Rates of Term Life Insurance for Seniors

There is a notion that a policy like term life insurance for seniors is not available. While age does play a factor in determining the kind of package you can buy, term life insurance can definitely be bought by people in their sixties or early seventies. Most of the top insurance companies in the US provide term life insurance for seniors until the age of 70. The limit can extend up to 75 years in some states. However it is unlikely seniors can get insurance on a permanent basis once you have reached retirement age.

Term life insurance can be a good option to cover the expenses in the event of your death:

Assess the period of time until which your children would be dependent on your income.

Calculate the length of time your spouse would be dependent on your income until their own social security and retirement benefits kick in.

Estimate when the mortgage for your home would be paid off. Ideally it would be wise to have a policy that provides cover until the mortgage expenses are well taken care off.

A term life insurance policy can come in handy in variety of ways. These include:

Coverage of expenses in the event of death

Transfer of business to next of kin

Tax coverage of estate owned

Mortgage expenses

term life insurance for seniors is assessed on:

Height

Gender

Weight

Overall health

Blood pressure

Levels of cholesterol

History of disease

Usage of prescription medications

Medical history of your family

Existing medical conditions (Such as diabetes, heart disease)

Most companies subject their clients to a medical exam where the investor is checked for over all health. Doctors normally subject the seniors to the same medical tests they use for younger applicants. Senior citizens can also go in for a plan that requires no medical examination.  These kinds of policies ideally range any where between $3000-$15000 and you can choose one that you think suits you best.

How much you need to spend on a monthly basis?

The rates for term life insurance for seniors are evaluated after taking into consideration a lot of factors such as age, gender, type of package and overall health of the applicant. For instance an elderly gentleman of 60 who is in very good health might have to pay around $70 a month over a period of ten years for a 250,000 insurance policy. On the other hand, a 65 year old man might have to pay $120 dollars for a similar duration and type of policy.  At the age of 70 the monthly premium could start at $250 and could increase substantially if you apply for it when you are older.

Selecting the right kind of term life insurance policy for seniors:

It would be prudent to seek the services of an insurance agent who specializes in this kind of insurance. There are several different types of policies available on the market and picking the right one can be a little overwhelming. Every investor must look into all plans to develop a better understanding of their own requirements. With the help of a certified agent it is possible for you to acquire the best kind of policy available.

One of the benefits to this is that you do not have to cough up more than necessary to pay for your insurance. With term life insurance being brought for a specific period of time, it allows the investor greater control over how they allocate their funds on their insurance plan.

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