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.
The 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:
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.
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.
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.