If you are like many seniors, you may have put off purchasing life insurance for many years. It is easy to avoid buying coverage when you are younger, but now that you are a bit older, you might understand the importance of having a life insurance policy.
Unfortunately, it can become a bit more difficult to purchase insurance as you get older. Many insurance providers require you to submit to a health exam, which can be a challenge if you are currently dealing with health-related issues. Some insurance companies do not provide term life insurance for seniors over age 70 or over age 80, which can also present problems.
You should know that you still have options, however. For example, you have probably heard of AARP life insurance for seniors and the many services that they have to offer senior citizens, but you might not realize that you can get life insurance through this well-known and respected company. Luckily, there are other providers out there as well who will help you secure coverage.
What You Should Know About Buying Life Insurance as a Senior
As a senior, your options will be a bit more limited. This is especially true if you are an older senior. Term life insurance might be out of the question, but a whole life insurance or burial insurance policy could be a great choice.
For older senior citizens, the coverage amounts are generally a bit lower. Also, may have to opt for a graded death benefit, which means that only a percentage of your benefit will be paid out if you pass away before your policy matures, which usually takes about three years. However, you shouldn’t let these things get in your way of securing coverage when there are so many good choices out there.
AARP: A Great Option
As a senior, you might have worked with this company in the past for its various services. This is a name that you probably know and trust, so you may want to look for one of its coverage options. Luckily, AARP life insurance for seniors offers plans that cater to senior citizens just like you, so you should be able to find the coverage that you want with a premium price that you can reasonably afford.
Whole Insurance: The Benefits and Disadvantages
Whole life insurance is a great choice for many senior citizens because it can be much easier to acquire than term life insurance. Maximum ages are generally higher, and the health-related requirements are generally less stringent. If you want a policy with a higher death benefit, you might have to submit to a health exam; if you are content with a smaller policy, however, this probably will not be necessary.
Another great thing about this type of insurance is that it will stay with you for the rest of your life. Many older senior citizens worry about aging out of their policies and having trouble finding coverage later in life. This is not something that you have to worry about with whole life insurance, however.
The Pros and Cons of Burial Coverage
Burial insurance coverage is quite similar to whole coverage. However, the death benefit amounts are usually much smaller; in some cases, they are as small as $5,000. This money can be helpful for covering final expenses.
The good thing about burial coverage is that it can be even easier to qualify for than whole life insurance. Even if you are a much older senior or are in very poor health, you should be able to acquire burial coverage.
How We Can Help You Secure Affordable Life Insurance
Whether you are shopping for yourself as a senior or are shopping for your elderly parents, you probably want to compare rates online so that you can find a cheap option. Luckily, we can help you get quotes from AARP and other reliable companies; just use our quote engine to find all of the information that you need to make an informed decision. We can also help you locate a guaranteed issue life insurance policy for seniors.