How Do I Find Affordable Life Insurance for Senior Citizens ?

While trying to insure someone who is aging may seem like it should be expensive it does not have to be.  This article will go through some of the strategies we use to get good rates on life insurance for senior citizen , but if you came just looking to get some quotes use the form on the side of this page.  Use these next few questions to help you get the best rates.

Who Are You Purchasing Life Insurance For?

senior citizen life insuranceThe answer to this question may seem obvious, the person who is getting the policy, however when you buy life insurance you are really purchasing it for the people that go on living after you.   Here are the people we see most of our clients purchasing senior citizen life insurance:

  • A Spouse – If your spouse is reliant on your income then you will need to purchase a policy that makes sure he/she is not put in a financial strain.
  • Children – People are having children later in life and kids are staying at home later in life.  This means you may have children who are dependent on your income.  If so then securing their future with a proper life insurance for senior citizens policy will be the best gift you can leave them.
  • Family in General – Many people choose to purchase a small policy to cover burial expenses just to make sure there are no financial burdens on anyone.  These policies frequently do all the decision making for the funeral and burial and take all pressure off the situation for their family.

Once you know for whom you are purchasing your life insurance for seniors policy, then you can start looking at the different types of life insurance.

What are the Different Kinds of Life Insurance for Senior Citizens?

Just like any other category of people looking to purchase life insurance there are two types of life insurance for seniors:

Whole Life Insurance

While they tend to be more expensive whole life insurance policies have two great features that seniors really like.  The first is that the insurance never expires.  This means you will have some sort of coverage until you dies.  The second is that it accumulates a cash value.  This means that if you decide you no longer need life insurance this cash value can be taken out of the policy when it is canceled.

Term Life Insurance

Term life insurance is much less expensive and can have a much larger payout value.  The down side is that it has a very specific period of time that you receive coverage at that rate (from 1 to 30 years).  Because it has such large payouts it is very useful for senior citizens looking for life insurance that covers their family.

Work with a Specialist

One problem we see with many life insurance policies that we see people looking to change is that they worked with an agent that didn’t understand the senior citizen life insurance market.  Our team specializes in life insurance for senior citizens and is able to help you find the best life insurance company and policy for your needs.  So whether you a purchasing life insurance for your parents (learn more about life insurance for parents HERE) or for yourself we can make sure you get the most affordable life insurance for seniors.

Getting a quote is easy. Get started now:
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