Affordable Life Insurance for Seniors

affordable life insurance for seniors

Are you seeking affordable life insurance for seniors? You are not alone. As the senior segment of our population grows yearly and life expediencies are longer and longer, many seniors find themselves in need of life insurance. Sometimes monies set aside for funeral expenses are being used for daily living due to health needs or relocation expenses. Other times, the term or employer provided policies that were relied upon are expiring or being canceled so seniors are finding themselves without life insurance. No matter what the reason, the good news for those in need is that there are numerous options for finding affordable life insurance for seniors.


Save Money- Use an Life Insurance Broker

Gone are the days where affordable life insurance for seniors could be found by the agent on the corner. The market is so competitive with many companies offering excellent plans, that the only way to sort through your options effectively is by using an life insurance broker. Individual agents work with only one company so they cannot provide many choices. Fewer choices usually means paying more money or settling on a plan that might not quite fit your needs.

An insurance broker like Assurance Life has access to many, many companies with excellent insurance ratings such Mutual of Omaha, AIG, Liberty Bankers Life Insurance, just to name a few. With the ability to shop rates and plans at different companies, Assurance Life can find the one that perfectly fits your age, health profile, and death benefit needs. That is the most important step when finding affordable life insurance for seniors – USE A LIFE INSURANCE BROKER! Otherwise you are left wondering if you truly got the best plan.

Determine your budget and choose a planaffordable life insurance for seniors

Now that you know your first step, you will want to figure out how much insurance you would like and match it up with your monthly budget for the monthly premium. With so many companies and death benefit amounts available, we can be sure you find the perfect affordable life insurance for seniors. Buying as a senior is different than when you needed a higher death benefit to replace lost income. Typically seniors are hoping their life insurance pays for funeral expenses and for other final expenses such as debts and possibly leaving a small sum of money to family. If you aren’t familiar with average funeral costs in your area, one of the specialists at Assurance Life can check that information for you.

The fastest way to get started with seeing your options is to click on the free quote box on the left and you will receive quotes to get a general idea of what is available. Once you choose, finalizing the approval can be done usually within 24 hours! When you choose your affordable life insurance for seniors, keep in mind that by having the life insurance in place, you are protecting your family against the financial burden of paying your final expenses. Be sure your beneficiary knows your wishes- it is a tremendous gift in an already difficult time to be confident about what you wanted for arrangements after your death.

On a budget? Not a problem- Affordable is the key word

Most people looking for affordable life insurance for seniors are on a budget. Almost everyone has some limit to what they can spend or they wouldn’t need life insurance. The key to fitting the payment into your budget is being sure you are with the right company. Approval is based on age and health and each company has a niche. One company might specialize in people in almost perfect health while another company gives lower than average rates to those with heart problems and another takes on seniors over 80. Whatever the area where a company has lower than average rates, that is where Assurance Life comes in and can help find that for you so you can pay the lowest payment possible.

Here is an example:

Let’s assume a 70 year old man who had a heart attack 10 years ago is seeking affordable life insurance for seniors. He has been in good health ever since his heart attack and has one prescription he takes for this past health problem. One company might penalize that client up to $30 per month for having a heart condition where another company sees this person as in premium health because 10 years has gone by. If you only received a quote from the company who penalized the condition, you wouldn’t see how much less you could pay for the same life insurance coverage.  

The key is to have access to the companies who will give you the most coverage at the lowest rates. Assurance Life has that access and expertise. At the end of the day, any company can offer most people some type of life insurance. The question is whether it is truly the affordable life insurance for seniors you are looking for. Usually if you only get a few quotes, you are going to pay more than you needed to.

Affordable? Even with serious health problems?affordable life insurance for seniors

Sometimes clients seeking affordable life insurance for seniors have had a serious health history or are currently in poor health. The reality is that premiums are based on age and health so people with health problems will pay more for their life insurance. In most cases, those folks are so used to being turned down for conventional insurance that they are relieved to hear that Assurance Life has access to companies who will GUARANTEE APPROVAL for all applicants.

There is usually a higher monthly premium and sometimes a waiting period, but the good news is that all people can have some type of life insurance to protect their families, even when you have health issues.Thankfully, 90% of applicants are approved for DAY ONE immediate coverage at lower rates but in the event that you aren’t able to qualify for that type of policy, a guaranteed issue plan would be perfect for your needs.

In a nutshell, affordable life insurance for seniors is found by using a broker with access to companies who specialize in your exact needs as you enter the later years where you are wanting to be sure your final expenses are paid for upon your death. With all life insurance plans for seniors, the premiums are guaranteed for life and the policies never expire or get cancelled as long as payments are made. So YES- you can afford life insurance- let us help you now.