Affordable Life Insurance Protection for Your Family
How to Buy Cheap Senior Citizen Life Insurance
Are you a senior citizen looking for the most affordable life insurance?
If so, you may want to consider the following tips when shopping for life insurance.
First, make sure you compare rates and plans for your life insurance from several leading life insurance companies, because prices will vary by company.
Next, consider term life insurance because pricing for term life insurance is usually lower than the cost of permanent life insurance.
Also, consider buying life insurance before your next birthday as rates increase with your next closest age.
We have partnered with JRC Insurance Group which is a quick and convenient way for you to shop for life insurance 24-hours a day from the comfort of your home or office.
If you are a senior looking for affordable life insurance coverage you may want to meet with a local licensed independent life insurance agent to assist you in finding quality, affordable coverage.
Before you purchase your life insurance consider what you want your life insurance policy to accomplish – What is your goal?
Many seniors choose to buy life insurance so there is money to pay for their burial and final expenses when they pass away. If this is your goal, then you may only need between $5,000 to $15,000 of life insurance.
However, you may want to leave money to your spouse to help supplement your spouse’s retirement.
Or, you may have outstanding debt, such as, a home or car loan.
The proceeds for your life insurance policy can be used by your beneficiary for any reason, including paying for their own living expenses.
The two basic types of life insurance for seniors are Term Life Insurance and Whole Life insurance.
Term life insurance provides life insurance protection for a set number of years, usually for a period of 10, 15, 20 or 30 years.
Whereas, whole life insurance offers lifetime coverage, which is why it usually costs more than term insurance.
There are several well-known life insurance companies offering affordable life insurance for seniors, including United of Omaha, Colonial Penn, and New York Life, among others.
When you compare life insurance plans you may find that some insurers offer life insurance plans for seniors that do not require you to take any physical examination.
These no exam life insurance plans for seniors usually offer up to $25,000 of coverage, a simplified application process, and no medical examination requirement.
In addition, no exam life insurance plans may charge you a higher rate for your life insurance since they may accept some applicants for life insurance who may otherwise not be able to qualify for life insurance that does require a physical exam.
United of Omaha offers people age 45 to 85 up to $25,000 of guaranteed acceptance life insurance with no medical exam and no health questions asked.
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