Term Life Insurance For Seniors Provides Low Cost Valuable Protection

Many senior citizens who have had monetary obligations all their lives – bringing up a family, taking care of aged parents etc. – will not have had the opportunity to get any kind of life insurance.  In their later years, they could have enough savings to be able to afford a life insurance policy.  Realizing this is a large and lucrative market many insurance companies have brought out different insurance policies for seniors like - term life insurance for seniors, guaranteed life insurance, simple issue insurance and final expense insurance and such.

These policies can remain in effect for many years and many of them are whole life policies.   Many of these are life insurance no medical exam for seniors, since most people after a certain age would have developed some medical condition which could make them ineligible to get insurance coverage.  Both this and the final expenses policy does not require a medical exam and the face value for such policies can range from $2500 - $25,000.  Since the face value of life insurance for seniors is low, the cost is also low and seniors can find may low cost insurance policies, which will suit their needs.

Usually, seniors take a life insurance policy in order to pay for their burial expenses and not leave the burden on their children or surviving spouse.  A simple issue life insurance policy provides immediate death benefits and while some health related questions will be asked on the application, most seniors will qualify for this policy.  Only those who are in a nursing facility or have a terminal illness cannot qualify for one.  The guaranteed issue life insurance will also come without a medical exam but full coverage will be delayed for anytime between 2 to 3 years.  

If during this time, the senior citizen passes away, then all premiums will be refunded with a specific interest rate.  Even children can take a whole or term life insurance for seniors to make it easier to take care of final expenses.  Since most senior citizen policies are low coverage amounts, they will also be low cost term life insurance so that seniors will be able to afford them.  In order to get affordable life insurance, a senior should follow a few tips.  First visit your doctor and get a clean bill of health that can be extremely helpful in getting low cost term life insurance.

Seniors should make sure they are in good physical shape by exercising regularly, remaining within acceptable weight limits and not smoking or drinking.  They can even call a life insurance broker and find out other ways they can minimize their rates on life insurance.  Seniors – especially over 65 – should look at short term policies that are ideally not more than 5 to 10 years with an option to renew them after the term expires.  These types of policies will be more affordable and provide better benefits.  

While senior’s life insurance can be expensive, it is possible to get great quotes if they ask for a life insurance quote on line. A thorough search online will yield many term life insurance quotes for seniors which is often the best choice for they can avoid a medical exam and take one for limited periods at lower rates rather than opting for whole life insurance that will be more expensive.  Here are some ways to go about finding life insurance quote on line for seniors:

• Target companies that offer life insurance for seniors

• Seek help from an insurance agent

• Seek help from a family member

First search specifically for senior’s life insurance on online search engines and visit each website and request quotes.  Compare these online quotes so that you will know who offers the best deals.  Senior citizens who do not feel comfortable using modern technology can seek help from an insurance agent.  This insurance agent will give them quotes from the company he represents and explain to them all the terms and conditions of a senior’s life insurance policy.

Elderly people who feel unsafe talking to a third party can always seek help from a child or friend.  Very often children handle the financial affairs of their parents and they can help with an online search and choose the right life insurance policy for their parent.  Whatever method you choose, the result should be an affordable life insurance quote for your needs.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance for seniors and life insurance no medical, visit his site today.