Life coverage is often put off just because everyone assumes they are going to live to old and happy age, and maybe even beat the average. However, the world can be a very uncertain place, and if you want to be confident that your family and other loved ones are taken care of, then life insurance is the way to make sure that they are taken care of. Read on to find out how to choose decent life insurance for seniors over 65 years.
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While it might not be as important as health insurance or auto insurance, life insurance after 65 is inexpensive and can make sure those you love aren’t burdened with massive debts once you’re gone.
The problem is,
The prices of life insurance rise as you get older, and there are many policies that won’t give good deals to aged people. So how are you going to find the right life policy for your family once you hit those golden years?
Table of Content
- Why Should You Get Life Insurance Over 65?
- What Works in Your Favor?
- Life Insurance Options After 65:
- What does Life Insurance Bring to You?
- Should Seniors Over 65 Go for Term Or Permanent Life Insurance?
- Other Life Insurance Plans
- Tips to Choose A Suitable Life Insurance At 65:
- Get Multiple Life Insurance Quotes (FREE) for Seniors Over 65:
Why Should You Get Life Insurance Over 65?
First of all, know why you’re looking for affordable life coverage. Many people have a hard time finding peace of mind, but life insurance can cover the funeral expenses (which are always higher than people think they will be), leave some inheritance behind for a spouse or children, or even deliver money to a surprised charity. Finding these policies at 20 or 30 is easy, but finding a decent plan with affordable premiums at age 65 is a different story!
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What Works in Your Favor?
Certain things can work in your favor when looking for a policy. Ditch any habits that are awful for your health at that age such as smoking. Lose some weight if you’re morbidly obese, and give any signs that you have a lot of time left in life. A good physical, lots of walking, hobbies, and volunteering that show you’re out and living your life – these are all excellent things.
Here are some stats and figures that may sound crazy…!
There are 44.7 million Americans who are 65 or older by July, 2013 and for the first time in 2033 this population would outnumber people younger than 18 in the U.S.
$35,611 is the 2013 median income of households with householders 65 and older, up 3.7% from the previous year.
In 2013, 71% of 65 and older have computers in the home. Amidst, 62.4% accessed the Internet through a high-speed Internet connection.
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Life Insurance Options After 65:
In addition to this, if you own a home, have a solid retirement setup, just show any of the signs of being a good decision maker you will have more options. Another little thing that makes all the difference: is the ability to jump onto the Internet and compare various plans. Seniors have the ability to find potential policies. Doing this at 65 is important because waiting until age 80 (if you make it that far) will set up a situation where you’re all but guaranteed to not have many options and not be able to find anyone willing to put out a policy.
Get that coverage while it is still an option!
So, what’s the real story?
Costs Are Sky Rocketing: Funeral expenses are already growing at an incredibly fast pace, and a low-end average plan will cost $10K, and that’s pretty bare bones. The final price goes higher with more services, things that could be minor blessings for friends or loved ones who could use all the comfort they can get on that tough day.
If you don’t have the money or insurance to cover that, then it is up to your family to take care of that, and this is a heck of a burden for most people. Making sure you are fully covered by a high-quality life insurance policy is one way to help take care of your family after you are gone.
Here’s the deal:
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What does Life Insurance Bring to You?
Allows You To Enjoy Your Retirement: When you have an affordable life insurance policy that will take care of people once you are gone, you are free to enjoy your retirement. Travel, live the high life, start scratching all those things off the bucket list. When you know that you have a policy that will cover your funeral expenses and maybe even leave a little bit extra behind, it’s easier to enjoy the moment and to enjoy what life has to offer you at that point.
Let’s face it:
If funerals are expensive now, they will only become more in the future. If you think good insurance is hard to find at this age, it might be outright impossible at age 80. Taking care of details now makes all the difference, so you are not stuck in a dangerous mess later.
Should Seniors Over 65 Go for Term Or Permanent Life Insurance?
There are a few options when it comes to getting a good life policy, but it is also easy to see how there can be confusion for someone who isn’t used to dealing with these types of issues. The two most traditional life plans for seniors are going to be term or permanent (whole) life insurance.
Figuring out the details between the two of these is best done with some research. The general difference between the two can be clear to see, but the devil is in the details.
Whole life insurance, for example, can be an excellent deal for seniors over 65 but you want to make sure that it is not graded and it should not have any term conditions on it. You want the whole life that pays off whether you die in 40 years or 4 days.
On the other hand, a term policy for seniors over 65 is available and the best fit for those who want an uncomplicated and less expensive plan. Usually, they are available in 10, 20, or 30 years of coverage or you can get a customized plan from your insurer.
Other Life Insurance Plans
You can also go for burial insurance which can offer up to $25k which is good enough to pay final expenses such as a funeral.
Scared of needles, hospitals, and medical tests? Then no medical exam plan is the right fit for you. Although this type of policy doesn’t require a mandatory medical exam, you need to answer basic health-related queries in the application form. The obstacle is, it costs higher than a burial or term coverage.
Tips to Choose A Suitable Life Insurance At 65:
Every single policy is going to be a little bit different, but you can help yourself by looking through any policy and asking yourself if you are being covered, or if each provision seems to be taking coverage away or giving them a chance or technicality to weasel out of coverage. You don’t want to deal with any of that type of policy.
When you know the type of insurance you want to have, you still need to examine each policy because there can be a significant difference from one plan to another. You want to clearly see the big picture for each company and each policy so you can accurately compare each of them. Free quotes are par for the course so at least a basic comparison shouldn’t be all that difficult.
Get Multiple Life Insurance Quotes (FREE) for Seniors Over 65:
Finding affordable life coverage does take a little bit of work, but the good news is that you will find options. Don’t be afraid to jump online and if that really just is not your thing then find a friend or relative who can help with the process. The life insurance policies are there – you only need to find them!
Note: People save up to 70% when they try multiple quotes from us and compare the rate online. So, don’t miss the chance. Happy Shopping!