Life insurance can provide valuable protection and financial peace of mind for your loved ones, regardless of your age or what stage of life you are in. Senior citizens may know they need life insurance coverage but aren’t sure where to start the process of buying an insurance policy. There are affordable insurance options for many seniors. In this blog post, we will explore some common reasons seniors need life insurance coverage, provide tips on how to find affordable policies, and introduce common life insurance options for seniors.
Retired seniors generally do not need life insurance protection to replace their income and may not need it to provide funds to pay off a mortgage loan. However, there are several other reasons seniors may consider purchasing coverage:
Premiums for life insurance are based in large part on the applicant’s age; if you are buying a policy as a senior, you can expect to pay more for coverage than a younger person with a similar health profile would pay.
You can keep your cost affordable by doing what you can to live a healthy lifestyle and applying for coverage as soon as possible. It can also help to compare quotes from different insurance companies and for different types of policies.
Some term insurance policies will not be an option for seniors, however there are still many other types of policies seniors can choose from. Universal life policies provide premium flexibility and the ability to fund a cash value account inside the policy.
As the name implies, final expense coverage is designed to provide the funds your loved ones need to cover your final expenses.
Term insurance will generally be the most affordable type of coverage. However, some policies will not be available to seniors. And, it’s important to remember that when you buy term insurance, you are essentially renting coverage for the policy’s term. Because of that, term insurance may not make sense for many seniors who need coverage to be there when they die – even if that’s outside the initial policy term.
While annuities are outside the scope of this article, they are another option that may make sense for some seniors.
At Symmetry Financial Group, we work with seniors every day, helping them find and compare options for life insurance coverage. To learn more and to obtain a quote contact us today.