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Sumber: tribunnews.com

Getting Inexpensive Life Insurance for Seniors

Earlier it used to be difficult for seniors to find a life insurance policy that offers substantial coverage with low rates of premiums. Health risks multiply as we get older and insurance companies viewed this as a serious threat. Even elderly people who were healthy had a hard time finding inexpensive life insurance polices. This denied a lot of people the chance to buy themselves a comprehensive insurance package.

Over time this attitude changed and the markets have realized the earning potential with this particular age group. Several companies now offer value for money life polices to the elderly who can maintain a decent bill of health. The insurance industry today is also more streamlined which makes polices for seniors more affordable.

Benefits of buying life insurance: -

Affordable: They are highly affordable and term life policies are popular among seniors because they offer great coverage benefits at low rates of premiums.

Death Benefits: In term life insurance, if the policyholder dies when the policy is still in operation, his or her family stands to receive a substantial sum of money in the form of death benefits. With whole term insurance, there are even cash value benefits, which accumulates over time and the policyholder remains insured for life. The money from the policy can also be used to conduct the funeral, which has become a very costly affair these days. The remainder of the proceeds from the insurance can be used to provide financial stability to your family, where the money can be used to pay for mortgage, loans, tuition fee and other expenses.

Estate Planning: One of the main reasons why so many seniors go in for inexpensive policies is that it allows them to plan and hand over their estates to their beneficiaries effectively and smoothly. This type of insurance ensures that your estate will not be depleted by taxes upon death.

How to find inexpensive life insurance for seniors?

There are several insurance companies that now specialize in selling inexpensive life insurance policies for seniors. You can start of by looking for multiple quotes on life policies that are being sold in your neighborhood. There are many sites on the Internet that deal with these life products.

For instance, open any insurance rate comparison site and you will have to fill out some details related to the ideal life policy you are looking for. This includes information on face amount, type of policy, health class, gender, DOB and zip code details. Once you have filled out the online form, the site would generate multiple quotes on life insurance policies that are active in your locality. While looking for inexpensive life insurance policies for seniors, look for those products that offer low set of premiums accompanied by substantial coverage benefits.

Most sites nowadays display quotes in a tabular form, which makes it easier for visitors to compare pros and cons of each life policy listed. Create a shortlist of policies, which you feel are right for you. Now you can visit the individual insurance sites of these life products and generate quotes again, which will be even more accurate this time round.

Study the terms and conditions of all these inexpensive life insurance policies and also ensure that you have analyzed your own profile well. As one gets older, the number of health problems usually increases and we also need to consider these factors while going in for a comprehensive life insurance policy.

It can also be a good idea to take the help of an independent agent, who specializes in selling inexpensive life insurance for seniors. They have a thorough understanding of the insurance industry and will be able to recommend suitable alternatives that offer better value for money. They are also better placed to recommend insurance companies after going through health reports. This is especially true if you are suffering from a known medical condition or just recovering from a recent illness. For instance if you have diabetes, the agent might be able to recommend a specific insurer that offers cheaper life policies than the rest.

All insurance companies have their own underwriting guidelines to which they adhere too. As a result there is always an opportunity for seniors, even those with serious medical conditions to become eligible for inexpensive life insurance if they are prepared to look far enough.