This page is intended to be a short to the point source to help educate you about your senior life insurance choices. We hope we can earn your business, but our main objective is to provide you the information you need to be in a position to make informed decisions. Often times we are asked, “what is the best life insurance for seniors,” or “what is the cheapest company?” To answer questions like this, you first need to understand a few essential elements.
Where Do I Start?
Sorting through the different life insurance plans for seniors can seem like a daunting task. There are so many terms such out there such as graded, modified, whole life, term life, etc, that it can seem a bit overwhelming. Life insurance options for seniors vary by company and insurance type. The two main types of life insurance is permanent and term. Most of the major companies have both types of plan, however each insurance company will vary in price, underwriting stringency, and product design. This is when working with a seasoned life insurance agent can be very import. Since we deal with this every day, we are familiar with the different companies, and have the knowledge on how best to match you up based on need and health. For example, some companies are stricter on underwriting someone with diabetes than perhaps another company. Or, take and individual who has HIV. Almost all companies decline for this condition, however we work with two that do not. Another example would be that some companies provide whole life insurance for seniors over 80, while another may stop at age 75.
Finding A Good Senior Life Insurance Company is Essential
As mentioned above, there are many to choose from, and some offer more reasonable life insurance for seniors than do others. Transamerica offers a very competitive senior burial insurance product (originally offered by Monumental life insurance company), as does Foresters, Mutual of Omaha, Americo, and American Amicable.
When you compare life insurance companies, be sure to look for financial stats, and stick with the top rated life insurance companies over the lower rated ones. If you are unsure about a life insurance carriers ratings, you can ask us, and we will be happy to relay that information to you.
Some seniors prefer the option of obtaining life insurance with no medical exam. Many burial insurance or final expense polices offer no medical exam underwriting. There are also some term life insurance products that are non-med as well.
On the other hand, if you have excellent health, you may prefer a plan the does a medical exam. For example, if you are in great health, and seeking out affordable life insurance for someone over 60, you could obtain a permanent life insurance policy that is fully underwritten, potentially for less than one that is non-med.
Generally the younger you are, the better the rate. While premiums for life insurance policies for seniors over 80 can be high for example, it still sometimes may make sense depending on the need.
Final Expense life insurance is often a popular choice for senior life insurance. These polices are typically whole life, and have a face amount generally under $35,000. Another option is low cost term life insurance for seniors. Some senior term life plans are non-med plans, (require no medical exam), while others are fully underwritten (do require a medical exam). Finally, guaranteed whole life insurance for seniors may be the best choice for those in very poor health. These plans have no medical questions at all.
Let Us Help
If you are trying to find life insurance information on-line, or simply are in the market for a no hassle quote, simply contact our office, and we will be happy to provide you any information you need. We can also assist you in the enrollment process, either in person, over the phone, or on-line. Palmetto united has been providing information, support, content, and quotes for senior citizens for over 7 years.
It is always a good idea to work with an agent, so that you will have a point of contact for any future changes you ever need to make. Enrolling over the phone direct through an insurance company, will not save you any money, and you will not have a point of contact like you would with one of our agents. Let our expertise help you. Our service cost you nothing, but the value is incredible.
Palmetto United Inc.
101 Rice Bent Way Suite 6
Columbia, SC 29229
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