Life insurance is something that millions of people purchase and for good reason. The more one knows about life insurance the more they may want to consider purchasing a policy. Once someone is a senior it may be more difficult to obtain a life insurance policy, depending on the factors, but it is not impossible. You can find great life insurance policies for seniors that are readily available and cheap.
The best and cheapest life insurance for seniors is going to usually be policies that primarily cover funeral expenses. When people are younger, they tend to take out large life insurance policies to insure that their family has financial assistance if they were to pass away. This policy that pays out when the person has died will ensure that there is money for the rest of the surviving family members to live on.
Usually a life insurance policy for a younger person, especially if it is something who has a family, will cover the expenses for their family to live for several years. This will be a policy that provides enough money from the benefit that it will pay for living expenses for a certain period of time. It is quite a bit of a different stories though for seniors who are obtaining life insurance policies.
Why Senior Life Insurance
The most common reason that seniors take out life insurance policies is so that there are funds available to pay for their funeral and burial expenses. The average cost of a funeral and burial in America is over $8,000. Most people don’t want to put that economic burden on their family members. If they don’t have that kind of money in the bank, they will take out an insurance policy to ensure there are funds to cover the costs.
The funeral expenses continue to climb, with some caskets costing over $10,000. When it comes to getting help to pay for a funeral and burial, Social Security will provide a one-time lump sum payout of $225. That is the total amount that the government pays to help cover the cost of the funeral and burial. When doing the math, it is easy to see that the death benefit provided by the government will not come close to helping pay for the total cost of having a funeral or being buried or a funeral with a cremation.
Best and Cheapest Insurance Policies
Finding great life insurance policies for seniors involves getting multiple quotes. By doing this, you will be able to compare the rates from several companies to determine which is the better one to go with. There are numerous companies that offer life insurance for seniors, and most will do so without them having a physical, as is usually required for younger people. This is because it is typically used only for funeral-type costs.
Here are some places that offer some of the best and cheapest insurance policies for seniors:
AARP – This organization is for retired persons and offers policies for as low as $11 per month. They do not require a medical exam and most of the people who apply are approved for a policy. The underwriter for their policies is New York Life, which is a large company that offers many life insurance policies. To get more information and apply for a policy, click here.
Ramsey – Many people are familiar with Dave Ramsey, who is known for his financial advice. He also provides a way for seniors to obtain life insurance. You can apply online and receive the rates within seconds. The tool he offers will provide you with quotes from multiple companies. You can choose one to sign up with and do so right online within minutes. To get more information and apply for insurance, click here.
Aflac – This company provides various types of insurance, including health and life. They offer life insurance policies for seniors, including some larger term and whole-life policies that will help them pay off large bills after death. They provide affordable rates, coverage that can be tailored to your needs, and the peace of mind of having the policy in place that you need left behind for your loved ones. To get more information and apply, click here.
Guardian – This company offers all types of life insurance policies, including those for seniors. You can get information and rates quickly online, and you can sign up for a policy within minutes. To get more information and apply, click here.
Other Types of Coverage
The most popular type of life insurance coverage for seniors is that which will cover end of life expenses, such as funerals, burials and cremation. However, there are other types of policies available for seniors to purchase. They can be purchased through the same companies, but the rates will be higher and the policies may be a little harder to obtain.
Life insurance policies beyond those that focus on funerals and the like include whole life and term options. You can purchase a term for 10, 20, or 30 years. To obtain policies like that, you can expect rates to be higher, and there usually is a health evaluation or physical done prior to being improved for the policy. If you are interested in longer-term policies or ones that will provide a much larger benefit, get multiple quotes for those policies to find the best rates and options available.
Life insurance of all sorts helps those who are close to you and those who are left behind. If they are larger policies, they will ensure that your debts are paid off and that people are left with a way to take care of themselves financially for a period of time. Those who want the minimum to help their family should at least make sure they have a policy that will cover the average cost of funeral expenses. This will ease the economic burden on family members. Such policies are affordable, easy to obtain, and fill a gap that may otherwise leave people struggling to come up with money to handle expenses.
