Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Senior Life Insurance
Life Insurance for Senior Citizens
In the past it has been almost impossible for senior citizens to find affordable life insurance. With the highly competitive nature of the insurance industry today, many insurance companies are going to great lengths to expand their market share by offering limited life insurance policies to retirees.
Life insurance policies for senior citizens are very limited but at least there are finally some options available for those who have waited until they have retired to seek life insurance.
Most life insurance policies directed at the senior citizen market are term life insurance policies. Term life insurance contract are those that are in effect for a specified period of time. They can range to cover any need, whether it is for the minimum policy that only covers burial expenses to some policies that will offer up to $100,000 to provide a death benefit to their heirs.
The drawback to these policies that provide senior life insurance the cost can be very high. Depending on the coverage you want to purchase the costs can be completely prohibitive. If senior citizens cannot afford a life insurance policy they may need to ask for help from their family or heirs.
With some senior life insurance policies there is no requirement to even have a physical. The purchaser will still have to probably fill out a lengthy application. This application will have you answer a lot of health information designed to find the appropriate premium that the insurance company will charge.
There are many advantages today with senior life insurance. The most obvious is that now you can buy coverage regardless of age. The ability to buy this life insurance can give your heirs at least the benefit of being able to have a decent funeral and not have to pay the expenses out of their own pockets.
As said before, these policies are somewhat limited in what they are able to cover. They generally to not provide a very big pay off. They are meant to cover burial expenses, and in some cases a little more. The premiums are usually very expensive, and in most cases have a minimum amount of time that has to pass before the full benefit is in effect. In most cases the time before a policy becomes viable is 2 years. If you pass away before the 2 year waiting period has expired you will still be able to a benefit equal to the premiums you have already paid plus interest. So, even a little bit of coverage will help the senior citizen be protected to a certain extent.
It is wise, however, to be careful with buying any life insurance policy. Before throwing your money at the first life insurance company that comes along and offers you a policy make sure to check it thoroughly. There are many pitfalls and bad life insurance agents out there who will be happy to take your money without looking at your best interest. There are some companies in the life insurance business that will issue anyone a policy without explaining the fine print that comes with any legal document. Although there are some unscrupulous life insurance companies in business, the good news is that they usually don't last very long, and the vast majority of life insurance companies that offer senior life insurance are reputable.
The best way to protect yourself is to be informed. There are many resources available to you so that you will be knowledgeable when it comes time to sort through all the fine print and purchase your senior life insurance policy. The internet can be a great resource to find information on the senior life insurance policies available to you. However, be aware that the internet will be the most beneficial to you if you use it as a source of information rather than a shopping mall.
Another great resource available to you is your local senior citizen center. They will usually have excellent information for you about senior life insurance policies. If you do consult with your senior citizens center you can be assured that they will offer you information that you can trust.
The best source of help you have is your own family members. Although it may be difficult to have this conversation, it is an important one to have. Your family will understand your needs and resources better than everyone.