With many options, companies, policies and prices for seniors’ life insurance it is very important to understand what you need when buying insurance. The best life insurance for seniors is a policy that provides an amount of cash upon death that accomplishes whatever the purchaser wanted to have happen when he or she purchased the insurance. This may be to cover a mortgage, cover final expenses or leave money for your family or a charity. If you are looking to cover a Permanent need such as leaving money for your family than a Permanent policy would likely be most suitable. There are generally 3 types of Permanent policies: Universal Life, Whole Life and Term to 100.
A good reason to purchase seniors’ life insurance is to benefit loved ones. This could be a larger policy to top off spouses savings as savings can go quickly in retirement. Purchasing life insurance on children and grandchildren is also popular for those with surplus cash flow. Passing wealth to another generation tax free is also a very popular strategy. For others, insurance can offer advantages for capital gains. A life insurance policy can provide the cash to pay the taxes. Others want give to a charity thereby creating a tax credit that accomplishes the same thing while a charity benefits.
The best life insurance for seniors is the one that accomplishes this purpose at the best price taking into account any medical issues, life expectancy and price. Be sure to find an agent who specializes in seniors’ life insurance to help you find the best policy for your wants and needs.
A consideration for seniors’ life insurance is your health. An experienced agent should be familiar with various insurance policies, companies and features in regards to your health. Some policies require medical qualifications while others are a no-medical policy. The prices and policies vary considerably for health qualifications. An agent can help you sort through these many options. At the same time, an agent works to your advantage, by maximizing your good health to possibly lower your rates.
In considering a quote for seniors life insurance, these are some of the factors that are considered:
- Cholesterol levels
- Blood pressure
- Family history
- Medical Conditions – such as heart disease or type 1 or type 2 diabetes.
As a senior, it may require more research and time to obtain a policy. However, it does not mean it is impossible to find reasonable seniors’ life insurance. As a senior, you will be given a bit more leeway in these areas as compared to a younger person.
Depending upon your health, some insurance companies may issue their lowest rates to seniors with blood pressure readings as high as 150/90. Others might still issue their lowest rates to seniors with a cholesterol level as high as 280 so long as they are otherwise in good health. Other companies may not consider things such as family history when determining their life insurance quotes for seniors. By working with an agent who is experienced in this area, the agent will be able to help you find the insurance company and policy that is best suited to your personal health situation.
Keep in mind that life insurance is a competitive business. It pays to shop around. As well, more and more companies are willing to make concessions for seniors.
Therefore, even if you think you are too old to qualify seniors’ life insurance, be sure to explore your options. In fact, the chances are very good that there will be at least one company out there that is willing to offer a quote that meets your needs and that you can afford.