The golden years can offer some unforeseen obstacles when it comes to satisfying your life insurance needs.
Finding life insurance for older people who are in their sixties and upwards often have a different focus and reasons for buying life insurance than younger folk.
Although many seniors continue to be healthy and active, this is the time of your life when many of you encounter health issues which can make finding life insurance more of a challenge.
The good news is that regardless of your particular financial or health situation there is a life insurance solution available.
Basic Life Insurance Facts for Older People
It is a simple fact that regardless of the type of life insurance policy you need, whether it is a term life insurance solution or a permanent policy such as whole life or universal, life insurance premiums become more expensive as you age.
This is especially apparent for anyone who is going to renew a term life insurance policy. You might be a bit floored when your current insurer gives you a quote. You might also be stymied should they no longer even offer the term policy you are seeking.
Why did this happen?
The reason is simply because most life insurers won’t sell longer term policies after a certain age. This varies from company to company, but it is a simple fact. After a certain age you simply can’t buy a 20 year term anymore which can be frustrating.
Up to the age of 80, there are some companies that will offer a 10 year term but that’s about it. A 20 year term can be purchased up to age 70, but after that you are restricted to a 10 year term.
One thing to keep in mind is that not all life insurance companies are the same. Your current insurer may not be offering what you need, but another may have different underwriting requirements as it relates to age.
It’s important that simply don’t give up because some companies are more lenient than others when it comes to age and how they issue policies to older people.
There is an alternative solution which I’ll get to shortly.
Health Issues and Life Insurance for Seniors
Another issue that also can affect your ability to find affordable life insurance for older people could be due to a deterioration in your health.
Again, the important thing to keep in mind is that each life insurance company has its own underwriting requirements when it comes to health issues. This could be anything from your weight to your blood pressure or cholesterol levels. So, it always pays to shop around because you might be surprised at what is available.
For the most part, if you are in relatively good health and perhaps have a medical condition which is under control, your rating won’t be too bad and you will easily find an affordable premium to cover your needs.
However, there are some people simply can’t find any company to offer them a traditional policy because of a serious or life threatening health issue. You can still get yourself insured with a Guaranteed Acceptance life insurance coverage policy.
And, the really good news you can be automatically approved without having to take a medical exam or even to complete a medical questionnaire.
The downside is that the coverage amounts are much lower and the rates are relatively more expensive, but they might not be as bad as you think.
The other drawback is that there is usually attached what is called a “Graded Death Benefit” which means the insurer won’t pay the death benefits if you should die in the first two years. At best, your beneficiary would only receive the premiums which were paid up to the point of your death.
Life Insurance Options for the Elderly
If you have an existing term policy, and whether you’re healthy or not, you most likely have the ability to convert the policy to a permanent policy such as whole life or universal. This could be a good strategy if you need life insurance until you die.
Also, if you happen to be in poor health, then this would also be an ideal solution because you can most likely convert without having to take a medical exam.
Just be aware that most term policies contain an expiration date or age where you might no longer be able to access this conversion feature so make sure you check your policy.
Another solution that you can use is to buy a universal policy which provides coverage to a specific age such as age 90 for example. It has some features of a term policy because it is age specific and the premiums would be cheaper than simply buying a universal policy which covers you until you die.
How to Find Affordable Life Insurance for Older People
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 855 – 247 – 9555.
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