How to get an affordable and cheap senior life insurance policy?
More and more often, senior citizens are looking to obtain life insurance and that too cheap senior life insurance. This is due to a variety of reasons - they can't count on their investments to provide them with the type of insurance they need, they can't self-insure the way they once were able to, and they want to be assured of being able to leave something to their children and grandchildren.
Are you a senior citizen who's still working, and looking to buy life insurance in case you can no longer provide for your family? You might need a cheap term life insurance to make up for reduced benefits and low pension income. Here are some things you can do:
It can be considerably more difficult finding cheap term life insurance for seniors than it is finding it for younger people. That said, though, it's not impossible for aged citizens to find cheap senior life insurance. Of course insurance is based on risk, and we're all at risk of dying - more so the older we get. If you think that an insurance company won't write you a cheap senior life insurance policy once you hit a certain age, you'd be wrong. You have to keep in mind, though, that as you get older, it will be more expensive, but not necessarily in prohibiting manner.
There are a lot of organizations that offer discounts on life insurance for seniors. Don't stop with the AARP - consider professional organizations that you may have belonged to or get a cheap senior life insurance quote online. You can always contact one of Arbor's licensed Life Insurance Specialists today to assist you in getting a cheap term life insurance policy.
How Does Life Insurance for Seniors Work?
When your insurance company calculates your premium, it's basically considering how likely you are to die over the term of your policy. That's why young people can get cheap term life insurance easily, and why it becomes more expensive as you age. But even if you're up in your senior years, you can still find affordable senior life insurance.
How is Your Health?
Face it, we have an aging population. So, who are insurance companies going to find to sell life insurance to? Older people form a huge component of the cheap term life insurance-buying market. Although the insurance company will consider your age, currently they're more likely to look at health factors. An older person who enjoys good health may still be able to get a decent rate on cheap senior life insurance. However, if you've led a less than healthy lifestyle, and you've developed heart disease, Type 2 diabetes, or other health problems that are related to age; obviously, you'll expect to pay a higher premium - Probably not too high.
Keep in mind, too, that no matter how old you are, you can still take steps to become healthier. Just losing a bit of weight can reduce the price of your cheap senior life insurance policy by as much as 50%. And if you're a smoker, quit - not just for the sake of your health, but for the reduced premiums you'll pay on your cheap term life insurance policy.
If you're shopping for cheap senior life insurance, and your health isn't the very best right now, think about spending a few months going to the gym and adopting a healthy diet. Your potential insurer may want you to take a medical exam before determining your rates, so doing this can put you in a better position - you might actually save thousands of dollars. And realistically, given that, it can be difficult to afford senior life insurance which you want to have with every possible advantage.
Term or Whole Life?
If you're looking for a low premium, then term life insurance policy e.g. cheap senior term life insurance. Whole life insurance is a policy that's actually intended to be an investment, and most people keep their investment in whole life for at least twenty years. For seniors, this just doesn't make sense.
As a senior, too, you don't need the same kind of cheap life insurance coverage that you'd buy if you were still raising your family. You're probably more concerned with burial expenses and protecting the family home. Your kids are likely financially independent and don't need a huge bailout in the event of your death. This means that your cost for insurance will be lower.
Finding a Low Cost Plan
If you're looking for a low cost plan that provides you with the coverage you need at a price you can afford e.g. cheap senior term life insurance, speak with an authorized insurance agent. They can get in touch with a variety of different insurers on your behalf, and help you find the insurer and the policy that best meets your needs. Make sure whoever you speak to is licensed. Simply ask them if he/she is a licensed insurance agent before you provide any of your information. Start with one of our licensed life insurance agents. There's no cost and no obligation to get an insurance quote for cheap life insurance. You've got nothing to lose. Pick up the phone and give us a ring now!
Ask About Group Plans
If you're still working, your employer may offer a group insurance plan. Make sure to check with your employer before buying a senior term life insurance policy. If they don't, ask them to consider starting one. Usually these programs don't cost a lot, and they can save you a significant amount of money, if considering cheap life insurance.
Don't make the assumption that because one company quoted you $3,000 per year for senior term life insurance, another company is going to do the same. . Rates can vary substantially from insurer to insurer, so shop around. You might be surprised at how quickly $3,000 can become $1,000 or less. Since you're here, we recommend you to get a cheap senior life insurance quote online. You might find ours the most affordable senior life insurance you've shopped for so far or perhaps the lowest!
Read the Fine Print
No matter where you buy cheap senior term life insurance, make sure that you understand everything about your policy. That means that whether you like it or not, you're going to have to read the fine print. You want to be sure that your senior life insurance policy will pay off if you die, and that your beneficiaries will get everything that was promised to them. And, on a matter totally unrelated to your cheap life insurance, make sure your other affairs are in order - make a will.