It’s true that if everything else is kept equal, then seniors will be offered life insurance at more expensive premiums compared to somebody well into their 30’s. This is because the price of life insurance premiums is equal to the amount of risk that the insurance company is taking on your life. The higher the likelihood of you dying, the higher the premiums become.
But though this may be the case, more and more insurance companies are offering affordable senior life insurance options because the life expectancy of people is now longer due to innovations and advancements in technology and medicine. Seniors also have the same financial needs as those in the prime of their lives, maybe more actually. So they will also benefit from taking out a life insurance to ensure financial security.
There are many reasons why seniors may get life insurance and there are now many life insurance options available for them to choose from. Even if the option is now open for seniors to get life insurance, premiums at the age of 60, 70, or 8o is still high, so seniors can get the best deal if they find the cheapest life insurance policy that at the same time suit their unique needs. So how do you do this?
Pay attention to your health
When computing for life insurance premiums, underwriters look very closely at the applicant’s health condition and history. If you are in good health, there’s a good chance that you will get low premiums even if you are already in your senior years. Capitalize on this and take measures to improve your health before your scheduled medical examination. Medical values such as your weight, blood cholesterol levels, and blood pressure can easily be improved once you adopt a healthy lifestyle.
Selecting your coverage amount
The amount of your total coverage or the pay-out of the policy will affect the premiums. When you are already in your seniors, most of the time your life insurance will go to your funeral, the family you will leave behind, and other expenses that you may incur before your death such as medical bills, etc. Make a computation of how much you want to leave behind to cover for all of these to come up with the right amount of coverage. Don’t get more than what you actually need and do not make the mistake of getting too little to cover for all your financial needs to prevent being a burden to the family that you will leave behind.
Don’t be fooled by nice advertising and aggressive insurance agents that will win you over with their empty promises. If you don’t already have an insurance agent, find someone that specializes in providing seniors with affordable life insurance policies. Have a family member that you can trust help you go over quotations from different insurance companies. Compare both the costs and the benefits of each policy and go for whichever will address your financial need as well as fit your budget.