You can get the best insurance rates when you are healthy and young. As you get older, finding the right life insurance can get difficult. In the case of term policies, some types of policies may not be available to you but with a little careful planning, you can still get affordable life insurance.
Why Do You Need Life Insurance as a Senior?
As a senior, your children are most likely to have grown up and settled into their own lives and you have no one except your spouse dependent on you. This may make you believe that you do not need life insurance but unless you have a lot of savings to back you up, don’t believe this feeling. One of the most important reasons you need insurance is because after you pass away when your children inherit your estate they could be liable to pay a heavy tax. Thus, your insurance can not only help pay for your funeral costs, it can also help shoulder this burden and keep your children from needing to liquidate their assets. It can also help pay off any debts you may leave behind and additionally help support your spouse for the interim period between your death and when they start receiving social security.
How to Get Affordable Life Insurance
Though the rate of interest is highest when you are young and fit, you can still get affordable life insurance. There are a number of approaches you can use to about doing this. These include
- Stay Healthy
As you get older, unless you start paying a little extra attention to your health, it will start to depreciate. As your health deteriorates the cost of your insurance increases and you could get life insurance without a medical examination but these types of insurance have a higher premium. Your health issues could also make you eligible only for a whole life policy or a graded senior term.
Apart from your health, some of the other factors that could influence your life insurance costs include your hobbies, family history, profession and lifestyle. Hence, to lower your insurance costs, you must do everything you can to stay healthy. Maintain a healthy lifestyle and take all your vitamins and medications regularly.
- Shop Carefully
When you start looking for life insurance you will realize that there are a number of companies to choose from. Each company has a different way of rating applicants and determining the cost of insuring them. Hence, do not settle for the first insurance policy you see but compare quotations and find the one best suited to you. If need be, you could ask an independent agent to help you compare quotes. Many people find the cheapest life insurance for seniors at Affordable Life USA.
- Don’t Put It Off
You can buy insurance even on your 80th birthday but your choices will be limited. With each birthday that you celebrate without insurance, the cost of insuring yourself increases. Hence, the earlier you buy life insurance, the better it is for you.