What do you do when you have hit your twilight years without life insurance in place to protect your family? That’s when it is important to know what resources are available for finding the best life insurance for seniors. Whether you are searching for life insurance for seniors over 60 as you just entire retirement years or if you have waited or had a life circumstance that has left you in need for finding life insurance for seniors over 80, the time to act is NOW. The most important asset you have is time and with every passing day you risk that your age or health will result in a bump in price for your whole life insurance policy. Let Assurance Life help you find the best life insurance for seniors TODAY so you can enjoy your later years with the peace of mind knowing family will be able to financially afford to handle your final expenses and wishes.
If you could turn back time…
If you could turn back time, you might have already had a burial insurance plan in place but don’t worry- you aren’t alone if you don’t have any or enough life insurance. Many baby boomers today as they enter their retirement years realize that their employer provided insurance has expired and term policies from when kids were under your room are inactive. That means if something should happen, all the financial costs associated with burial, memorial services, final debts, and other expenses will come directly out of your estate with any remaining needs being paid for by children or other family members.
It is this situation that bring so many seniors to Assurance Life so they can get some whole life insurance in place to protect their estate and children’s finances. Let’s take a look at some options for you to get the best life insurance for seniors beginning with the most urgent needs down to life insurance for seniors who are thinking ahead to plan early.
URGENT NEEDS- Finding the best life insurance for seniors over 80
Assurance Life can help those folks 85 and under to find life insurance for seniors over 80. Unfortunately, most plans aren’t offered for people over 85 so do not wait another moment. The good news is that as long as you are 85 and under, there is a plan for everyone. Best case scenario, you are able to get approved for funeral insurance that starts immediately when the first payment is made.
The rates might be a little higher due to your age but if you can get approved for day one coverage in your 80’s, congratulations on your good health! More often when seeking life insurance for seniors over 80, some type of graduated coverage or waiting period is needed due to health problems that put you are higher risk. Thankfully, the longest waiting period is two years and after that time, you are covered in full.
Life Insurance for Seniors over 70
The most common ages for seniors to get burial insurance is in their 70’s. Often times, people are working later into their 60’s and are more financially stable but as they turn 70 and older, they examine their life insurance needs and want to be sure things are in place to protect their family members. Clients seeking life insurance for seniors over 70 will start by completing a simple application with short yes and no health questions. About 90% of the time, approval is for preferred coverage which begins when the first payment is made.
However, sometimes current or prior health problems mean that approval is more similar to those in their 80’s where a phase in period for benefits or even a 2 year waiting period is needed. Life insurance for seniors over 70 is accessible to all applicants because there is approval for everyone who applies. Assurance Life helps clients sort through all the companies available to find the one with the most coverage, the lowest rates, and if possible, immediate coverage.
BEST OPTION- Life insurance for Seniors over 60
Those in their 80’s are wishing they could turn back time and get low rates and no waiting period…. The good news for retirees seeking life insurance for seniors over 60 is that you are securing your whole life insurance plan at a time when the rates will be lowest and there will likely be no waiting period needed. Insurance rates are based on age and health and one of the best times to get a burial insurance plan in place is in your 60’s because rates are so much lower when you buy early.
With senior life insurance, the rates are set for your lifetime and you are never cancelled for age or health. This means as long as you are making your payment, your policy cannot be cancelled and your premiums never increase. When applying for life insurance for seniors over 60, you can start with a free quote offer. Then a broker will contact you so you can see which of the numerous, reputable companies has the best plan for your individual needs.
Same or different? How your age affects the process….
As you are seeking the best life insurance for seniors, regardless of what age senior you are, here is how the process is the same or different depending on your age. The application process is the same for everyone. It begins with a short, simple application. The only difference in applications is for someone who knows they have been repeatedly declined for coverage. They may be able to skip the health questions because they will be getting a plan with automatic approval that has a 2 year waiting period. Ideally, when applying for life insurance for seniors, you should try for the best coverage possible. This is why using a broker is important.
An individual agent can only get you a quote from one company- whichever one they represent. A broker like Assurance Life, works for YOU the client, not just one insurance company. Usually a broker is licensed with numerous companies so they can compare many rates and options for you. Assurance Life is an expert in the senior life insurance industry and knows which companies specialize in niches for certain age groups or health conditions. That helps them get you the most coverage at the lowest monthly premium.
The application is complete….. What is next?
Once Assurance Life gets you some quotes with A-rated companies such as AIG, Assurity, Mutual of Omaha, or whichever company was the best fit for your needs, you choose the best fit for your budget and financial needs for your death benefit. In most cases, you are able to get immediate coverage as soon as the first payment is received. Less often, if you have a health history that is considered high risk, the death benefit might be phased in (called graded benefit coverage) or you may have a waiting period before your senior life insurance policy can begin (called Guaranteed Issue Life Insurance.)
The entire process is very simple and takes less than an hour in most cases.
Assurance Life can help you find the best life insurance for seniors whether you are 60 or 85 or any of the ages in between. The most important thing you can do is get this started now because time is of the essence. Give your family the gift of peace of mind by spending just a short few minutes requesting a free quote and Assurance Life can get you pointed in the right direction so you can know you found the BEST life insurance for seniors.