Life insurance rates vary for seniors

Despite what you may think, older Americans can buy term life insurance.

There is a myth that older people cannot get term life insurance. That is not true, as elder Americans can and do buy term life insurance policies in their sixties to early seventies. In fact, in some states you may be insured until the age of 75. Generally speaking though, the mean age for this kind of insurance is 70, but when you want to buy it, simply ask the agent for any parameters that exist. They can offer you various options to make an informed choice.

Just to be clear, it is difficult to obtain insurance on an on-going basis once an individual has reached the age of retirement. Nonetheless, term life insurance is a great option to cover you for death expenses. So, what do you need to consider when you are contemplating buying term life insurance?

Consider how long your children would need your income, how long your spouse would depend on your income until their social security and/or retirement benefits begin arriving and calculate when your mortgage could possibly be paid off. Most individuals definitely want to make sure their mortgage expenses are taken care of.

The other benefits of term life insurance is that it covers death expenses, can take care of the transfer of a business to your next of kin, provide the cash for estate taxes, and of course, as discussed above, handle mortgage expenses.

Now that you have decided you would be interested in purchasing term life insurance, what information do you need to provide your agent? Usually the facts an insurance company needs to know are how is your overall health, and what is your family medical history, how much you weigh, whether you are female or male, how tall you are, your medical history, including drug use, cholesterol levels and blood pressure and if you have pre-existing conditions, what are they? Typically, you do need a physical, but there are plans that do not require a medical. You just need to choose which one suits your circumstances the best.

Before you research policies, write down what you need. Call an insurance agent and ask questions. This is the quickest way for seniors to find what they need, without having to spend too much time online getting multiple quotes —- than may be confusing. It’s not hard to buy term life insurance when you are older, and it should not be a painful process. Find an agency and agent that understands your needs and work closely with them to get what you want.

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