How Can I Purchase Affordable Life Insurance as a Senior?

How Can I Purchase Affordable Life Insurance as a Senior?

Welcome to the Golden Years! You’ve worked hard all of these years and now your mind is starting to transition into retirement mode. 

You, like most seniors are starting to assess your life insurance needs before you officially retire. In reviewing your employer’s retirement package or lack thereof you find yourself debating your life insurance needs. You’re wondering if you can purchase affordable life insurance as a senior and where do you start. 

Let’s review a few different options in how you can find affordable coverage. 

Managing Your Health

Many seniors today are very fit, they say 60’s is the new 50! Most seniors are jumping on the eating clean bandwagon and being apart of an active lifestyle. They are becoming more physically active and enjoying new activities that they were not able to pursue when they were in the workforce. Staying healthy, being physically fit and regular doctor visits will only help you get the best rating from any insurance carrier, which will then reduce the cost of your new life insurance policy. 

Here are a few key items that might want to check review before applying for life insurance. 

1. Make sure you have had routine physical exam with blood draws at least every 2 years.
2. Update all medical records and complete all pending exams, labs, ultrasounds and procedures that your physician has ordered. 
3. Write a list of all your medications and the dosages that you take each daily.
4. Step on the scale, know what your true height and weight are. The scale doesn’t lie and they will have you weigh in at the time of your exam. 

Shopping for Life Insurance

Like you, I’m a consumer and I want to find the most affordable rate for my life insurance. There are abundant amount of life insurance companies to choose from which can be overwhelming. The rates that are offered by each company are so widely different. 

Here are some key questions that you might want to ask yourself when shopping for life insurance. 

1. Why am I purchasing new life insurance now?
2. How much insurance do I need for my family?
3. How much debt do I still have and will it be paid off in 10,15, 20 years?
4. What is my budget for new coverage?
5. Which insurance product is best for me?
6. Which insurance carrier to do I pick?
7. Do I only need coverage for funeral or burial expense?

Quote Comparison

There many ways for you to shop for life insurance. We recommend to work with an independent life insurance agency that has access to all the top rated life insurance companies. These agents work for the consumer not for the insurance company.The agent that you’re working with will ask you all the important health and family history questions to then align you with the best insurance carrier that will meet your needs. 

Let’s review what it would like life for an individual in his or her early sixties:

Life Insurance rate for a 61 year old Male Preferred Non-Smoker (with exam):

$100,000 $250,000 $500,000

10 year term     $39     $81     $149      

15 year term     $55     $108     $214     

20 year term     $72     $148     $267     

Life Insurance rate for a 61 year old Male Standard Non-Smoker (with exam):

$100,000 $250,000 $500,000

10 year term     $59     $129     $233      

15 year term     $76     $170     $327     

20 year term     $103     $242     $460

Life Insurance rate for a 61 year old Female Preferred Non-Smoker (with exam):

$100,000 $250,000 $500,000

10 year term     $31     $56     $104      

15 year term     $38     $75     $138     

20 year term     $49     $104     $199

Life Insurance rate for a 61 year old Female Standard Non-Smoker (with exam):

$100,000 $250,000 $500,000

10 year term     $41     $78     $155      

15 year term     $55     $118     $226     

20 year term     $71     $162     $314

We recommend using the online quoter to get a feel for what the rates are. This way, you have a ballpark range in what you’re going to expect to pay for your coverage.

Buy Today!

Don’t put off purchasing life insurance anymore! As you know, life insurance rates will continue to increase each year as you get older. Age is not the only factor in determining your rating and your premium. The insurance carrier will also review your current health, family history, lifestyle, hobbies, travel and profession if you’re still working. So don’t procrastinate any longer, it’s better to lock in rates now while you are healthy because you don’t know what health ailment can develop in the future. 

If you have pre-existing medical conditions or not sure if you’ll qualify for these rates please call and speak to an agent in detail. They will be able to provide you with best insurance products based on your specific medical condition.