Life Insurance For Senior Citizens: 3 Important Things To Consider

Obtaining life insurance for senior citizens is a bit tricky and you must know where to look and who to contact.  No matter what policy you will choose, there are 3 important things to consider:

Should-senior-people-buy-a-final-expense-life-insurance1)     Length of the policy. There are just two options: term life insurance policies and permanent insurance policies.  Although it may look simple, believe us, it is not. You must first know and analyze your goals and needs. Term life insurance provides protection only for a limited time, with the possibility of renewing the contract, when it expires.  Term life starts with very cheap premium price, but the premium values increases with each passing year.

So, after a decade or two, the premiums can be expensive.  However, there are companies that designed term life policies that are more affordable for seniors.  Whole life insurance and universal life insurance are the most common forms of permanent life insurance.  Amongst the advantages of permanent life insurance: premiums are kept to a fixed value, the death benefits are tax-free, you can borrow against policy, investment options and flexible payment system.

2)     Health. Besides age, health is the most important aspect analyzed by each insurer. Health is very relevant for every carrier and based on your current medical condition you will have your premiums calculated. There are different categories of programs, depending on your health from Preferred, Standard and below.  If you do not meet the health requirements, you will be refused or placed in a different risk category and you will have to pay more.  Term life policies are stricter regarding this matter.  Permanent policies do not change the value of premiums, even if you will get sick under coverage.  No exam policies however grant protection for any person, no matter of its medical condition.

3)     Budget. To not buy what you cannot afford paying. Term life policies are cheap, but only for a short period.  Permanent policies offer premiums kept at the same level and you will be able to plan more efficient your whole budget for the next years.  Check online for free quotes and compare prices.

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