Life insurance offers an important level of peace of mind. By leaving a life insurance policy to your loved ones, you can ensure that they will be financially secure in the event of your passing. Unfortunately, it can be difficult to find term life insurance policies that are affordable for seniors. If you need a senior life insurance policy and don’t know where to start, read on to learn what you need to know!
How to Find Affordable Senior Life Insurance
Senior life insurance rates are determined by actuaries who are tasked with deciding how likely it is that something bad will happen to you in the coming year. Because every term life insurance company calculates risk differently, it’s worthwhile to spend some time gathering quotes from many different organizations as the costs can differ dramatically. You’ll save the most money by working with a qualified agent who can find the best plan for you at the best price: While they do get paid for their efforts, the insurance company foots the bill so there is no cost to you!
Join your employer plan
If you are still working and your company offers a group term life insurance plan, it will likely be the least expensive option available to you. If your company does not offer a group policy then it may be worthwhile to ask whether they could look into offering one. It’s free to the employer and offers a real benefit to employees.
Avoid guaranteed issue life policies if possible
The problem with guaranteed issue life insurance policies is the fact that they often make it very difficult to receive the benefits you should be entitled to. These policies can be tempting because they require no medical checkup and the only information needed to apply is your age. However, they should be avoided when possible because premiums are often exorbitantly high (up to 5 times more expensive than term policies) and many policies stipulate that if you die within 2 years of purchase, only your premiums will be refunded.
In some cases, though, guaranteed issue life policies are the only ones that are available to seniors with pre-existing medical conditions. For example, if a patient has been diagnosed with dementia then they likely won’t be able to qualify for any other type of life insurance policy. In this case, a guaranteed issue policy is far better than having no life insurance at all.
Global Premier Benefits
Are you interested in learning more about the benefits of Medicare Advantage? Contact Global Premier Benefits today! Global Premier Benefits offers education for seniors on healthcare options available to them that could improve their quality of life and defray their healthcare costs as well. We have agents and clients in more than 16 states, including the District of Columbia. Our goal is to enable seniors to live healthy, rewarding lives without compromising their finances. Call us at 1-866-229-8447 to speak with a certified specialist to see if you qualify for extra help! You can also keep up with Global Premier Benefits on Facebook, Twitter, Google+, YouTube, and Pinterest.