Can Senior Citizens Qualify for Life Insurance?

As we age, we tend to realize that life is unpredictable. No matter how healthy we are now, there may come a time when we won’t be around.

This realization is a wake-up call for many senior citizens who may not have life insurance to secure their finances. The good news is that buying life insurance is not dependent on age alone, but rather on your overall health. So if you’re a senior citizen and you’re considering buying life insurance, this post is for you.

Seniors Can Qualify for Life Insurance

Yes, senior citizens can qualify for life insurance policies. Life insurance companies make decisions based on health conditions and not age alone. That said, age is still a factor that can raise premiums even if a senior is in perfect health.

Term Life Insurance for Seniors

Term life insurance is one option available to seniors who are over age 50 and are in good health. This type of life insurance is designed to be purchased for a set period, typically between 1 and 30 years. If the policyholder dies during this time, the beneficiaries receive a payout. Keep in mind that term life insurance premiums usually increase as you get older, so it might not be as affordable later in life.

Permanent Life Insurance for Seniors

Permanent life insurance is another option available to seniors and offers coverage until death. Unlike term life insurance, permanent life insurance policies accumulate cash value over time. You can borrow against this cash value, withdraw it, or use it to pay your premiums.

Even Seniors with Health Problems Can Get Life Insurance

If you have health problems and don’t qualify for traditional life insurance, you may still be able to purchase “final expense” insurance. These policies are designed to cover funeral costs and other final expenses. You can usually get coverage up to $25,000 without taking a medical exam.

If you’re a senior citizen with a pre-existing medical condition, you shouldn’t let that stop you from getting life insurance. Many companies offer policies with higher premiums but with lower death benefits. These policies are also known as guaranteed issue policies. It means that regardless of your medical condition, you qualify for coverage.

Consult with an Insurance Specialist to Learn More

In conclusion, as a senior citizen, you have access to many different types of life insurance policies. Whether you’re in good health or have a pre-existing medical condition, you can find a policy that suits your needs. The key is to shop around and compare different companies and policies.

Speak to an insurance agent such as one of ours at Insurance Specialists, Inc. to find out what options are available to you. Ultimately, having a life insurance policy will give you peace of mind knowing that your loved ones will be taken care of financially if something should happen to you.

Contact us today to get started.

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