Looking for a Senior Life Insurance Company with affordable rates and great coverage.?
I was not looking for a senior life insurance company, even though I am well into my senior years, (I hope 69 counts as senior) until I was researching information for this page.
It occurs to me that I do not have any life insurance for my kids, although I have done a living will and have my last will and testament all done, which will pass along my assets to my children, so this research is of particular interest for me. I did have some whole life policies for my kids, but the Great Recession ended them when I could not afford to continue the payments, and I had not thought about life insurance since.
But I am looking again...and I will let you know what I find out. I bought the whole Senior life insurance when I was in my 50's because I wanted the cash value which builds with that kind of policy, and actually used that cash value for a down payment on a house.
Not sure what a whole Senior life policy would cost at my age, though, and since I am now diagnosed with high blood pressure, not sure I could even get whole life insurance. My blood pressure is under control though, for those of you wondering.
Also, not sure what term life insurance would cost either, although I am sure it would be much cheaper, but the consensus seems to be that a guaranteed universal life policy is the best senior life insurance.
What is a Guaranteed Universal Life Policy?
"It combines the permanent coverage of whole life insurance with the lower cost of term. Think of Guaranteed Universal Life (GUL) as term life insurance that covers you through age 90, 95, or even 121 — the rest of your life. Another reason we like GUL policies: The premiums don’t change from year to year.
So it seems we have three options for senior life insurance, term, which is the most economical of the three, but what happens if I outlive my policy? The second option is whole life, which can reduce estate taxes and cover final expenses. The third is the guaranteed universal life policy. You will definitely not outlive your GUL policy, and it is not as expensive as whole life.
After picking what type of policy is best for you, finding the best price is the next step. That will involve obtaining multiple quotes from different providers. You will need to consider financial strength ratings. Any policy considered should come from an insurance company with an A- or higher rating from A.M. Best, and either AA- or higher from Standard and Poor's , or Aa or higher from Moody's.
You will want your provider to be able to pay your claim, since only the first $300,000.00 of the death benefit is guaranteed if your provider fails.
It is also important to know whether or not you can afford the policy as well. If yours lapses, then there are consequences including rate increases and ineligibility for death benefits, which is the reason we purchase it, I think?
How Does Your Health and Your Age Impact Your Senior Life Insurance Options?
The older you are, the more limited your options are for products. Many companies stop offering 30-year term policies at age 50 or 55, and most stop offering 20-year term policies at age 60 or 65. In your 70s, you’ll be limited to 10- or 15-year term policies. For every year you wait to buy coverage, your available options decrease and your premiums increase.
Your health affects the rate class insurers will assign you to, which affects your premiums. For example, if you are more than 10 to 15 pounds overweight, you will not qualify for the best and least expensive rate class.
Should You Get a No Exam Policy?
A no exam policy might seem like a good idea if you are a senior with health issues, but there are some big catches to this kind of policy. You need to be clear about when death benefits are paid. For example some No Exam Policies do not pay for the first two years. There are also going to be rate increases every five years, which could make the policy unaffordable when most needed.
Your Bottom Line?
Which type of life insurance is best for you, whether you’re older than 55 or not, depends on why you need life insurance to begin with, as well as your current financial and health circumstances. It also depends on which company offers you the best rates for a given amount of coverage, so always make sure to get multiple quotes from different providers before committing to a life insurance policy.
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