Life Insurance for Elderly

 

Life Insurance for ElderlyYou probably stumbled across this article because you’re senior and your previous term policy expired, your 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;

  1. Term life is a type of insurance policy that provides coverage for only a specific time period.
  2. 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.
  3. 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.
  4. It is very important for a company to have a fantastic rating such as AA+, A+, or even an A-, because these ratings show how stable the company is with their financials and it also reassures the consumers that their money isn’t going to complete waste.
  5. 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 then an elder with bad health
  6. Aig, Sagicor, Principal, Prudential, Metlife, and North American Company are the companies to look into if you have good health.
  7. 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.
  8. 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.
  9. 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.
  10. 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%.
  11. Being a senior or not you will have the same application process as everyone.
  12. Shopping around is very important when buying life insurance whether you’re 20 or 70. There are always options out there for everyone of all sorts of lifestyles and health.
  13. 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!

What to consider when looking for the best insurance company

Something to consider when looking for the life insurance company is the ratings of the insurance company you are contemplating about. It is very important for a company to have a fantastic rating such as AA+, A+, or even an A- because these ratings show how stable the company is with their financials and it also reassures the consumers that their money isn’t going to complete waste. For example, if you go with company XYZ and they have the best policy for you and your family, but have only been around for 5-10 years and have a pretty bad rating. Chances are much higher that the money you paid in premiums for your death benefit to be fully paid out to your beneficiary will be thrown in the toilet because if they have a bad rating from A.M Better that just proves that they are not financially stable.

With that being said if the market crashes or a disaster occurs and the company pulls out or files bankruptcy then all the premiums you have been paying disappears because company XYZ went out of business. Now you are stuck having to find another company with less money in the bank and more disappointment than anything. This is why it is so important to do the correct amount of research and look into the company’s ratings and reviews. Honestly, this takes a lot of time and effort just to find the best company for your family and yourself, let us at InsureChance help you cut out the time you invest in searching so that you can spend more time with the people who matter the most, your family.

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, but 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 then 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;

  1. AIG
  2. Sagicor
  3. Principal
  4. Prudential
  5. Metlife
  6. North American Company
  7. Phoenix
  8. United Home Life
  9. 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 is the designed to cover bills that your loved ones will face after your 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 or not you will have the same application process as everyone. The first thing that you need to consider is comparing quotes. Comparing quotes will help you determine what companies are a good fit and what aren’t depending on your budget. There are a lot of companies out there but the easiest and most efficient way to compare quote is by speaking to an independent agency that works with a good amount of companies. The next step of the application is literally the application process which can take 10-20 minutes. This application will be asking you some questions that will determine your eligibility such as basic information, health questions and lastly is your beneficiary information. The third step is to partake in a scheduled medical exam which at your convenience will allow you to do the exam at a time and location of your choosing.

The nurse sent out by the company will see you and take some blood and urine, check your blood pressure, and weigh you. This process should not exceed 30-40 minutes. The longest part of the whole application is the fourth step which is the underwriting, which doesn’t require any action on your end. This is when the insurance company reviews your application and assess your risks and assign you a health/rate class. This process will determine how much you will be paying and it takes about 3-6 weeks to finish unless you choose a no exam policy. The final step will be when the company is finished with their underwriting and they will come to you with a final decision depending on how their review when. After you accept or deny your coverage you are done!

Why should I choose an independent life insurance brokerage?

Shopping around is very important when buying life insurance whether you’re 20 or 70. There are always options out there for everyone of all sorts of lifestyles and health. But the truth is, it can be very time consuming just looking through reviews and ratings of different type of insurance companies. 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! We work with over 60 top rated companies and many specialize in plans with seniors, let us help you save money because time is money! If you have any questions, or any concerns please feel free to give us a call so that we can make things happen for you: 888-492-1967. Welcome to InsureChance!

Term Life Insurance Quotes
About Mack Dudayev

Mack is owner and life insurance expert at InsureChance. On a mission to create a way everyone can understand, afford and attain the right life insurance coverage to protect their financial responsibilities.

This entry was posted in Life Insurance, Senior Life Insurance. Bookmark the permalink.

Leave A Reply