Term life insurance can be a great tool to help secure your beneficiaries’ financial future. In several states, you may be approved for term life insurance for seniors up until the age of 75! If you, like many people, would like to help provide for to protect your beneficiaries financially in the future of those most you care, term life insurance for senior citizens could be a great solution.
While you might think that life insurance rates for seniors might be unaffordable, there are companies which may specialize in offering competitive rates to the senior demographic. Many providers require you to take a medical exam and others don’t; in whatever case, if you want to help your beneficiaries pay for your expenses when you’re gone, your best bet could be to purchase a life insurance policy.
Will I need a health exam to get approved for a policy?
Generally speaking, life insurance companies might take a number of health factors into account when evaluating your health for a quote. Things like age, whether you are a man or woman, how tall you are, how much you weigh are considered. So are things like your blood pressure and cholesterol levels, what prescription drugs you take, and your family’s history of illnesses are taken info account when it comes to life insurance for senior citizens.
Roger Wohler, a well-known financial blogger and Certified Financial Planner based out of Chicago, says that person’s health is a “key factor” in determining iming in evaluating people for insurance,” says Roger Wohlner, He says that life insurance providers become stricter when your health is in poor standing as you age.”
Though you may face higher rates if you’re a senior in poor health, the procedure does not usually change from the standard procedure of evaluating someone at an earlier age. Some providers like Gerber Life may even offer a chance where people aged sixty or over could potentially get life insurance without a medical exam. However, these policies could generally potentially only provide $3,000 to a total of $15,000 in coverage. They will usually also take into account how much money you would like to be covered for and the term you would like to get approved for in evaluating you for a quote.
Why might I need life insurance as a senior?
You may want to purchase a life insurance policy for a variety of reasons. You may be able to use it as a means of helping your beneficiaries pay off a mortgage or estate taxes or transferring a business to future generations. In any case, estimating and preparing for the debts you could leave behind after your passing is important to do while you’re alive.
Until what age can I be approved for term life insurance?
You can usually get up to ten years in term life insurance coverage from some of the top life insurance providers when you are above the age of fifty. If you’re 70, many credible insurance providers may still issue a policy. It generally varies depending on state regulations; in some states, like Arizona, you may still have the chance to purchase ten-year term life insurance policy coverage until the ripe old age of 75!
How much could the monthly life insurance premiums be?
Although you may be approved for a policy even after the age of 70, you might want to think about buying term life insurance coverage as soon as you can. The monthly premiums for senior life insurance may go significantly higher each year. If you’re 60 and are in excellent health with no family illness history, you could pay a premium of $68.76 a month for a ten-year $250,000 term life insurance policy. If you’re 65 years old and in the same type of medical condition, you might expect to pay $117.37 monthly for the same MetLife policy. As a very healthy 70-year-old, you could pay $223.56 each month and at age 75 you could pay $431.91 a month for the $250,000 10-year policy.* As you can see, it may generally be best to purchase a policy as soon as you can in order to take advantage of more competitive rates.
Are there any schemes I should be aware of?
You should figure out what the future financial needs of your beneficiaries will be before deciding upon purchasing term life insurance for seniors. You should try to determine how much protection your beneficiaries will need; life insurance is not always the answer. If it is, you should research a good professional financial planner or insurance broker who will not try to “sell” you on a policy. Or fill out a short quote form and get quotes from a number of life insurance companies.
“Too much life insurance is sold rather than bought,” Mr. Wohlner says. He recommends that seniors need to determine what they need to insure for, and to determine what life insurance protection would work the best for them.
Take precautions when assessing different life insurance policies and make sure that you have an honest professional to work with.
How do I get a quote?
If you’d like to receive a free, no obligation quote, fill out a short request form and get started today!
*Policies are based on a 6 feet tall, 190-pound male for a 10-year $250,000 policy at the ages described. Quotes are based on the MetLife rates as of October 11, 2011. Rates may be subject to change.