There is good news and bad news for today’s senior citizens. The good news is that the average lifespan is steadily increasing, and more people are still healthy and active into their 80s and 90s. Unfortunately, that is also the bad news. Living longer is fantastic, but it can be quite expensive for seniors on a fixed budget to truly enjoy those additional retirement years.
Shop Around for Life Insurance
Life insurance is one area where many seniors are unknowingly overpaying, even if it is a policy that was started back when they were still young and healthy. This is especially true if your term life insurance policy has expired and your rates have increased since expiration. Comparing quotes with an independent life insurance agency will allow you to get quotes from the top life insurance companies and find the best rates.
You’re Not Too Old for New Coverage
Don’t assume that it will be too difficult to find an insurance company that is willing to cover you just because you are over the age of 55. If you are still healthy and willing to take a physical then you will be able to get the best rates possible. There are also no exam life insurance options for seniors. If your health isn’t optimal, we also specialize in high risk life insurance and can help you get coverage as well. Even well into your 70s you still have options that are worth investigating.
Unfortunately, that doesn’t mean you should wait until you are 70 to purchase term life insurance. It still works the same way as all other forms of life insurance, and your rate will be based partially on your age. You can still get reasonable rates into your 60s, but the younger you are when you get a policy, the better the rate will be.
Term Life is Ideal for a Little Extra Coverage
You may already have life insurance coverage, but you are realizing now that it won’t be enough to cover funeral expenses, estate taxes, hospital care, and any outstanding debt that isn’t paid off in time. There are affordable short-term term life insurance policies that will give you the additional coverage you need at a price that won’t break the bank. You don’t have to pass the burden of your final expenses onto your family.
Term life insurance is the least expensive type of coverage because it is only issued for a fixed amount of time. The lower rates allow senior citizens who live on a fixed budget the ability to secure more coverage without having to cut back on their other necessary expenses like food and medication. Just make sure to first shop around and request various term life quotes, because some insurance companies’ rates can be drastically more expensive.
You can find out just how affordable term life insurance can be by comparing quotes using our quote tool right on this page, or calling as at 888-411-1329.