If you are over the age of 50 and you are looking for life insurance coverage, then you should know that there are many carriers that cater specifically to your age group. It used to be more difficult to get an affordable senior life insurance policy, because of age and health issues such as high blood pressure and cholesterol. There are now many options for seniors so it’s important to know what your options so you can determine how to find the lowest rates for seniors.
Term life insurance for seniors. A term life insurance policy will typically require a medical exam and the term that you qualify for will depend on your age. Most carriers will not renew a term policy beyond age 75, so if you are 55 years old, you can probably qualify for a 20 year term policy. Term life insurance gives you more bang for your buck, but it also comes to an end at some point. If you still have a mortgage to cover or other debts, then term life is a great option because you can get more insurance for less money. Just keep in mind that once you reach your 70′s you will have to get another policy for funeral and final expenses.
Whole life insurance for seniors. There are many whole life insurance options for seniors such as final expense insurance, also known as burial insurance. These are smaller policies that can range from $3,000 to $25,000 and they are designed to be used for your final expenses- funeral costs, taxes, probate fees, etc. It is simplified issue, meaning that you do not have to go through a medical exam, and they are fairly easy to qualify for, even with health issues such as high blood pressure or cholesterol. The best thing about a whole life policy is that the coverage will last for the rest of your life and your premiums will never increase.
How to find the lowest rates. It is important to talk with an experienced agent who works with multiple carriers. This is important because every carrier has their own underwriting requirements and the rates can vary by as much as 20% or 30%. An experienced agent can help you determine which carrier is the best fit for you.
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