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Senior Life Insurance - A Time of Decision

You may be becoming close to retirement years, paid all your dues, protected and provided for your family and now you find out your employer life insurance plan will not convert over with you as part of your retirement package. Wow! What do I do now? Yes, if this is your situation you are just one of many individuals now needing Senior Life Insurance.

Questions may be racing through your head like...

• Can I even get coverage at my age?

• How difficult is it to get life insurance for seniors?

• Is senior insurance expensive?

• How much senior life insurance would I qualify for?

These are all good questions. However, before we go any further let us take a deep breath and first of all know that everything will be OK. I will try to provide as much help as possible throughout this article.

Can I get Coverage at my Age?

Although you are aging it does not mean that you are necessarily ready to give up the ghost. Life expectancy has increased over the last few decades and today's eighty year old is comparable to person age sixty just two or three decades ago. No one understands this better than life ins. companies as they set senior life insurance rates for their consumer. Although some companies set limits on the length of term life plans as you age, permanent senior life insurance is readily available up to the age of 85.

How Difficult Is It to Get Life Insurance for Seniors?

There are many different types of policies available with different degrees of access or availability based on current health conditions. With hundreds of different companies selling senior life insurance, I would highly recommend working with a life ins. broker who has many companies and options to choose from. If your need is for a small final expense policy there are many companies who have guaranteed issue approvals or limited underwriting approval policy's. If you need elderly life insurance for estate planning purposes a medical exam would be required with possibly a recently completed physical. If you have a need death protection insurance do not let the unknown deter you from your inquiry. The application process by state law comes at no cost and any medical exam ordered from the carrier is at no cost to the applicant. If you are under 85 years old, the majority of the time, you can get life benefits through insurance.

Is Senior Life Insurance Expensive?

In my mind, I feel everything today is expensive. If you can't tell, I have now joined the senior ranks myself. With that said, as we all become seniors our perspective and purpose in life changes. Hopefully, your kids are raised, your home is mostly paid for and your debt is minimal. If this is your situation you probably have more disposable income to meet a life ins. obligation or needs. It would be disingenuous for me to say life insurance for a seniors is less expensive today than when you were 40 years old. Probability of a death increases with age and therefore cost of insurance is more per thousand of coverage. However, your need for life ins. protection should not be as great as you have accumulated assets to help the family sustain themselves in the event of ones passing.

How Much Senior Life Insurance Would I Qualify For?

Unless you are using the insurance as an estate planning vehicle there are guidelines used by carriers to determine the maximum amount of life coverage that can be purchased. These guidelines are based on current income to include wages, social security, annuity, pensions, rental income, IRA distributions and all other income. The normal ratios are:

Ages Income Multiple (Earnings)

55-59 10-12x

60-64 8-10x

65 and Over 6x

The carriers want to protect themselves from over insuring the senior. They base the amount of coverage on the earnings they bring into their household. This maintains a balance between risk to the portfolio of the carriers and economic viability to the insured.

The need for senior life insurance is increasing everyday as our population ages. Decisions are not easy for elderly life protection as retirement approaches and the outlook of fixed incomes are inevitable. Whatever your situation may be find confidence in someone who will understand your situation and get advice. Calling a Life Broker can give you peace of mind in knowing all your options. Do not fret if one carrier does not have a plan that fits your needs, an life broker has many companies. Find a caring agent/broker as they can mean all the difference in the world.