Life Insurance For 65 And Older
Are you a senior who's having trouble buying a life insurance policy? Finding an affordable life insurance policy when you're 65 or older may be more of a challenge depending on your circumstances. But that doesn't mean you don't have options. Learn about some types of life insurance that are available to seniors in the guide below.
Life Insurance Policies Ideal for Seniors
Seniors have unique needs when it comes to life insurance, and may find it difficult to purchase certain types of policies due to their age, health condition and other factors. Below are some life insurance policies that are worth looking into if you are 65 years or older.
Term Life Insurance
If you're in good health, you may be able to qualify for a fully underwritten term policy.* While it varies by carrier, it's possible to get approved for a 10-year term, and maybe even a 15-year term between the ages of 60-65. It's always worth exploring a traditional term policy since you may be able to obtain a higher death benefit and more affordable premiums per dollar of coverage, compared to other types of life insurance listed below.
Simplified Issue Life Insurance
Many people don't like to deal with the medical exam that is part of the application for a fully underwritten life insurance policy. Insurance companies use the medical exam to evaluate your risk as an applicant by uncovering any major health issues.
If you don't want to go through this process — and would prefer a faster turnaround time on your application — consider a simplified issue life insurance policy. These policies do not require a medical exam and the approval process is usually much faster than with a traditional policy.
Keep in mind that your application will still include some health questions that could prevent you from being approved.**
Simplified issue life insurance policy eliminate the medical exam and only require you to answer a series of health questions. This can be an attractive alternative if you don't want to take a medical exam and are interested in getting approved faster but don't have major health concerns.
Keep in mind that simplified issue plans usually don't offer death benefits as generous as those offered by a fully underwritten, traditional policy. Simplified issue plans are usually more expensive, too.
Guaranteed Issue Life Insurance
If you have major health issues and don't think you can qualify for a traditional or simplified issue policy, you can consider purchasing a guaranteed issue life insurance policy.*** Like a simplified issue policy, there's no medical exam. But a guaranteed issue policy omits health questions, too. Guaranteed issue policy death benefits are usually around $20,000 or less — and may be enough to cover final expenses.
Guaranteed issue policies are usually only available to applicants within a certain age range (50-85, for example). Premiums tend to be more expensive than those of simplified issue policies. And these plans may have a graded death benefit, meaning the full death benefit amount won't be paid out if the policyholder dies within the first year or two of the policy.
Over 65? Get Help from a Licensed Life Insurance Agent
Need help finding a life insurance policy?. Call a licensed insurance agent today at1-855-303-4640.