Life Insurance For Seniors:

7 Suggestions from a Senior – get a quote

Relevant Life Policy Quote, Over the years we have found many people coming to us with questions about senior’s life insurance. Anyone looking for life insurance over the age of 50 should read this. As a young 70 year old and owner of IDC Insurance Direct UK, I have experienced much of what others have or will go through. Here are the reasoned suggestions I have learned over the years – some of it the hard way.

  1. Life insurance for seniors is comforting as one agesIt really is comforting to have some life insurance in place so that when one partner goes, the other one will have some cash to look after final expenses and to top up their pension plan. We also frequently see only the husband has insurance due to affordability. When one partner passes, the government benefits are significantly reduced and having some extra cash around to supplement that loss is a good thing.
  2. Ignore all the hype on TV and radio advertising about seniors life insurance policiesThese guaranteed issue life insurance policies are very expensive as people with medical issues tend to purchase them as they have no other choices. The burial insurance for seniors that are sold pre need specialists can be even more expensive. Talk to an insurance broker who should ask you about your health and then provide options for your insurance.A 65 year old non smoker male in good health can purchase say $10,000 of permanent life insurance for less than $40 per month or about $410 per annum – if you can budget for it you will save paying annually. To get a quote click here and compare life insurance quotes for seniors. Get quotes for three types of permanent types of life insurance “whole life”, “universal life” and “term to 100”. Usually the least expensive will work for you.
  3. Don’t assume you will not qualify for a normal seniors life insurance policy because you are taking some medicationsInsurance companies know that as we age we will be taking medications for such things as high blood pressure and cholesterol as well as some others and in many instances they will still issue a policy at normal or standard rates. We are experts at both asking the questions and then getting quotes from a number of companies based on these answers. We work to get the best rates. We have got standard rates for people with late onset type 2 diabetes.
  4. Do not procrastinate on purchasing life insuranceAs we age, not only does it get more expensive but there is always the risk that health will deteriorate and we will no longer be able to purchase any life insurance at an affordable cost. This is the biggest issue we face with finding affordable life insurance over the age of 50 after the health issue.Suggest to your children (if they will listen – I do have experience with this too) to get some permanent insurance now and, if possible to pay it off in 20 years so that they have the paid up life insurance when they are seniors.
  5. Seniors should never purchase mortgage insurance through their financial institutionThere are many reasons for seniors not to purchase life insurance from their financial institution. It is critical for those looking for life insurance over the age of 60 if there is a chance it will not be paid off by age 69 as the coverage could end at that age. In addition, bank mortgage insurance is far more expensive than traditional life insurance as you age. I have saved clients thousands of dollars compared to what their bank wanted for the inferior coverage. Visit Compare the Difference for more information on this.
  6. A joint last to die or joint first to die might save money and meet your needsIf you are looking for a payment if either partner passes, then a joint first to die life insurance policy can save money and if you want a payment when the last partner passes to cover estate taxes, leave a legacy for children, grandchildren or a charity then a joint last to die life insurance policy could save a lot of money.
  7. Strike a balance in what you pay as a premium and what is left to spend now.While having lots of life insurance as a senior may feel good and it is comforting to your loved ones, be careful not be insurance rich and cash poor. We can help you with this balancing. One senior with an income of $25,000 a year and living with his children wanted to purchase a small policy that would have cost over half his income due to his health issues. This made little sense – better to have money to enjoy your family and grand children now. He had enough cash around to cover final expenses.