Affordable Life Insurance For The Golden Years

Many seniors think that as retirement approaches they will no longer be able to obtain affordable life insurance. Not so! Many insurance companies have learned what each of us does as we approach our golden years. Life and its challenges don’t diminish at age 60 – in many ways the challenges get bigger as our income becomes static. As the baby-boomers reach 50 to 65 and begin to consider retirement, insurance companies see that an entirely new market for insurance product is opening to them and they are designing policies to meet those needs.

As we grow older, our financial situations can change radically. Just when we put the daily grind behind us and begin the adjustment into retirement, we are often blind-sided by the onset of age-related illnesses and the financial bind they can create. We often worry that our careful plans and the efforts we put into growing our nest-egg and protecting our assets when we were young may have been too little too late. It’s at that point that many senior citizens begin to consider an entirely different kind of life and health insurance coverage.

Of course, to many of us, the prospect of buying a life or health insurance plan sounds like a big hassle. None of us wants to undergo a physical exam just to be told we’re not eligible for coverage. But there are low cost insurance policies which require no exams and which ask no questions about your existing medical conditions.

What Benefits You Already Have

It’s important to take stock of what benefits, if any, you already have. If you are a veteran of the United States Military, you may already have important health as well as term and other life insurance benefits available to you. If you’ve belonged to a labor union you may have retirement and death benefits about which you’ve forgotten.

Also, if you’re a member of certain organizations like AARP or AAA, you may have access to discounted life and/or health insurance benefits as a result of your membership.

Know Your Insurance Agent

As you find yourself thinking of retirement, make time to discuss your needs with your trusted insurance agent. Of course, in a perfect world you will have done business with and learned to rely upon an insurance agent you personally know and trust. If you don’t live in a perfect world and don’t have an established relationship with an insurance company, ask your friends or your family for the name of a reputable agent. Sadly, at a time when our health may be failing and our minds may not be as razor-sharp as they once were, many disreputable insurance companies inundate us with television advertisements and unsolicited telemarketing calls. Now is not the time to be pressured into decisions by a stranger.

Your insurance professional will be able to help you sort through the many options which are available today.  He or she will be happy to give you a few tips on how to find the best policy which will also give you the peace-of-mind of knowing you are protected.

Of course, most of us are less concerned with our own protection than we are the protection of the loved ones who will survive us. It is almost a universal wish – we want to know that after we are gone, our families won’t have to struggle with funeral expenses and the medical bills associated with our last days. This is precisely why you’ll benefit by buying a special senior’s life insurance policy.

Not only will your senior’s life insurance policy cover those expenses you weren’t expecting, your policy can also be used to secure a loan if it becomes necessary. And, of course, in the end there is the death benefit.

Where Can You Find Affordable Life Insurance Policies?

Of course, you will be discussing your options with your insurance agent. Nevertheless, it’s a good idea to do your homework. These days, with the arrival of the internet, we have the insurance world at our fingertips. With just a little effort, one can find hundreds of policies for the elderly online from those which require no medical exams at all to those which cover even smokers and diabetics at affordable rates.

Your age at the time you buy your policy may be a factor, so don’t delay unnecessarily. The sooner you buy this kind of coverage, the lower the cost will be. It’s better to buy a policy when you’re just over 55 than it will be when you are just over 65. Also, you will want a fixed premium so that the cost to you will be the same when you’re over 60, over 70, or even over 80, the rate will remain unchanged.

It’s worthwhile to review policies, compare benefits and obtain quotes from several agencies online before you meet with your own agent. It’s a good idea to learn whether there are policy differences between men and women and what factors affect the price. Is the policy cheaper if you waive the no exam requirement or give up cigarettes? Additionally, it is very important that you verify that the underwriter is allowed to do business in your state since there are Federal laws which dictate insurance sales across state lines. Always double-check this, particularly if you live in the states of Michigan
New Jersey, Texas, Florida or California. Special rules may also apply if you reside in Houston, Texas.

You may hesitate to approach online insurance companies to get information on affordable life insurance rates because you don’t want to feel obligated to buy their policy. Know that these companies are happy to give you a quote even though you may not ultimately buy a policy from them. It is universally true – insurance companies are betting that you will eventually need their services, even if you don’t need those services today. They are happy to add you to their list of senior affordable life insurance leads in hopes that you or other people in your family will buy a policy some other day.

With a few computer mouse clicks and a little research, affordable life insurance and a less stressful retirement is within your reach.

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