Life Insurance For Seniors

Senior man and woman looking for life insurance Just because you are retired and up in the years, it doesn't mean you can't get affordable life insurance coverage.

We specialize in getting insurance for those harder to insure (men and women).

Getting an insurance quote is easy. Simply answer a few easy questions, then you will get your instant quote.

 

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Elderly Persons Can Stil Buy Life Insurance!

It used to be that buying life insurance for an elderly person was next to impossible, well... the times have changed, and now getting a policy issued for seniors is not that difficult or expensive. See if you qualify!

 

A few things to consider:

  • After your age, your health will be the determining factor for your qualification.
  • Risk factors are also critical - do you smoke, drink heavily, are obese or overweight, have diabetes, etc.
  • Do you take part in dangerous activities, like sky diving, scuba diving, race car driving, etc. Probably not, but you never know - some elderly folks are very adventurous.

 

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One of our Life Insurance Specialists for Seniors will contact
you right away between 9 AM and 9 PM (EST)


Planning in Advance

Those who purchase life insurance early in life, have an easier time obtaining a policy during their senior years. However, if you had a policy that expired, or coverage through an employer, and you choose not to maintain the policy after retirement, you will encounter some problems.

Click Here To Obtain an Instant Senior Life Insurance Quote!

A life insurance policy won't be as affordable for someone purchasing insurance at the age of sixty-five (65) or older, as opposed to a younger person . For example, a male non-smoker in the state of Delaware, 5’11, 170 pounds will probably pay between $182.61 and 337.46 per month for $300,000 in coverage for a 15 year term life insurance policy.
Those premiums are a little high for an average senior citizen. Even, if the face value decreases to $100,000 the premium will vary from $66.68 to $121.93. These numbers are based on a non-smoker; those who are smokers are subject to pay a higher premium.


Getting an Early Start

It is a good idea to buy level term life insurance protection early in life, preferably before reaching the age of forty (40), to avoid paying higher premiums when you become older. This is the time most insurance companies charge higher rates on policies. For seniors this poses a major financial hardship, especially if they live on a fixed income. Therefore, certain organizations can help with expenses, such as AARP (American Association for Retired Persons), which offers several discount insurance policies for members.


Pricing examples for a 10-year term policy, for a woman, non smoker, in good health.

  $100,000 $200,000 $300,000 $500,000
65 Year Old Female $37.34 $66.87 $89.10 $149.45
66 Year Old Female $40.65 $73.45 $96.30 $161.31
67 Year Old Female $47.67 $80.10 $106.49 $177.53
68 Year Old Female $43.36 $87.57 $117.78 $194.25
69 Year Old Female $52.11 $96.67 $135.63 $222.40
70 Year Old Female $57.42 $107.29 $155.89 $247.25
71 Year Old Female $63.19 $118.75 $182.83 $274.35
72 Year Old Female $69.93 $132.55 $212.49 $306.60
73 Year Old Female $79.56 $151.29 $245.93 $352.90
74 Year Old Female $89.15 $170.55 $289.71 $399.25
75 Year Old Female $100.10 $193.00 $340.38 $454.55
Senior rates as off 6/12/2013- your rates may vary - average monthy costs shown

 

Choosing the Correct Policy

The best option for seniors and the elderly with no coverage would be to buy a senior term life insurance policy. In general, most insurance companies don’t provide level term coverage to seniors for more than 15 years, therefore wouldn’t be worth considering whole life insurance. Other insurance companies refuse to underwrite policies for anyone over the age of 65 unless it is a conversion policy; even so, some companies have concerns based on a person’s age.

Those who have not reached retirement age should take all these facts into good consideration, to avoid leaving your family with added expenses. Read your policy carefully and make sure you understand it well. Be certain that your family knows how to find the policy and what the coverage is. Also, if your parents (mom and dad) are elderly, it may be a good idea to obtain a parent life insurance policy on them to help with burial expenses.



Click Here for Instant Seniors Life Insurance Rates!

One of our Senior Life Insurance agents will contact
you right away between 9 AM and 9 PM (EST) - Monday to Friday.