Life Insurance for Seniors
What is considered senior life insurance? Well, in our many years of experience we shave seen senior life request come from individuals in ages ranging from late 40's to over a 100! Actually, most quotes are requested by the children of the seniors. Particularly, if the seniors is over 70.
How easy is it to get coverage once You are a senior?
The truth is, it is a bit more difficult than getting life insurance for a 20 year old but the bottom line is the same whether You are in Your 20s or 80's. Are You healthy enough to qualify? And if You qualify, what plan can You get? For most people over 65, whole life tends to be the plan of choice. Particularly if they want to keep the process fast and simple. No exam whole life insurance is by far the easiest to apply and qualify for. Some companies will even just take a paper application, do a quick phone interview (and sometimes not even that) and that is it. You can get a final answer in as fast as 2 days! One limitation to these plans is the amount You can qualify for. The most we have seen with one company is $75,000. The rates tend to be on the higher side too. Which makes sense, since the insurance company is accepting more risks. There are some companies who do offer a no exam term life insurance for seniors up to age 75. The amount available may be more limited though (usually $25,000).
If You need life insurance in the $100's of thousands, can You get it?
Of course! Just be prepared for a longer wait (4+ week average), more health and other questions, more background check and, of course, an exam by a nurse. The exam can include a blood profile, urine analysis, EKG...and sometimes even an MD exam. All that at the expense of the insurance company requesting the exam (that is one way to get a thorough exam for free - not so honest though!). The advantage of this plan for seniors is the potential for much better rates and higher available amounts - as high as $10,000,000 in insurance. Although most will not need that. Unless You are the owner of a large corporation. The average elderly life insurance we see is around...are You ready...a big...$35,000! That is it. Actually, at $25,000, if You are in good health, a senior can get up to $25,000 in no exam term life insurance is as fast as 3 days (max age 75).
Overall, if You are considered part of the older group, getting life insurance is not so complicated if You have the help You need. As we have always advised, ask a lot of questions, request brochure, policy samples and once You receive Your policy, review it to make sure it is what You wanted. BEWARE, some clients have called us all upset because their parents were sold accident only life insurance instead of regular insurance.
Which age group of seniors can get life insurance?
Seniors from the age of 60 to 85 can get life insurance. The process can be as simple as for the Younger groups. Plans without exam are also available and make it even easier for seniors to get the life insurance they need. We have subdivided, by available, plans for seniors in the following age groups: Over age 50, Ages 55 and over, ages 60 and over, ages 65 and over, ages 70 and over, ages 75 and over, ages 80 and over and ages 85 and over.
You do not have to meet with an agent to get the plan You need. We have developed a simple method to get seniors the coverage they need without having to waste Your time with in house or office visits.
Request a FREE Senior Life Insurance Quote
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