Life insurance for seniors over 65 is one of the fastest growing needs due to the boom among the senior population. With life expectancies rising and baby boomers aging, this means many more consumers are in need of life insurance into their 60’s. There is a shift of how retirees are receiving their benefits and life insurance is usually not provided upon retirement. This means that many seniors are left without any life insurance to protect their families when they transition from working full time into a different lifestyle. Thankfully there have never been more options regarding life insurance for seniors over 65. Assurance Life has you covered for your life insurance needs in 5 easy steps…..
Step 1- Evaluate your needs
Life insurance for seniors over 65 comes with many options. Thankfully there are plan amounts for every budget and need. Sometimes burial insurance is needed to bridge a gap between an existing life insurance plan and the rising cost of funeral expenses. Other times, people have no insurance in place and need a life insurance plan that would pay for all final expenses. Either way, there are plans available to fit your needs. The typical burial insurance plan is around $15,000 which would pay for an average funeral with a little money left for other expenses such as legal documents or small debts to be paid. If another amount is needed, plans range from $5,000 to 50,000.
Step 2- Applying is quick and simple
Thanks to technology, gone are the days of lengthy, complicated life insurance applications. Assurance Life can handle your application in about 10 minutes with a few simple questions and a list of yes and no health questions. There are NO MEDICAL EXAMS needed. Everyone is approved based on their application and when it comes to life insurance for seniors over 65, the process has never been easier. The entire process can be done without having to leave the comfort of your home. For about 90% of our clients, approval is instantaneous or within 24 hours.
Step 3- Choose your plan
Once your application is submitted, Assurance Life has access to multiple quotes from numerous companies in different benefit amounts. This allows you to match your needs and budget to the plan that works best for your family. This is where using a life insurance broker such as Assurance Life really pays off. We are able to get you the most coverage for the lowest price simply because we have access to so many quality life insurance companies. Each company looks at different health conditions and medications differently. So while one company might flag you for taking blood pressure medication, another company will just want to see that you don’t have other complications relating to the condition but don’t penalize you just for taking the medication. This is a key factor in finding the best plan.
Step 4- Set up your payment
Another convenience when buying life insurance for seniors over 65 is the ability to choose how you make your payment and the exact day of the month it will be paid. More and more, seniors are on a fixed income. Choosing the payment plan and date that works for your budget helps you keep your bills in order and ensures the payment will come out at a time when your funds are available to pay.
Step 5- Enjoy the peace of mind
The most important step of buying life insurance for seniors over 65 is taking a moment to exhale and enjoy the peace of mind knowing you protected your family and friends against the financial burden of paying for your funeral and final expenses. Who wants that to be the last memory someone has- struggling to pay for the cost of burial. Instead, let your final memories be ones where your family could celebrate your life without a second thought towards how the memorial services would be paid for. This kind of gift is simply priceless!
A Few FAQs…
Can you be turned down?
Assurance Life has plans available for anyone from birth to age 89. In most cases, there is a plan for everyone including a specialty plan called guaranteed issue for people who have had serious medical problems or recent high-risk surgeries.
Can my plan be cancelled when I get older?
NO- your plan is guaranteed for life as long as you are making the monthly payments. Life insurance for seniors over 65 is a whole life insurance plan that lasts your WHOLE LIFE.
What if I develop a serious medical condition after I buy my insurance?
Nothing can change your plan once it is in place. The monthly premium is guaranteed NEVER to be raised, even if you have a change in your medical history.
Can I choose my beneficiary?
YES- you are able to choose a trusted family member who will receive your death benefit so they can make the arrangements and take care of your final expenses with the death benefit monies.
Can I apply now?