Times are changing, and it’s becoming easier than ever to find cheap life insurance for seniors over 70. This information is valuable for anyone who hasn’t heard the news. In the past, rates for older clients were just not worth the cost of premiums. Seniors would spend more purchasing plans than their families would benefit upon their death.
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Why do seniors may need life insurance?
People are working longer and retiring later in life than in previous decades. Whether for financial reasons or because they simply love their careers, people are working well past the age when retirement is possible for them. Rising costs of living make it necessary for some who still have financial commitments to fulfill or families that they are currently supporting. There is a real need for them to make provisions for those who will be left behind in the event of their death.
Reasons for reduced premium:
Changes in healthcare technology such as affordable care act and the statistics that show people are living longer than just 20 years ago have caught the attention of insurers. There is a new market for senior citizens who have a longer life expectancy. Life Insurance companies keep an eye on the trends which affect the job market because wage earners are the primary targets for life insurance.
Longevity means less likelihood of death at a given age and these businesses have less risk selling to people who are likely to remain productive and contribute to the plan for longer duration.
Better news for the seniors:
The previous rates charged for retirees were out of reach for most people who were depending on social security or low paying retirement pensions. Many could not afford the premiums, to begin with. For those who could make the premium payments, the end payouts were often less than the total amount that would be spent on the plan. It simply didn’t make sense to make the investment when other interest bearing options would yield a higher return. The good news is that there has been a turning point in the insurance industry. Falling rates do make life insurance more feasible for many elderly parents.
There are now different types of life insurance policy available for seniors over 70 such as standard or funeral coverage. So they can compare the rate among the various kinds of plans and pick the suitable one.
Will these trends continue?
Although there is no way to tell with any certainty, the statistics suggest that they will. Advances in healthcare are continuing to increase longevity. Not only is life expectation higher, but the ability to remain active and productive is also on the rise for seniors. The workforce is filled with older and more experienced workers who have passed optional retirement age and have plans to continue working well into the future. It makes sense that the prospective for life insurance coverage will keep getting better.
Although rates are falling, it does take some shopping around to find affordable coverage for over 70 years that will be worth the investment for premiums. The costs are falling more slowly with some insurers offering life coverage than for others. It does, however, pay to start looking around to find the best possible plan for the dollar. If you’re a senior who believes that life insurance is beyond your reach, it may be time to start looking into the changes in the life insurance landscape.
Affordable and worthwhile plans are becoming available to a wider segment of the population. We recommend choosing a variety of companies offering this service so you can compare their rates along with the benefits. Life insurance may just be more within your grasp than you had previously thought. Luckily, Secure Senior Life Insurance makes the job easier for you by providing the opportunity to request multiple quotes from different companies from one single source.