Senior Life Insurance Options

Finding affordable term life insurance coverage for seniors

For seniors over the age of 50 , finding affordable life insurance can be difficult.  In many cases, current medical history can make being approved for "traditional" long term coverage impossible. There are, however, several options that are available for seniors from dependable, financially secure insurers that may fit your needs. We've spent hours of research looking for life insurance options for seniors:

1. Compare "Simplified Issue" Policies.

This type of insurance can serve as a source of cash (typically $50,000 to $150,000 coverage) that can be used to pay off outstanding mortgages or loan balances, increase a surviving spouse's retirement nest egg, offset final illness and funeral expenses, or leave a legacy for children or grandchildren.

Seniors need life insurance to protect their loved ones but you don't need all the hassles and aggravation of "traditional" life insurance. The endless forms and paperwork. The weeks and weeks of waiting. The visits and phone calls from pushy agents. Through American Life Direct (rated "very good/ financially stable" by A.M. Best) you can get an affordable term life policy in about nine minutes. Qualified applicants get instant approval based on a few general health questions, then activate their policy immediately over a secure connection, using a credit card or checking account. Click "Print My Policy" and the in-force, fully-guaranteed life insurance policy - a policy that provides full coverage from that moment on -- issues forth from your very own printer. All in less than ten minutes.

One of the best features of American Life Direct's policies are that they allow you the time to carefully consider your policy after you've purchased it. This is called a "free-look" period and ALD will give you up to 30 days to cancel it and refund your money if you're not satisfied.

2. AARP Life Insurance Polices.

AARP has several excellent life insurance products that we recommend which are underwritten by NY Life Insurance Company. You will need to become a member before applying for coverage.  AARP also has great discounts on auto insurance as well.

3. Traditional Term Life Insurance Policies.

There are many traditional insurers that will underwrite very reasonably affordable term life insurance policies for seniors. Due to their ever-expanding list of participating life insurance companies, InsWeb is very effective at matching you with the right insurance company for your specific needs. There are a lot of companies out there competing to insure consumers. Not only does this keep general prices low, it also means that people who may have previously been deemed uninsurable or who would have had to pay much increased rates for the same coverage can also now find competitive rates. Occasional cigar smokers, extreme athletes, users of nicotine products, people with heart conditions, diabetes, or other health problems; all these people can be insured for competitive rates if matched up with the right company.

 

 

 

 

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