Whole Life Insurance Florida

Posts Tagged ‘senior policy’

Life insurance for seniors was not always available; not all that long ago, if you were a certain age and wanted insurance, you were out of luck.  No more! Now they make policies that are designed with the seniors in mind.

There will come a time that you will have to decide which route to take.  Renew your term policy, or get a senior one?  Which is best for you — read and discover!

How Old Are You?

OK, maybe not a politically correct way to put it, but your age will effect your rate.

If you are over a certain age, it will be almost impossible to get a regular term insurance. Sometimes even if you are only 40 – 45, you might not be eligible to get a policy.

If you are on a term policy, you let it expire, and you are over the eligible limit, then you will need to most likely buy life insurance for seniors.

Health Concerns

If you fail your health exam when you go to renew term insurance, you have two choices depending on your age.  You’ll either want to go the route of  whole life insurance or buy a senior policy.   A senior policy may be your best bet, as whole life insurance is only valuable if you can hang onto it for more than a few short years.

There are various kinds of senior insurance policies; most of them are tailor made to a specific age group; 50 to 60, 60 – 70, 70 – 80, and 80+.  You might have heard it called senior term life insurance.

How Much do You Really Need?

Have your circumstances changed?  If you are on a term based insurance plan, have already retired, and are finding it hard to pay the increasingly expensive amount, then it might be time to reconsider.

You may want to cancel that large policy, and go with one that is more along the lines of your current life style and income.

Because most seniors have a very tight, or fixed income, that it is increasingly hard to pay for higher priced terms. And with termed insurance, the price will continue to rise each time it comes to renew.

So if you took out a term policy when you were 49 and in great health, what would it cost you to renew, now that your health isn’t what it used to be?  Perhaps you’ve retired (or been laid off) and your income is now fixed.

It would be wise to check on switching over to a senior plan, before letting your policy expire (which can have very bad effects with the next insurance you get).

Life Insurance for Seniors

One more thing to note; when you were raising a family, it was more important to have a larger policy then, versus now when your children are grown and gone.  So do you really need such a large policy anymore?

If money is tight and you’re over the age of 50, think about looking at special life insurance for seniors.