Life Insurance for Seniors

Written by Strahan Financial Services

Life Insurance for Seniors

Obtaining life insurance for seniors can pay for funeral expenses and lingering expensive medical bills not paid by your health insurance. Life insurance for seniors can also pay off credit card bills, personal loans, or any other outstanding debt.

Maybe you want to leave a college fund for the grandkids or leave a financial legacy. Or, you want a little money for the grandchildren to remember you. Life insurance can accomplish that for you. However, without life insurance, you might leave your spouse in a difficult financial situation. Not only do they experience the loss of a life partner, but they loose your financial support also.

Replacement of that spouse’s income is an excellent reason to purchase life insurance as a senior. Almost anyone can qualify to buy a final expense life insurance policy regardless of age or health. Not only does the life insurance pay funeral expenses, medical-related costs, final debts, but much more to include:

*Credit card bills
*Utility bills
*Mortgage payments
*Hospital and health costs (which may spike at the end of someone’s life)
*Travel expenses for family attending the funeral
*A grandchild (or charitable cause) you may want to leave some money to, etc
*Money for a spouse now that they’ll have to live on one Social Security check
*Transportation costs if death occurs out of state
*Moving to another location may render their prepaid funeral useless
*The ambulance ride to the hospital when they die

Lifestyle Factors Affect Your Insurance Cost

Life insurance for seniors becomes more expensive for parents who are elderly and for those over 70. But age is not the only factor in figuring insurance costs. Other considerations life insurance companies take into account are your current health, your profession, lifestyle, driving record, family history, hobbies, and social connections.

How often you exercise may be a question asked by some companies. They may want to know if you have a pet and visit the dentist yearly and take vitamins. The way you answer the questions can reduce your life insurance premium.

These lifestyle factors are an indication relating to your longevity of life. Clients with good habits and who take care of themselves tend to live longer. Underwriters want to see clients trying to stay healthy and with good lifestyle habits to offer the best possible insurance rates.

So, what type of life insurance policy should you choose? After you determine how much insurance you need, you have two choices, a term policy or whole life, final expense or burial policy.

Why choose a term life insurance for seniors 

  1. Affordability. Term life policies are typically much less expensive than whole life.
  2. Set premiums. Guaranteed premiums for the duration of the policy.
  3. Flexibility. As coverage needs change, policyholders can adjust its policy face amount.
  4. Higher death benefit. Lower cost enables affordable, more substantial death benefits.

Why Choose Whole Life insurance for seniors

When a lower death benefit is needed, a whole life policy is a great choice. Burial insurance or final expense insurance is more affordable for seniors. Burial insurance is an excellent choice for seniors who are on a budget. In contrast, term or whole life insurance can be costly, particularly for older individuals or those with health problems.

• Burial insurance companies offer face values between $5,000 and $25,000 without requiring a medical exam. Higher amounts may be available, but they typically do require a medical examination.

• If significant health issues are involved Guaranteed Issue, or graded policies are available in death benefit amounts up to $25,000.

Guaranteed Issue Whole Life Insurance for Seniors

What if you have a severe health condition an insurance company may decide you are insurable. And do not need a policy over $25,000? You can get life Insurance coverage through a guaranteed issue policy. Guaranteed Issue Whole Life Insurance is an affordable solution that offers you the peace of mind that your family will be provided for in the event of your death if you have a health issue that disqualifies you from a term life or whole life plan.

With a guaranteed issue policy, there are no questions about your health when applying. Also, coverage for accidental death is included and active while the policy is in force.  Your beneficiary can receive a death benefit as high as $25,000. Some companies will offer $50,000 of coverage. If a non-accidental death occurs during the first two years, the policy is in force, with some companies your beneficiary receives all the premiums paid plus interest.

It is important to note that for some insurance companies, a full death benefit is payable after three years. Smoker and non-smokers pay the same premium rate. Your policy remains in force as long as you pay the insurance premiums and cannot be canceled. The cost of your policy is guaranteed never to increase. Also, you can borrow from the cash value in the policy for the necessary payment to prevent the policy from lapsing.

  1. First Step. A short, painless conversation avoids wasted time (future communications can be by e-mail). along with a convenient time to talk briefly by telephone. (By confidentially discussing any health or lifestyle issues, you will have realistic quotes and obtain the best coverage.)
  2. Expert Product Review. We shop the entire marketplace and evaluate all the carriers, plans, options, and costs to fit your needs. If you have a current policy, in almost every case, a comparison will show significant savings or better coverage for the same payment.
  3. Action. You can save time getting started to qualify — We can complete the pre-application for you in just a few minutes by phone (there is no cost or obligation). Apply for the most coverage needed; you can always take less. Once approved, then decide what you want to be issued, receive your policy, and pay your 1st premium.

Don’t delay. Age determines your life insurance cost. When you are within six months of your next birthday, most companies will charge you for your nearest age resulting in a higher premium.  Life insurance becomes more expensive with each passing year. So, if you need a policy, move forward and begin the process to find the insurance protection you need.

Remember, for seniors; life can change overnight due to medical conditions. Today you might qualify for a reasonable rate, and tomorrow you may not qualify do to a change in health. So, move the process forward, take the first step to fill out the information need in the quote engine to begin the process. What do you have to lose?

No Need for Face-To-Face Meetings

Changes in technology have brought about many changes in the life insurance industry. One difference is the elimination of face-to-face meetings with an insurance agent.  This meeting is no longer necessary. Although some companies still require that the agent and client meet face-to-face. However, many insurance companies have eliminated the requirement. Today companies have incorporated secure e-signature via the internet as well as using voice signature through the use of the phone, a more advanced and faster approach.

Avoid Captive Agents

A captive agent must offer you products from the company that has contracted them to solicit insurance. A captive agent limits your choices of finding the best company at the best price, with the quickest turn around time. Also, be aware of many of the larger agencies that continuously advertise on the radio, which in reality only represents a handful of companies.

Why Use Strahan Financial Services

Use an independent agent. They can efficiently find several quotes for you and help you compare them quickly and easily. As independent agents, they work for the client and are not obligated or restricted to use any one company. They have access to numerous life insurance companies and are can find the most affordable match for your situation.

It is essential to use an experienced independent agent. As independent agents, we have extensive knowledge of the insurance industry and how to qualify you for the best possible life insurance rates with no medical exam. Many of the websites offering life insurance are call centers with cubicles of agents using a script to sell you life insurance. Some of the sites sell your information to 10 or more agents, which results in you receiving many unending calls. We are not a call center.

Our staff has extensive knowledge of the insurance industry. We are independent and know the companies, the products they offer. We use the latest technology to improve your experience and get your policy issued as fast as possible at the least expensive rate.

We work with a team of highly talented individuals committed to providing you with unmatched professional service with over 250 years of combined experience.

  • We are professional
  • We are knowledgeable
  • We use the latest advanced technology
  • We are customer-service driven
  • We will earn your business
  • We want to deliver beyond your expectations
  • We want a genuine “Thank you!” at the end of the process

About Strahan Financial Services
About Strahan Financial Services

We work with individuals across the nation to secure the best life insurance rates.

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