If so, there are several things you may want to consider before you make your purchase of life insurance.
First, think about what it is you want your life insurance policy to accomplish – what is your goal?
Many seniors choose to buy a life insurance plan to provide their spouse with money to maintain their lifestyle, pay off a mortgage or credit card debt, or to help out with their own final expenses including a funeral, memorial service, burial costs and other relates expenses.
Whatever your goal is you’ll want to compare multiple life insurance plans and prices from several of the highest rated insurance carriers before making a decision as to which policy is best for you.
Although there are many insurers that offer coverage to seniors, not all pricing is the same. Each insurance company has their own set of guidelines when it comes to underwriting seniors for approval, and how they will price your policy.
Some insurers are competitive with seniors that are healthy, not on medication, and do not use tobacco, while others are more competitive with no exam term insurance plans for seniors.
When choosing your coverage make sure you consider the following:
The financial strength rating of the insurance carrier.
The length of time the insurer has been in business.
How long the policy provides coverage – your entire lifetime or for a specific number of years.
How long your premium is guaranteed to remain the same.
When you have 100 % (full) coverage – either immediately, or after 2-3 years, which is considered a graded benefit life policy.
If you are healthy and need lifetime protection it may be a good idea to compare insurance plans for policies that do require a medical exam, as you will get the best rate on your policy if you are in good health.
On the other hand, if you are not healthy and finding it difficult to get accepted for a senior life insurance policy you may want to consider going with a no exam life policy.
Senior no exam plans offer people over 50 the option of buying a policy without having to take any physical examination. There may or may not be health questions for you to answer.
The advantage of a no exam plan is that you may apply online and even start your insurance coverage right away with some insurers. And, there’s no need to meet with an agent, no hassles or sales pressure, and no doctor visits, needles, blood or urine testing.
However, a disadvantage may be the increased premium you pay for a term life policy without any health exams.
Another option for seniors is guaranteed acceptance insurance for people who are unable to get coverage from other insurers due to their age or health problems.