With people living longer and longer these days, the need for life insurance has become a major need for many senior citizens. In the past, people paid off their homes and other big debt before retirement, which helped to financially protect their spouse’s in the future. Nowadays, many people go into retirement in debt, and should they die, their spouse would find it difficult – if not impossible – to continue to live in the same manner due to a decrease in social security benefits and even professional income once they are gone. This makes it more important than ever to have some backup in the form of a term life insurance policy to help fill in any financial gaps.
Unfortunately, while the need for life insurance later in life is becoming more and more important, finding affordable coverage after the age of 65 can sometimes be a real challenge. This is especially true is you have experienced any sort of serious health problems in the last few years.
From age to health concerns, seniors looking for quality term life insurance quotes and rates may not be able to find it by simply picking up the phone and calling their local agent. Instead, they may have to look elsewhere for help. When getting the coverage you need becomes a hassle, try these simple approaches instead.
Join a Professional Organization
There are hundreds of professional organizations out there that offer discount life insurance for their members – regardless of their age. The most popular group among seniors today is of course AARP, which specializes in getting group discounts for all kinds of insurance (including term life insurance) for those over the age of 50. But, they are not the only group out there to offer these same kinds of discounts. Retired military personnel may be able to get discounts through USAA; while those who belong to AAA may be able to garner a discount rate on term life insurance, even if they are considered a senior citizen. Check any groups you belong to see if they offer life insurance options for their membership.
Look for a Guaranteed Plan
You have probably seen the ads on your local television from time to time, in which an older consumer is touting the benefits of buying a guaranteed life insurance plan. In most cases, these plans offer limited coverage for minimal money, but be careful since they often contain provisions which may keep your family from getting those death benefits if you should die.
Ask Your Employer
If you are not yet retired (or are working a part time job), be sure to check with your company’s Human Resources Department for information regarding any group life insurance coverage they may offer. Oftentimes, these plans are much cheaper since the company’s rate is set in accordance to the entire group’s age and health status instead of just you as an individual. In some cases, even those whoa re retired can continue the coverage on their own.
Compare Quotes and Rates
All-too-often, older folk simply grab whatever policy they can get (regardless of the high price tag), without ever really checking into their options. Yes, it is true that obtaining a term life insurance policy after a certain age is a bit more difficult and will cost you more. But, that does not mean that you do not have options and can not find affordable rates; especially if you are healthy.
Be sure to call a variety of insurance companies and ask for quotes. Then compare your findings to see who is offering the best deal. Another option is to run a cost comparison through an insurance comparison chart on the internet. You can simply type in what you are looking for and let the computer guide you towards the companies who can best meet your needs.
Consider Whole Life
Taking out a whole life policy at your age may seem silly, but it may not be. There are some companies that now offer seniors whole life insurance at a cheaper rate than their term life policies. True, you probably will not have the insurance for a long enough term to build any cash equity in the plan, but who cares if the premium is lower than a term plan anyway? In the end, you will not be losing anything; and you may even save a few thousands bucks over the life of the policy.
If you are a senior citizen looking for term life insurance, rest assured that there is a policy out there for you. It doesn’t matter how old you are, there are companies willing to offer good quality policies at a price you can afford. Finding one just may require using other resources like a professional group, your employer or even the internet to get the quote you are looking for.