchase (according to financial guidelines from different insurance carriers). We will work hard with you to find an amount of insurance that you are comfortable with and that makes sense for your situation.

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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.

next-steps-for-buying-senior-life-insurance-2019

Next Steps for Getting Affordable Life Insurance for Seniors


There are many options when looking for affordable life insurance for seniors. Using an independent agent is the best way to acquire affordable life insurance coverage that’s right for you and your family.

Let us do the shopping for you – we know exactly where to look! We’ll help you find the best life insurance for seniors and guide you through the maze of life insurance products to get you affordable coverage that meets your policy goals. Contact us today to discuss the right life insurance for you!

 

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