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 (typical cases).
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:
Those who purchase life insurance early in life, have an easier time obtaining a policy during their senior years, plus it will be a lot cheaper and affordable. 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.
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.
It is a good idea to buy or start looking for 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.
Typical rates for a 10-year term policy, for a woman, non smoker, in good health:
|65 Year Old Female||$30.02||$34.99||$44.94||$54.88||$47.15||$88.92||$105.68||$165.13|
|66 Year Old Female||$33.29||$38.92||$50.17||$61.41||$50.42||$90.47||$115.62||$179.24|
|67 Year Old Female||$36.54||$42.81||$55.36||$67.91||$54.34||$92.20||$125.50||$197.27|
|68 Year Old Female||$39.81||$46.73||$60.59
|69 Year Old Female||$43.07||$50.66||$65.82||$80.98||$67.59||$102.67||$145.55||$242.24|
|70 Year Old Female||$51.37||$60.61||$79.10||$97.58||$79.67||$107.39||$155.89||$285.56|
|71 Year Old Female||$59.69||$70.60||$92.41||$114.22||$89.44||$172.48||$210.96||$328.87|
|72 Year Old Female||$67.99||$80.56||$105.69||$130.82||$101.46||$132.55||$212.49||$306.65|
|73 Year Old Female||$76.31||$90.54||$119.00||$147.46||$114.09||$221.79||$273.06||$450.00|
|74 Year Old Female||$84.61||$100.50||$132.28||$164.05||$126.55||$250.33||$311.94||$512.85|
|75 Year Old Female||$98.97||$117.74||$155.26||$192.78||$143.82||$279.99||$357.57||$590.85|
How much coverage you should get depends on the reason you are getting coverage to begin with. Are you looking to have your final expenses covered (funeral, cemetery, church, etc.), in this case a low amount like $10,000 to $25,000 may be enough.
If you are looking to leave your heirs some tax-free money to pay estate taxes, your debts, or to leave them in good financial position, then a larger amount may be needed - $100,000, $250,000, $500,000, 1 million, etc.
Only you can make this determination. If you are not sure, speak to your spouse, children, lawyer, or financial advisor.
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 or permanent 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 their 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.
You may hear this type of life insurance mentioned by friends and family all the time, what is it you may ask.
This type of policy is guaranteed to be issued regardless of your current or past health. You can't be declined coverage. The caveat is, that this type of life insurance offers a much lower death benefit and higher premium costs.
It's often used by seniors to cover final expenses like funeral costs, medical bills, pay debts, etc.
It is also referred to as "No Medical Life Insurance".