How to Find Term Life Insurance Seniors Plans
Are you a senior citizen looking to buy affordable term life insurance coverage? If so, you can quickly and easily compare the lowest rates in just a few minutes from more than 70 of the leading life insurance carriers in America.
But first, you should understand how term life insurance works:
Term life insurance is temporary life insurance protection for a specific period of time. Most term life policies for seniors last for 5, 10, 15, or 20 years.
The length of your term available will depend on your age, health, and the insurance company. Basically, the older you are, the shorter the "term" available for your term life policy.
Example: 10 year level term life insurance policy for $20,000 of coverage with an annual premium of $300.
The above example means you have life insurance coverage for
a period of 10 years, each year you pay $300 and if you pass away during the 10
year term, your beneficiary receives the $20,000 death benefit free from
federal income taxes.
Choosing Senior's Term Life Insurance
How do I choose the right life insurance carrier?
When comparing companies make sure you look at the financial strength rating of the insurer. This will be provided with your life insurance quotes.
The financial rating is an indication of the insurance company’s ability to meet their financial obligations, and pay their claims. Which is why you buy life insurance in the first place, to make sure your loved ones receive the death benefit from your policy upon your passing.
Basically, the higher the financial rating, the better and more financial secure the insurance company. AM Best Company issues life insurance ratings based n their independent review of the financial statements of insurers. A rating of "A" Excellent, or better, may be a good life insurance company to consider.
Also, consider how long the insurance carrier has been in business and the quality of customer service.
How long does term life insurance last?
When selecting a term life plan you’ll want to determine how long you need life insurance protection. Most term life plans offer coverage for a term of 5, 10, 15 or 20 years for senior citizens, but the longest term available will depend on your age.
What happens when my term ends?
If you outlive the term of your term life policy your life insurance protection ends and you no longer have coverage.
If you decide you still need life insurance at that time you may apply for another life insurance policy but it will cost you more money and you may or may not qualify for life insurance depending on your age and health.
There are guaranteed issue whole life insurance policies that offer guaranteed acceptance for people age 45 to 85, with no medical exam required, no health questions asked, and you cannot be turned down if you meet the age requirements.
Seniors Term Life Insurance Quotes
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