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How To Get The Best Life Insurance Quote For Seniors

When it comes to getting the best life insurance quotes for seniors, it is important that you do extensive shopping to be sure you are making an informed decision.

It’s okay to be tossed about in between two opinions of whether to get a whole life insurance policy for seniors or guaranteed universal life insurance policy.

Many experts have advised that the best life insurance for seniors is guaranteed universal life insurance because the policy offers lifelong coverage at a cheaper rate compared to whole life insurance coverage.

Guaranteed universal life insurance is a permanent type of insurance but only for a specified period of time and a guaranteed payout. 

Related: Why You Need Life Insurance

What is a senior life insurance policy?

Senior life insurance is a type of whole life insurance policy that is commonly purchased by seniors to cover the cost of a funeral and other financial expenses when they die. Beginning from the age of 50, you are qualified to purchase senior life insurance policy as long as you can pay the premium.

Why life insurance for seniors when there are other types of life insurance in the market?

This life insurance policy became necessary when it was figured out that some aged people whose term life insurance coverage ended in the past could not afford to depend on their family to handle the financial burden of their burial when they die.

Because an unforeseen circumstance that made you lose your insurance coverage doesn’t mean there will be nothing there again for people at the age of 70. No, you can get life insurance for seniors even without a medical exam.

Each insurer has its own age cutoff, meaning, you can’t qualify for term life insurance within them the moment you are within a certain age limit. The moment you clock 70 to 80, the only life insurance option available for you will be whole life insurance for seniors.

Related: How New York Life Insurance Group Started

How to get the best life insurance quote for seniors

A lot of people have asked: “How do I get a life insurance policy for seniors when I’m already 70 or 80? To get the best life insurance quote for seniors here are the things you should do:

  • Ask for recommendations from friends, colleagues or even a family member to know the best companies they have worked with
  • Go shopping. Start scouting through different websites and be comparing their life insurance quotes for seniors. Some of them have a life insurance calculator to help you do the maths faster.
  • Reach out to a life insurance company near you and demand to speak with an agent

Related: 5 Times to Rethink Your Life Insurance Needs

Why you need permanent life insurance policy

You need permanent life insurance that will last for your lifetime for the following reasons:

  • Pension replacement
  • Medical expenses
  • Estate taxes
  • Funeral and end-of-life expenses

Why is life insurance for seniors very important?

When an aged person (nearing 70 years) starts exploring their options for life insurance, it will come at a price tag that will be unbelievably expensive. But you know, what? It shouldn’t be that expensive. Independent life insurance agents can help you get a policy at an affordable rate.

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