Life insurance is often thought of as a necessity for the old. The young are less likely to need it, and you’re more likely to think about the end of your life as the older you get. Understandably, that is why life insurance is often more expensive and more difficult to procure for seniors. Yet, even senior citizens can still find affordable life insurance for their needs.
A Plan for All
No matter your status in life, there is a life insurance plan available for you. Even with pre-existing conditions, detrimental life choices, and advanced age, there is a life insurance plan that meets your needs. People are living longer than ever before, and those that never thought to live into their senior years may find that they have exhausted their expectations. This may mean opting into life insurance at a much later date than most people, but that doesn’t have to mean closed doors when it comes to life insurance.
Expect Higher Premiums
Investing in life insurance when you’re young and healthy can be a wise financial decision. As you have few existing health concerns and are more likely to pay greater amounts into any program, you are more likely to have lower monthly and yearly premiums to receive the same amount of life insurancce. If you opt in later, it may be true that you have a more abbreviated pay out period, but it’s more likely that those payouts are imminent for the insurance company. This means higher monthly premiums for the consumer.
Guaranteed Term Life Insurance
For anyone who has trouble finding adequate life insurance coverage, guaranteed term life insurance coverage can be one of the only options available. Popular with senior citizens who have failed to acqure life insurances earlier in life, guaaranteed term life insurance is much like what the name suggests: for a specified amount of time a set number of benefits are guaranteed should a person lose their life. If the individual’s life exceeds that set amount of time, benefits are not guaranteed, and further coverage must be obtained. These terms can be set from 5 to 25 years, and an individual should consider his or her own age when opting in to these programs.
For those who choose not to gamble on the number of years they have left, they have the option of paying for universal life insurance coverage. This can be an inexpensive option for seniors as investments above a certain level automatically go into a cash value or savings or investment option. Universal life insurance options almost always cover end of life expenses such as funeral or burial costs, and they can also cover income replacement for living heirs and dependents. It is important, however, to find a plan that covers everything you need it to cover.
Life insurance can be difficult to find at advanced ages; the premiums can run quite high for diminished benefits and lower payouts for beneficiaries. However, there are options for even the most senior of life insurance policy holders. It is important to find the right plan for the individual and find a company that will provide coverage for the things that matter to you.