Life Insurance for Seniors

"A few things to keep in mind"

Life insurance for seniors… why are the premiums higher?

I’m the daughter of 2 senior parents who don’t have senior citizen life insurance…or any other protection for that matter!

Ever since I started building and researching for this website I’ve realized how important life insurance really is.

I really do worry about whether there are affordable senior life insurance polices out there for my parents. Believe me… I’ve started to search.

Read up on cheap term life to see if it's right for you.

Here are a few pitfalls that you may face when searching for life insurance for seniors.

Life insurance for senior citizens-
The Higher Premiums

In general, if you’re searching by phone, referral or internet, senior life insurance rates will be higher. This is because as we age (in general) our health starts to decline.

Unless you purchase a permanent life insurance policy when you are young, you will have higher premiums when you purchase later on in life.

This is because the insurance companies “risks” are much higher. So, basically as their risk for a loss increases…. so does your monthly premium.

Having a life insurance policy is a form of risk management and while you are insuring your family against a loss… the insurance company is also taking a risk.

Remember that life insurance is also a business. They have to be able to make some kind of profit to stay in business.

Senior Citizen life insurance-
Watch out for accidental policies

One thing to watch out for is to make sure you really know and understand your insurance life senior policy completely.

Many years before my grandfather passed away, he had purchased an accident life insurance policy, mistakenly thinking that it would cover him if he died. What he really wanted was just a little extra money to leave behind to my step grandmother.

Even though the accidental life insurance policy was extremely inexpensive, he ended up canceling his policy. This is because he could no longer afford it, due to his outrageous medical bills when he was diagnosed with prostate cancer.

Something else I’d also like to point out is that he didn’t receive any cash back…. Even after paying on that policy for over 10 years!

Unfortunately, accidental polices such as these will only cover you for an accidental death and do not build cash value which is something Permanent life insurance does.

Read up on Term versus whole life insurance here to check out some of the benefits and characteristics of permanent vs. term life.

Don’t get your senior life insurance quotes until you are more informed about what might fit you better.

Talk to an agent today about what they would recommend for your situation.

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