You may be over age 50, but you might not be aware that you could still be eligible for term life insurance coverage. As time goes on you might want to consider your financial future, as well as your family. Term life insurance for senior citizens may help protect your beneficiaries if you were to pass away.
Life insurance for seniors may help pay for expenses that you and your family’s retirement coverage might not cover. It could also potentially protect your beneficiaries. Your beneficiaries could potentially use the death benefit from a life insurance policy to:
Health does matter to a big extent. The better your health is, the more likely you can get a good life insurance for seniors policy. Life insurance providers may get stricter on coverage as you get older, especially if you have health issues.
When you apply for a life insurance policy, the life insurance company may take a look at your health situation when getting you a quote. Things like your gender, age, height and weight, your blood pressure, your cholesterol level, your family’s health history, and which medications you take could be considered when companies decide whether to give life insurance for senior citizens.
You may get the same sort of paramedical exam that you would if you were a younger candidate, with the exam helping to determine whether you are eligible for coverage for life insurance. If you are worried that your health situation could keep you from getting life insurance for seniors, some companies, may offer life insurance for those age 60 and over, with no medical examination necessary. Such policies can range in value from $3000 to $15,000 and could be marketed to senior citizens.
In most cases, you may want to get permanent life insurance before you are 60 in order to have the whole life coverage. Now, you could potentially get a term life insurance policy for up to a ten year time frame from a potentially top life insurance provider. You could potentially get a 10-year term life insurance policy up until age 70. Also, in states like Arizona senior citizens could get a life insurance policy up until the age of 75.
The earlier the better when it comes to getting life insurance for seniors. You may find that the rates for term life insurance policies for seniors may go up each year.
You should figure out what your beneficiaries’ financial needs might be and purchase accordingly. After doing so, you could figure out how much life insurance coverage you might need to take care of this coverage. In addition, when looking for life insurance for seniors, you should shop around for a professional who can help. You can start here by getting a rate quote.
"Did you know that since 2005 the percentage of U.S. adults without life insurance has nearly doubled?"*