In this video I explain options for Life Insurance for Seniors as well as the various types of life insurance policies available for seniors. To get the best life insurance rate, fill out the quote form on the right side of this page.
In this video, I'm going to speak to you about life insurance for seniors.
You might be in your 50s or 60s or even 70 and looking to get a life
insurance policy. Why? It could be for many reasons. It could be that your
term insurance, that you bought when you were in your 20s or 30s, is now
coming up and expiring or perhaps already expired.
It could be that your policy at work, the price is starting to increase,
and it doesn't make sense to have that policy in force anymore as it goes
up every five years, typically. Or it could be that you've just come into a
situation where you think it's important for you to have life insurance
now, either for final expenses, or maybe you just bought a new home or just
gotten remarried.
So what type of life insurance would make the most sense for you
specifically? Let's talk about a few options. If you're buying life
insurance, you might be in your 50s, and you want to make sure that you
have coverage throughout your working years so that you can replace your
income should something happen to you, then term insurance might be the way
to go.
Or perhaps you have a mortgage, so in both situations, your mortgage might
be paid off in 10 or 15 years. You might retire in 10 or 15 years, and a
term insurance policy would probably be the best option for you. That's the
least expensive option and would cover your needs. So a 10, 15, or perhaps
even a 20-year term policy might just be the best option for you
specifically.
If you're buying life insurance because you have a younger spouse, for
example, that's significantly younger than you, and you want to make sure
that when you pass she can continue or he can continue to live a certain
lifestyle or have a certain amount of money coming in, then you might want
to get the permanent life insurance policy. In that case, you want to look
for something that's going to last your entire life.
Or perhaps you are dealing with a situation where you want to leave your
kids an inheritance, or your kids might be subject to estate taxes when you
die. These are reasons to get a permanent life insurance policy.
You might want to look into a guaranteed universal life policy. These
policies are cheaper than whole life policies. They're guaranteed to last
your entire life, and they're much more affordable. They are more money
than term insurance, but again, they do last your entire life.
Some people who want to save money choose to get a blend or combination of
both term and permanent insurance. This way you can buy more insurance for
your money with the term policy, and you can also buy some permanent
insurance that's going to last your entire life. So should you outlive your
term policy, if that's going to expire, then you can still have some form
of permanent insurance in place.
If you're buying life insurance because you want to make sure that your
final expenses are covered - burial expenses, final debts paid off - then
you might be looking for what's called final expense insurance. Final
expense insurance is a form of permanent life insurance that's specifically
designed to pay off your final expenses. These policies start with as low
as $5,000 death benefit increments and usually go up to $50,000 or
$100,000. They're designed to be there for you to pay off things like
burial costs. That might be the right policy for you if you might have some
debt, or if you don't have much money in the bank and you want to make sure
that you're not burdening your partner or spouse, your family, your kids
with paying for things like burial expenses.
If your health situation is one that does not allow you to get a
traditional life insurance policy, because you may have recently had cancer
or a heart attack or some kind of major health issue that does not allow
you to get a traditional policy, then you may want to look into something
called a graded death benefit policy. These are types of insurance policies
that have a waiting period, sometimes two or three years, until the full
death benefit goes into effect, and they're designed for people that have
some kind of preexisting health condition.
With a graded death benefit policy, the only downside is that you have a
waiting period. But as long as you outlive that waiting period, the full
death benefit is in effect. If you don't outlive that waiting period, your
family would get all the premiums you paid, plus some additional interest
on the money. So you can still get insurance, even if you have some kind of
preexisting health condition, and I specialize in high-risk life insurance.
With all these options, you want to make sure that you're comparing rates,
finding the best quote, the best company for you specifically, and I can
help you do that. You can visit my website at ChooseTerm.com. I'm the founder of ChooseTerm.com, and I would be happy to
work with you to help you find the best rates and the best company for you
specifically. I can help you shop over 30 different life insurance
companies.
Visit my website, ChooseTerm.com, or give me a call, and I'm looking
forward to speaking with you. Thank you.
Author: Liran Hirschkorn