| By :
Marilyn Katz
Are you a senior who wants to buy a life insurance policy? You may only think you can get a small policy. But you may want more than that to help provide for you family! You may have read that Americans are enjoying onger life spans. These longer lives mean that life insurance rates for older people are dropping to reflect that fact! Furthermore, insurers are more willing to accept older applicants for term life insurance now. This will allow you to get a higher face value policy at a lower cost. A seventy year old man or woman may not qualify for a 30 year term insurance policy, but with reasonably good health, can find an affordable 10 year term policy. This can help you get a lot more coverage at lower rates! Why are term policies a bargain for older people? When you buy temporary policies, you are only paying for the coverage. You are not getting any cash value or benefits once the policy expires. So the premiums you pay will cover insurance, and they will not go towards building a cash value. When you purchase whole or universal life, there is also a cash value. This means that your premiums are higher, and so the cost per dollar amount of the death benefit will be a lot higher. Most of the time, the policies that are marketed to senior citizens, will be whole life with small death benefits. They may range from $2,500 to $25,000. If you need higher coverage levels, you will find that term rates start to look much more affordable! There is some risk. A temporary policy will expire though, leaving you with no more benefits. There is a chance you will not be able to renew at all if you have gotten to old to qualify for the policy. The advantage of whole life is that it will stay in force as long as it is paid for. This means that the insurer takes a lot more risk, and this is another reason that whole life costs more. Should seniors buy term life? There is not one right answer for every person. You must evaluate your own needs, budget, and financial plans. I have covered some of the advantages and disadvantages. Your next step will be to research policies that are on the market in your local area, premiums, and your ability to qualify for them. We hope this helps you find the best choice for your family. How can you find senior term life insurance? It used to be time consuming and stressful to find the right policies. You would have to call several agents, and you might even have to set appointments at different offices in order to compare offers from multiple companies. These days, it is much easier. You can find some fast and free online quote forms which only take a few minutes to complete. You will get information from competitive insurers that are matched with your situation and needs. In addition, you will get contact information in case you want to follow up with questions.
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