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Life Insurance for Seniors
If you are over the age of 55 - 65, you know that finding affordable life insurance can be a difficult task. After all, due to your older age life insurance companies are taking a greater risk when they agree to issue a policy to someone who is in your age group.
Just because it may be more difficult to obtain a policy, however, it does not mean it is impossible to find reasonable life insurance quotes for seniors. Whether you are looking for burial insurance policy or higher face amount policy we can assist you with finding an affordable policy for less.
When it comes to finding affordable life insurance quotes for seniors, the first thing you need to do is find an agent who specializes in helping older individuals find life insurance. By selecting someone who has experience in this area, you can be certain the person has the right connections to find an affordable policy that will meet your needs.
In addition to having the connections necessary to find affordable life insurance quotes for seniors, an experienced agent will also be able to help you use your good health in order to lower your rates. After all, if you are in good health and are taking care of yourself, you are very likely to have many years left ahead of you. Some of the factors that should be considered when determining life insurance quotes for seniors include:
- Cholesterol levels
- Blood pressure
- Family history
- Medical Conditions - such as heart disease or type 1 or type 2 diabetes
As you get older it is said that your glucose levels will rise anywhere from 6 to 14 mg every 10 years pas age 50. Making it much more likely for a person over age 60 to have diabetes. Life insurance for people with diabetes who are over age 60 actual becomes more affordable. In the eyes of the insurance company, an individual who is diagnosed with diabetes as a child, teen, young adult, or person under 50 may be a higher risk than someone who was diagnosed over 60. Knowing that naturally ones' glucose levels will naturally rise with old age.
As a senior, you will be given a bit more leeway in these areas as compared to a younger person. For example, some insurance companies will still issue their lowest rates to people over 60 with blood pressure readings as high as 150/90. Others might still issue their lowest rates to seniors with a cholesterol level as high as 280 so long as they are otherwise in good health. Furthermore, some companies won't even consider things such as family history when determining their life insurance quotes for seniors. By working with an agent who is experienced in this area, the agent will be able to help you find the insurance company and policy that is best suited to your personal health situation.
As the life insurance industry becomes increasingly more competitive, the number of companies that are willing to make more concessions for senior citizens is only going to increase. So, even if you think you are too old to qualify for life insurance, you should certainly explore your options. In fact, the chances are very good that there will be at least one company out there that is willing to offer a quote that meets your needs and that you can afford.
Term Life Insurance for Seniors : Not as Costly as You Think!
After reaching your golden years, you might think life insurance is something that you can't possible purchase. After all, in years past, individuals over a certain age were often denied life insurance coverage. Or, if they did qualify for life insurance, the cost was so great that they simply couldn't afford to buy it. Fortunately, times have changed and today's seniors can now purchase affordable life insurance at a price they can afford. This is particularly true when they choose to purchase term life insurance for seniors rather than purchasing a more costly form of coverage, such as whole life insurance.
When it comes to purchasing cheap life insurance for seniors, it is a good idea to work with an agent who specializes in this type of coverage. By working with an agent who has experience obtaining tem life insurance for seniors, you can be certain the agent will have the knowledge and connections necessary to obtain the best coverage possible.
In addition to selecting a knowledgeable agent to assist with purchasing a life insurance policy, there are several other things you need to take into consideration when determining the type of policy you need. After all, when purchasing a term life insurance policy, you are in control of how long the policy will be in place.
Obviously, you don't want to pay for a policy for longer than necessary. At the same time, you want to be sure to have enough coverage in place to protect your loved ones. As such, some of the things you should consider when selecting the right policy include:
- How long will your children or other dependents be dependent upon your income? In other words, when will your children be done with school and ready to take care of themselves?
- When will your spouse no longer be dependent upon your income? Consider things such as when your spouse's social security and retirement benefits will kick in.
- How long will it be before your mortgage is paid off? Depending upon your spouse's income, you might want to have coverage in place until the house is paid off. In this way, you can be sure your spouse will not lose the home after your death.
By taking these things into consideration, you will be better able to determine whether you only need a life insurance policy to be in place for a few years or for the long-term. Either way, by taking the time to shop around and to compare various life insurance policies, you will be sure to find the policy that best suits your needs and your budget.