Never Too Old to Qualify

While many older Americans believe that they can’t qualify for life insurance, insurance companies are becoming more receptive to older applicants. Seniors now have options for life insurance that can provide security for their families.

Americans are living and working longer these days, and life insurance companies have noticed. Not only has there been a drop in life insurance premiums, there has been an increasing willingness on the part of insurance companies to accept older applicants. Older Americans often need life insurance policies because a previous term life policy has expired or they have retired and chosen not to continue the policy provided by their employer. While many people fear that they cannot successfully apply for life insurance at an older age, there are many options available.

Many people find themselves at the age of retirement and need a good life insurance policy to properly protect the assets they have built up over the years. Older individuals may be looking for a life insurance policy so that they can provide a tax free cash payment to those who depend on them and ensure that their families don’t suffer financially after their death. Also, older applicants may be looking for a chance to provide their family members with money to pay for funerals and other final expenses. Taking out a life insurance policy at an older age may simply be a means of transferring wealth.

While most insurance companies are not likely to offer those over the age of 65 a 30 year term life policy, they may be willing to offer these seniors a term life policy that lasts for 10 or 15 years for a premium that is affordable. This type of policy is payable only if the insured dies during the term specified in the policy. If the insured lives beyond the term of the policy, the insurance company will not pay a benefit, as its part of the contract has been fulfilled.

While elderly Americans do have a great shot at getting a term life insurance policy, there are things than can limit their ability to secure a policy or a lower premium. Smoking is one habit that may affect an older applicant from being accepted. However, if elderly life insurance applicants can stop smoking for a period of at least one year, they may have an opportunity to get full coverage and save on premiums.

Regardless of your age, life insurance is a possibility. A wide array of plans is available, and you should not be afraid to seek the coverage that will offer your family peace of mind and financial security. A licensed insurance agent can help you consider your options and choose the plan that best fits your and your family’s needs.

Lesley Reuben writes for Boston life insurance group, Life Insurance 2.0. To learn more about Boston MA life insurance, visit LifeInsurance2o.com.