Senior Life Insurance Rates
Tips for Comparing Senior Life Insurance Rates:
If youre a senior shopping for term life insurance you may be on a fixed budget.
That means its important to find quality life insurance at a price that fits your monthly budget.
So, how can you save money on your life insurance?
Heres several tips to do just that:
- Compare rates from several life insurers.
- Review the financial rating of the companies.
- Consider different durations of coverage 10, 15, 20 or 30 years.
- Determine how much you can afford to pay life insurance does help if you have to cancel your policy.
- Dont buy more life insurance than you really need.
We all want to provide the money needed to pay for our final expenses so we dont burden our family with financial problems when we pass away.
Life insurance can provide the money need not only to help pay for your burial and funeral expenses, it can provide money to help your surviving spouse pay for living expenses, pay off your mortgage, and provide money for your spouse to enjoy retirement, instead of struggling financially in the golden years.
Important Note: Term life insurance is a type of life insurance that provides temporary coverage.
Term life insurance plans usually provide coverage for 1-30 years, and many policies offer coverage for 10, 15, 20 or 30 years.
If you outlive the term or length of your term life plan, your life insurance coverage expires.
If you pass away during the term of your term life policy, your spouse (beneficiary) receives the proceeds from your life insurance.
You can compare senior life insurance rates by requesting free quotes online and receive up to five or more of the lowest price quotes from over 70 leading life insurance companies.
is an online life insurance quote provider that helps you to compare free life insurance quotes from a network of highly-rated life insurance companies with no hassles and no obligation.
Another option you have is to consider senior life insurance with no medical examination required. These plans may cost more, and offer a limited amount of life insurance.
However, no exam life insurance for seniors offers you a quick and easy way to buy your life insurance, and some folks just dont like taking a physical exam, or dealing with needles or blood tests.
offers seniors age 78 and under up to $30,000 of simplified life insurance with no medical exam.
Compare Senior Life Insurance Rates
Top Pick Answer one form and you’ll get the 3 lowest Instant Life Insurance Quotes from over 70 top-rated life insurance companies. Save up to 40%. Request your .
Recommended If youre age 78 or under you may purchase up to $30,000 of simplified life insurance with no medical exam required. Globe Life was founded in 1951 and is rated “A+” Superior by AM Best for financial strength. Globe Life has more than 2.5 million satisfied policyholders. Globe Life provides a 30 day Money-Back Guarantee.
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Written on July 30, 2010 – 3:17 pm | by
With more Americans being forced to file for bankruptcy–the American Bankruptcy Institute estimates 1.5 million Americans will declare bankruptcy in 2010–consumers may wonder exactly how bankruptcy may affect life insurance premiums.
While bankruptcy is a factor that can increase your life insurance quotes, the Society of Actuaries says life insurance rates are determined more by your health and habits than by whether there is a bankruptcy in your past.
Bankruptcy may indicate an early life insurance lapse
Rick Bergstrom, an actuary and member of the Society of Actuaries, says insurance companies spend a lot of money–on commissions and administrative costs, for instance–getting a policy issued. Consequently, the life insurance company loses a lot of money if someone stops paying premiums in the early stages of a policy.
“I don’t think bankruptcy impacts rates, but it can impact how much insurance will be approved, and also which kind of policy type would be approved, e.g. whole life or term,” Bergstrom said.
It’s also likely that a life insurance underwriter may reject an application from someone who has had a recent bankruptcy and wants to purchase an amount of life insurance that is not in line with what the family would need to replace that person’s income.
“An alternative could be to offer a smaller sized policy,” says Bergstrom.
Effect on key-man policies
Bankruptcy could also play a role in a key man policy, Bergstrom said. A key man policy is a type of life insurance used when a company’s financial stability hinges on the skills and knowledge of one employee or a few employees. If the company were to lose that employee, its profits or business could drop precipitously. In order to avoid such a scenario, companies sometimes take out a term life insurance policy on the key employee.
According to Bergstrom, bankruptcy for a key man life insurance policy “could be important in whether the insurance company wants to take the risk of a possible suicide” by the key man if that individual or his company has had any financial trouble or if the insured has been diagnosed with depression.
“Bankruptcy, particularly of a company, would be a marker to do more investigation, for example, to see if [the key-man] is on depression [medication] and/or has a history of depression,” Bergstrom explained. “The other option is to postpone the case for some period of time, like a couple of years, and then revisit to review his financial picture. It also depends on how far back in time the bankruptcy was, and what is the applicant’s current financial picture.”
Not all life insurance companies treat bankruptcies the same way when reviewing applications, so it is worthwhile to compare life insurance quotes.
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Written on November 11, 2009 – 9:09 pm | by Admin
We’re all familiar with the difficulties facing our country and fellow Americans due to the current economic downturn. But did you know that according to a recent survey, one in four Americans say that at least one member of their family has lost health insurance coverage in the last year? Those were the findings of a Zogby Interactive poll that I read recently.
Clearly the recession is affecting everyone – not just those who are young or who have low incomes. The survey found that 19% of families whose incomes topped $100,000 a year had a member who lost their health insurance coverage and 18% of people 65 or older had the same experience. And even for those with health insurance coverage, having the ability to pay for the medical care they need is becoming more difficult.
The survey reported that 28% of respondents said that they or a member of their immediate family had, at some point in the last 12 months, been unable to get the treatment they needed. The reasons were consistent: 67% said they could not afford the treatment, 58% said they did not have health insurance at their time of medical need, and 48% said that their health insurance would not cover the prescribed treatment.
In many cases, when you lose your job, you have the ability to remain on the group health plan through the Federal Government’s COBRA provisions, which have been enhanced during these difficult economic times. And many states have enacted similar laws as well. If you’re not eligible for COBRA or state continuation, it pays to look at individual coverage options. Even a high-deductible or limited coverage plan is better than no coverage at all.
Health care reform may be on the way, with the House of Representative passing their version of a health insurance reform bill this past weekend. I’d love to hear your thoughts about the proposal!
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Written on November 11, 2009 – 7:08 pm | by Admin
The Sanofi-Aventis health care survey contacts over 2,090 health benefit members. It’s the most comprehensive survey of its kind. The current survey, as reported by Benefits Canada, recently asked the question, Do employees prefer health benefit plans or cash?
Nearly half of all respondents said they would choose a health care plan over cash.
When asked to choose between their current health benefit plan and $20,000, nearly half of those polled chose the health benefit plan (45% health benefit plan vs. 47% money). Regionally, respondents in British Columbia are the most likely to choose their health benefit plan. (58% over an extra $20,000 in cash per year with 35% taking the money). Next door in Alberta the views are almost a mirror image, with 56% of respondents indicating they would choose benefits over 36% choosing cash.
Respondents in Ontario are split evenly down the middle (46% opt for the plan versus 46% choosing cash).
If you have any further questions on the survey, or your company’s group benefits needs, please don’t hesitate to contact us at 1-866-899-4849. You can also visit our Group Benefits Online Instant Quote Page.
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July and August have the highest percentage of births for any month in America. While new parents across the country are adjusting the air conditioning in baby’s new nursery, please allow your friends at Efinancial to offer some timely advice. First congratulations are in order for the proud new family. As the old saying goes: “Children may be priceless but if we waited until we could afford them to raise a family, none of us might ever become parents.”