For those, who have reached their senior years and are looking for a good, affordable life insurance policy, there may be some trepidation when it comes to finding one that fits your budget. The truth is that life insurance tends to become more expensive as people grow older and seniors pay the most. However, there are ways to obtain life insurance for people over 80 that are affordable and provide the coverage desired.
Have 2 Minutes in Hand? We Offer Affordable Life Insurance Quotes in 3 Simple Steps.
Best Methods to Qualify for Affordable Life Insurance:
Choosing the right type of life insurance is vital, particularly for those over 80. In most cases, term life insurance which covers a ten year period is usually the most affordable type of policy that fits your budget.
For seniors over 80, there will be the temptation to select guaranteed or no medical exam insurance which is often quite expensive and perhaps unnecessary. If you are in reasonable health obtaining life insurance with a medical examination is far less costly compared to a guaranteed plan. So, unless you have a major health issue, you should select the one that requires a medical examination.
Also, you’ll want to shop around for the lowest price by comparing different life insurance companies. This will mean going to a few websites and applying for a free quote. You can often find substantial savings in just a few minutes of searching online. When you request multiple quotes from us, you have the best chance to save the maximum on life insurance premium.
Three Factors Affect Life Insurance Rate Over 80:
Coverage Amount: This is the easiest one to control because the lower the benefit level, the less you will pay each month. Choose the level of coverage that best suits the needs of your family in case the worst should happen to you. Your life insurance should be enough to cover funeral expenses, any debt you have accumulated, any payments remaining in your home, and if you want to leave a legacy behind for your children or grandchildren.
Overall Health: For seniors over the age of 80, being in good health is arguably the biggest factor when it comes to obtaining affordable life insurance. It’s never too late to start eating healthy and exercising so that you can improve your overall state of being. However, there are health considerations such as diabetes, heart disease, and cancer that will make it difficult for you to get affordable life insurance.
Lifestyle: How you live plays a major role in finding decent life insurance over 80. Smoking is arguably the most expensive and easiest one to quit so you can get a better rate. There are other lifestyle choices that you can make which will lower your rates such as limiting the amount of alcohol you drink and any other lifestyle factor that may raise your rates.
You can also consider group senior life insurance which offers far lower rates that individual policies, but may not have all the features that you desire. In the end, getting the right life insurance starts with meeting the financial needs of your family while still fitting within your budget.