When you apply for life insurance, the company is going to look at dozens of different factors to decide how much they are going to charge you in monthly premiums. One of the most notable factors that they are going to look at is your age. The older that you are, the more that they are going to charge you. If you’re a senior, you may assume that a life insurance policy is going to cost you a fortune every month, but that couldn’t be further from the truth.
Cheap term life insurance for seniors is not a mythical beast that cannot be tamed. Instead it can be achieved by taking good steps and being methodical about the process. If you came here looking to get quotes instead and not information on bargain term life insurance for seniors just fill out the form on the side of this page and we will be happy to help you through the process on a personal level.
Many people think that looking for cheap term life insurance for seniors is a fool’s errand, but you can significantly lower your costs by following a few simple guidelines.
Stay in Shape – Keeping yourself healthy is the biggest key to getting discount term life insurance for seniors. If you are still in good shape when you get your blood work and health examined you will get significantly lower rates than someone who is out of shape. Keeping your weight low and your blood pressure down will pay off in cheap term life insurance for seniors premiums.
Don’t Smoke – No matter what age you are smoking will greatly increase your rates for life insurance. Smokers are immediately classified into a high risk group. This means bargain term life insurance for seniors is off the table immediately. If you are currently smoking, quitting and waiting for about two years will allow you to get coverage and the discount term life insurance for seniors rate.
Get Multiple Quotes – Getting quotes from a number of different companies can greatly increase your chances of getting cheap term life insurance for seniors. What happens is that some companies are better at servicing the senior market than others. This means they are much better at evaluating the risk of taking someone who is advanced in years on for life insurance coverage. So if you are only getting a quote from one company you may or may not be getting the best possible rate. The easiest way to get a bulk number of quotes is to go through an independent insurance agent. Independent agents are not tied to any one insurance company. So when they go to look cheap term life insurance for seniors they will shop many life insurance companies instead of just one. This cuts your search time way down since the agent is really working to help you instead of a specific insurance company.
One alternative to getting a traditional life insurance plan is to purchase a no exam insurance policy. As you can guess from the name, these plans allow you to get life insurance without being required to take the health tests. These plans are a great option for anyone that doesn’t want to have to go through the medical exams, for whatever reason. There are several advantages and disadvantages to these policies that you should be aware of when you’re shopping for coverage as a senior.
One of the most notable benefits of these plans is that your current health won’t impact your life insurance plan. If you have a pre-existing condition, the insurance company won’t get that information, unless it’s on your medical records. These no exam plans may give you a much better chance of getting insurance protection.
Another advantage of these o exam plans is that you can get approved for coverage much faster than you can with a traditional plan. With a no exam life insurance, you can be approved for coverage as quickly as a few days, with some companies you can be approved in a matter of hours. With a traditional policy that requires a medical exam, you could wait several weeks, or even a month to be approved.
On the flip side, there are several key pitfalls of these policies. The biggest one is that they are going to be more expensive than a traditional life insurance policy. The purpose of the medical exam is to give the insurance company an idea of how much risk you are to insure. Without that medical exam, the company doesn’t get that information, which means that they are taking a much greater risk. If you’re looking to get the most affordable life insurance plan, you’ll need to apply for a plan that requires a medical exam.
Another significant disadvantage is that you’re going to be limited on how much life insurance that you can buy without the exam. Most insurance companies will only sell you around $250,000, which as a senior, might be enough life insurance for you, but it might not. Not having enough life insurance is one of the worst mistakes that you can make for your loved ones.
As a senior, you’re in a unique stage of life, and your life insurance needs are going to reflect that. There are several different factors that could have changed since the last time that you bought life insurance, and those factors are going to drastically impact how large of a plan that you’ll need to buy. Getting the right amount of life insurance is a delicate balance between having enough coverage and not paying for more life insurance than you need.
The first number that you should look at is your debts and bills that your family would be responsible for. As a senior, you may have drastically less debts than you did 20 years ago. You may no longer have a mortgage payment or business loans, which means that you can consider buying a much smaller insurance policy. Make sure that your life insurance policy is large enough to pay off any debts that your family would be responsible for if you were to pass away.
The next number that you should consider is your annual income and if anyone depends on that money every month. The second purpose of your life insurance coverage is to replace your paycheck if anything tragic were to happen to you. As a senior, you may have reached a stage of life where you don’t have people that depend on your salary, which means that you can buy a smaller plan that will save you money in premiums.
Life insurance is one of the most important purchases that you’ll ever make for your loved ones, regardless of your age. There is a large portion of retired seniors that assume that they no longer need life insurance protection. In some cases, that could be one of the worst mistakes that you ever make for your loved ones. If you still have debts and other expenses, all of them would go directly to your loved ones, which is going to make the situation that much worse.
We know that shopping for life insurance can be a long and frustrating search, especially as a senior. The older that you are, the more difficult that it’s going to be, but that’s why we are here to help. As a group of independent insurance agents, it’s our mission to ensure that you’re getting the best insurance plan at the lowest rates.
Unlike traditional insurance agents, we work with more than just one company. In fact, we work with dozens and dozens of highly rated companies across the nation, which means that we can bring all of the best insurance rates directly to you.
Our experienced independent brokers have years of experience working with all types of applicants and we know which companies are going to view your application more favorably. Instead of wasting hours and hours doing the work yourself, let us save you both time and money on your life insurance search.
Using these methods you can greatly increase your chances of getting cheap term life insurance for seniors. At TermLife360.com we will be happy to help you through this process and get you the best rate available for your needs. If you have any questions or if there is any way we can serve you please let us know.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to buy life insurance. Please contact one of our agents today and we would be happy to answer those questions.