Finding life insurance during your golden years doesn’t have to be a challenge. Smart planning can cover the expenses of death, burial and ensure care for your beneficiaries. Below are a few tips to ensure that seniors find the best quote on a life insurance policy. Insurance companies typically evaluate age, health, lifestyle among other factors to determine eligibility. It is always advisable to try to get life insurance early in life, but don’t let that discourage you from doing so. It is never too late, and it is always necessary. Keeping the following advice in mind can help you find the policy that best suits you.
Ask for Clarification
Make sure you understand what you are signing. If you have questions or concerns do not hesitate to speak up and ask for clarification. A good provider will ensure that all your queries are clearly answered. Never opt-in to something you are unsure about. Make sure you read and understand the fine print that may not always be disclosed. Consider clauses that might raise your quote such as double indemnity. This is extra coverage in given case that you are at high risk of accidental death. Make sure you refuse clauses like these if they are not applicable to you.
Policy Options Simplified
Depending on your age and health status, life insurance for seniors can be a tricky business.
Simply put, your options as a senior are term life insurance, whole/permanent life insurance or a combination of both. Term life insurance offers the lowest rates, but only covers your beneficiaries if you die during that term. It might be difficult to renew later and can have considerably higher quotes. Whole life insurance has pricier premiums; the older you are the higher the premium. However, whole life insurance (or permanent life insurance) offers death benefits and a “savings account.”
Deciding Between Policies
Choosing between these two or a combination of both will be the most important decision that you will have to make. Choosing the wrong one may do more harm than good. Always be fully informed before you make your decision. A good question to ask yourself is how long you plan on keeping your policy. If it’s about ten years, then term life insurance is most likely your best bet.
Shopping for insurance is not only a young person’s game. It is not to late to find a good deal, even if it takes a bit of shopping around. Compare rates from different insurance companies to make sure you are getting the best quote. Leading a healthy lifestyle and getting regular medical checkups can help guarantee lower premiums more so than your age.
You can help ease the burden of pain of your passing on your family. The right insurance policy can ensure that your family is protected even when you’re gone. Good financial planning can spare your family from unnecessary financial distress, and can ensure that you receive the optimal coverage that you deserve.
Andrew Miller is an Avid blogger and writer. For more information about life insurance for seniors please visit Lifeinsurancequote-online.org