You probably stumbled across this article because you’re senior and your previous term policy expired, you’re retired and lost group life insurance from your job, you want a second life insurance policy and add additional coverage, or maybe you just want life insurance now because of your grandchildren or children can benefit from the financial assistance your death benefit can provide for them. Either way, you came to this article and that’s good news because there are a couple things that you should know as a senior who is searching for life insurance. The following are some key points from the article that may be beneficial for you as a senior;
- Term life is a type of insurance policy that provides coverage for only a specific time period.
- Whole life is a type of insurance policy that pays a benefit on the death of the insured and it also accumulates a cash value.
- A guaranteed life insurance policy is a type of financial protection that provides cash or death benefits to the listed beneficiary upon the insured’s death.
- It is ideal for you to go with a company that has a high rating, these will be different based on the agency but look for “A+” or “AAA”.
- Rates aren’t going to be as good as a rate of a 30-year old could receive, but if you have a healthy lifestyle and your all around health is great then you will find an insurance company with a much better rate than an elder with bad health
- Aig, Sagicor, Principal, Prudential, Metlife, and North American Company are the companies to look into if you have good health.
- If you have moderate health, not the best but not the worst, then your best bet is to go with either Phoenix, United Home Life or Omaha Life because they offer the best final expense policies.
- The best thing to do if your health is not up to par. Is to get yourself a guaranteed life issue policy. The best life insurance companies to go for are Gerber, and AIG because they have the best-guaranteed issue policies.
- If you don’t like to get stuck in the arm with needles to draw blood and you don’t want to pee in a cup then the best for you is to go for an insurance policy that doesn’t have a medical exam.
- If you have amazing health for your age then we recommend getting a policy with a medical exam because it can decrease the premium payments by 50%.
- Being a senior or not you will have the same application process as everyone.
- Shopping around is very important when buying life insurance whether you’re 20 or 70.
- You can cut your time in half just by speaking to an independent licensed agent, and the good news is that InsureChance is an independent life insurance brokerage and are here to widen your choices and clear the path for you to receive the best coverage!
Types of life insurance for elders
- Term life insurance for seniors: What exactly is term life? Term life is a type of insurance policy that provides coverage for only a specific time period. This is beneficial if you want to protect your loved ones for a certain amount of years. This is the most inexpensive policy for seniors with good health and since seniors are living longer nowadays, there are policies for seniors in their 60’s that give coverage for 20 years.
- Whole life insurance for seniors: What exactly is whole life? Whole life is a type of insurance policy that pays a benefit on the death of the insured and it also accumulates a cash value. This policy is more expensive but it will in force for your entire life and it accumulates cash value that can be very beneficial for investments.
- Guaranteed life insurance for seniors: What is a guaranteed life? A guaranteed life insurance policy is a type of financial protection that provides cash or death benefits to the listed beneficiary upon the insured’s death. This type of policy is provided for anyone despite health!
Top insurance companies for seniors
There are a lot more options out there for you then you may think or believe. Although it isn’t going to be as good of a rate as a 30-year old could receive, if you have a healthy lifestyle and you’re all around health is great then you will find an insurance company with a much better rate than an elder with bad health. If you have a terminal illness or you were diagnosed with a chronic illness, you need to keep in mind some things, and one of them is that more than likely an insurance company will cover you but you may have limited payouts for the event of death. This means that your beneficiary will not receive the whole payout if your death occurs before the first couple years after initial coverage. Some of the best life insurance companies for seniors are the following;
- North American Company
- United Home Life
- Mutual of Omaha
Aig, Sagicor, Principal, Prudential, Metlife, and North American Company are the companies to look into if you have good health, they provide the best guaranteed universal life policies that guarantee you to be locked in for coverage of $100,000 to $120,000 and are the most affordable life insurance. These companies are even open minded to small medical conditions that aren’t life-threatening or a big risk. If you have moderate health, not the best but not the worst, then your best bet is to go with either Phoenix, United Home Life or Omaha Life because they offer the best final expense policies. They provide coverage with no medical exam necessary, no waiting period, and they offer $100,000 coverage for final expenses. What is a final expense policy? Final expense has a purpose of simply paying all expenditures associated with death. This includes medical bill and funeral expenses which can cost thousands of dollars. If you have bad health then your options are limited. If you are a smoker or have uncontrolled diabetes then this means you. The best thing to do if your health is not up to par. Is to get yourself a guaranteed life issue policy. The best life insurance companies to go for are Gerber, and AIG because they have the best-guaranteed issue policies.
Should I get a policy with a medical exam or no medical exam?
If you don’t like to get stuck in the arm with needles to draw blood and you don’t want to pee in a cup then the best for you is to go for an insurance policy that doesn’t have a medical exam. Most life insurance policies with no medical exam give the maximum of $25,000 of coverage, so if you don’t need more than $25,000 then go ahead and get a policy with no medical exam. If you need more than $25,000 then your best option is to hold your breath and let them stick you with that needle for blood and pee in that cup! If you have amazing health for your age then we recommend getting a policy with a medical exam because it can decrease the premium payments by 50% and it will show the company that you are not a risk and they will give you the best rate possible regardless of age. This can also open a lot of doors for you as far as policies.
What is the application process?
Being a senior is no different than anyone else when it comes to the application process. The first step is to shop around with top companies to see who can offer you the best rate without sacrificing the benefits. You have many options and the best way to get all of them is to work with an independent broker that has a large pool of companies, that way you can scour the whole market and not guess what else is there. Once you settle on a plan, next it is time to complete an application. These days a lot of companies offer E-Apps so you can do this over the phone and email. In the application, there will be questions about your family history, overall health and who you’d like to designate as beneficiaries on your policy. The application should take about 2o minute tops and you can sign it electronically with most of the companies.
Once, the application is complete we will schedule a medical examination for you so the nurse can come out to check all your vitals. An exam is done at your convenience and it is totally free of charge. The exam will take about 45 minutes on average with an experienced nurse who will come out to your home. Keep in mind that you can also go with a plan that doesn’t require a medical exam if you haven’t got physical in a while or are simply not fond of needles. When the application and the exam is completed we give the company about 6 weeks to come back with an approval. Then if everything is good, you’ll have your policy in your hand along with the peace of mind that comes with it.
Why should I choose an independent life insurance brokerage?
By now you should have a pretty great idea of what the whole life insurance shopping looks like for a senior. As mentioned before shopping around and not going with the first option presented is the best thing you can do. That’s why you should only work with an independent agency like ours. Here at InsureChance, we specializing in helping seniors not only get the best rate but also make sure they are approved! We have over 60 top rated life insurers that will compete for your business so feel free to check out term life, permanent life or guaranteed issue plans on our site. If you’re not sure about something or think you’re a high-risk client call one of our specialist for no pressure consultation at 888.492.1967. Welcome to the best life insurance agency online!