Senior Life Insurance
As a general rule of thumb, the younger you are, the less you are going to pay for life insurance. This is because statistically, younger people are less likely to die before their insurance premiums have paid for the benefits.
Why Do I Need Senior Life Insurance?
Let’s say you are 65 years old, your kids left the nest long ago, and you let your term life insurance policy expire right after they finished college. You’re retiring, you own your home outright, and you figure you can live comfortably for the next twenty years. But since you never smoked, ran marathons and ate vegetables your whole life, you could live considerably longer than twenty more years! You decide that it might be a good idea to take out a senior life insurance policy, just in case your adult children, who can’t get a job in today’s economy, need some help covering your funeral expenses (not to mention those student loans they took out 10 years ago). What options do you have as a senior? Are you just out of luck when it comes to getting a life insurance policy if you are 65 or older?
Senior Life Insurance is Readily Available
The good news is that there is no reason why you cant get a life insurance policy if you are 65 or older. Your life insurance dollar may not go as far as a younger persons would ($3 a week, for instance, might buy you a $5,000 benefit instead of a $25,000 benefit). But you will still find something you qualify for, especially if you are in good health. Some policies, called “burial insurance,” are a type of whole life insurance designed to cover your funeral expenses after you pass. Other types of no medical exam insurance (called “guaranteed issue insurance“) offer you full life insurance coverage with no medical exam. However, these types of no medical exam policies often require a waiting period of up to two or three years before benefits begin, so if you are in good health, it might not be your best option. Check with your life insurance agent or compare policies online to find the best senior life insurance policy for you.