Seniors buying life insurance should know these 3 things

Life insurance offers vital financial protection for adults of all ages. By securing a robust policy, the insured can protect their loved ones after they have died and, if they get a whole life insurance policy, they can access it for cash while they’re alive.

For seniors and older adults, there is a common misconception that life insurance policies simply aren’t worth it. The thinking is that the cost of a policy is too high relative to the coverage that can be secured. But there are many benefits of having a life insurance policy that seniors should pursue. Because of their somewhat limited options and higher cost, however, seniors should be more judicious about how they approach this type of insurance. There are some important things seniors buying life insurance should know as they go down this route.

If you’re in the market for life insurance – or know a senior who is – then start by getting a free price estimate now.

Things seniors buying life insurance should know

Here are three things seniors buying life insurance should know.

It doesn’t have to be expensive

Yes, life insurance for seniors is generally more expensive than it is for young people. But it doesn’t have to be exorbitant. In fact, healthy seniors can secure significant sums of coverage for less than $100 each month. According to Haven Life, a 64-year-old non-smoking, healthy male living in New York, can secure a 10-year term life insurance policy in the amount of $150,000 for $98.74 per month. A 64-year-old make with all of the same characteristics would pay around $70 monthly for the same coverage.

The higher the coverage the more applicants will be expected to pay. But considering the six-figure payout, it may be worth it for many seniors. You can get your own personalized price quote from Haven Life online now.

It has multiple uses

Life insurance is beneficial for adults of all ages – even seniors. While some people think a policy may not be valuable to have for older adults it can actually be used in multiple ways. Those with whole life insurance may use the policy as a cash alternative. Others, however, may prefer having a policy serve as an inheritance for loved ones after they have died. Life insurance can also be used to cover end-of-life expenses like a funeral, wake and burial and it can be left to pay off debts that otherwise may have been transferred to loved ones and relatives.

So don’t buy a policy and think it’s useless – it can actually be used for many things both while alive and after the insured has died.

They can skip the medical exam

Most life insurance providers will include a medical exam as part of the application process. This will test the applicant’s blood and urine along with their blood pressure, heart rate and more. The results of this exam are generally favorable for younger applicants but could prove troublesome for older adults. If the results are subpar it could significantly hamper what providers will offer and it may even cause the application to be rejected in full.

But seniors don’t have to automatically take the exam. In fact, they can skip it altogether and proceed with a no-exam policy. This sort of insurance may cost a bit more than a policy that included the exam but it’s favorable to risking rejection. There are many benefits of no-exam life insurance for seniors, including the flexibility to attach it to either term or whole life insurance types.

Get a free price estimate now and see how much a no-exam policy could cost.

The bottom line

Seniors shouldn’t avoid buying life insurance just because of their age. It can still be a cost-effective and valuable financial protection to have. Costs for a term policy don’t have to be extravagant and any policy secured will have multiple uses and benefits. And seniors concerned about the potential results of a medical exam can skip it entirely and pursue a no-exam term or whole life insurance policy, instead.