Senior Life Insurance

People commonly believe that life insurance is only for young people who are raising families and building their careers. This is simply no longer the case. Many seniors now need life insurance to protect their families against various expenses, including home mortgages, funeral and burial costs, and credit card debt. Fortunately, there is a wide range of senior life insurance products you can purchase to provide financial protection for your loved ones.

Longer term home mortgages have created an enormous need for senior life insurance. Many people purchase several homes throughout their working years, and these mortgages can last for forty years or longer. This means that you could still be paying on your home well into your sixties or seventies.

Another reason for purchasing senior life insurance is the rising cost of final expenses. Funeral and burial services can easily cost $15,000 or more – this could represent a huge financial burden for your family if you have not provided a means to pay for these costs.

Today, it is possible to purchase senior life insurance without undergoing a medical exam. If you have had some past health problems, this type of policy can be a great way to get the coverage you need. Since there are no medical exams for your underwriters to review, these policies can be issued much more quickly than traditional life insurance policies. In many cases, you can apply for a “no medical exam” senior life insurance policy online, and have it approved without ever having to meet with an agent.

If your past medical issues were significant, you might want to opt for a guaranteed issue senior life insurance policy. Unless you have a terminal illness such as cancer, you will be approved for a guaranteed issue policy. Keep in mind that these policies are typically only available at low limits – usually less than $25,000 – but they can at least provide funds for funeral and burial expenses, with some left over for credit card bills or other smaller debts.

While senior life insurance can be rather costly, you can save money by purchasing your policy as soon as possible. Rates for buyers in their fifties are much lower than those for buyers in their sixties and seventies. Typically, rates remain the same throughout the term of the policy, so the sooner you purchase senior life insurance, the more money you will save.