Because all senior life insurance plans or burial insurance, are variations of whole life insurance policies, there are a few options available that aren’t offered through traditional life insurance policies. Senior life insurance policies have health and age qualifications that are designed specifically to allow seniors the ability to qualify for coverage.
There are two main kinds of life insurance for seniors: Immediate plans and Limited plans. Each type of insurance offers a range of plan options to help policy holders get the correct type of coverage at a price they can afford.
Immediate benefit plans are policies where the total value of the policy is available immediately. While each senior life insurance provider will offer different types of immediate benefit plans, there are a few main options that most companies will offer:
When considering a senior life insurance plan, remember that you will have several options to choose from. Making an inventory of your personal needs and concerns before you start shopping will help you make an informed purchase and avoid spending more than you need to on a policy.
As you consider your needs, keep the following points in mind. These will help save you money on your policy and will help you make the best purchase:
Most people opt for too much or too little coverage the first time they buy life insurance. When determining the amount of coverage that you want, think about the three F’s: Funeral, Family, Finances. How much do you need to cover the cost of your funeral? How much money do you want to leave your surviving family members? And what is the current state of your finances? Will you need to leave some money behind to pay off bills or a mortgage? Thinking about these needs will help you determine an appropriate coverage amount.
Insurance providers offer cheaper plans to those who have good health when compared to those with existing health conditions. Some ailments cannot be avoided, but issues such as body weight, blood pressure, and cholesterol levels can be influenced by healthy eating and living habits and will play a large role in your consideration for a life insurance policy as well as determining your policy’s cost.
If you have fair or poor credit, you will have a more difficult time qualifying for a life insurance policy than somebody who has good or fair credit. Since credit is a rating of your trustworthiness to repay money or make structured payments, senior insurance companies have the option to charge you more or less depending on the quality of your credit score. Paying all of your bills on time, lowering your credit card debt, paying off your mortgage, and saving money are all great ways to improve your credit and get a lower monthly premium on your insurance policy.
Chatting with one of our specialists or filling out the form above to request more info is the best way to compare available life insurance for seniors and discuss different costs and coverage options. Without speaking to a professional, you will only be speculating to how much exactly your policy will cost and how much coverage you can qualify for. Once you have decided what your personal insurance needs are. We have licensed agents standing by today!
Life insurance is a selfless purchase that will benefit your loved ones and provide them with financial assistance and comfort in the event of your death. Making sure that they are protected by purchasing a life insurance policy is a great way to secure their financial future. Protect yourself and your loved ones by researching insurance policies and purchasing a plan that fits your own specific needs.