Senior Life Insurance: 65+ Doesn't Mean High Rates

By Rafael Onak, InsuranceAgents.com Staff Writer

Taking Care of the People Who Matter Most

To ensure their loved ones are financially comfortable after their deaths, many senior citizens often take a second look at senior life insurance. Although most elders already possess some form of life insurance, the death benefit is often too small to cover the funeral expenses and medical bills. A quality life insurance death benefit is exempt from creditors and inheritance tax, making it an attractive feature for senior looking to purchase senior life insurance.

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Many senior citizens often assume that they will not qualify for senior life insurance, but that is far from the truth. With the senior population on the rise, many insurance companies make a good profit providing the elderly with senior life insurance.

Affordable life insurance quotes can be found online, but the best premium rates are offered to seniors who pass a health exam.  These policies, known as guaranteed acceptance life insurance, pay a full death benefit if an accidental death were to occur. They come in two different forms:

1. Term Life Insurance. Instead of considering a senior life insurance policy as an investment, some seniors simply want to ease their loved ones of any financial burdens their death might cause. In these cases, term life insurance is the best option.
2. Whole Life Insurance. The risk of outliving your life insurance policy is growing fast as the elderly are living longer than ever. Many elders are purchasing whole life not only because it will cover them for their entire life, but also because the policy builds cash value over time.

While a senior life insurance policy offers some great benefits, it is more expensive than a standard life insurance policy since seniors are more of a risk to insure. To insurance providers, the biggest factor is life expectancy.

Don’t Pass on Senior Life Insurance

Senior life insurance is quickly growing in popularity, making it easier now than ever before to purchase. If you’re looking to relieve your family of the financial stress that comes with planning a funeral, or if you simply want to make sure they are left with an abundance of assets, contact your life insurance agent today. Rejuvenate your life with senior life insurance.

Published: Thursday 24th September 2009