How do you find the best life insurance policies for seniors with sufficient coverage? At Americo Senior Life we have a wealth of information on this subject. We sourced information from our team of experts to compile some of the best considerations to keep in mind as you search for the right life insurance policy. We hope these tips help you discover what type of policy best suits your needs and where to find it.
Determine Your Needs
To start, you can narrow down what type of insurance is right for you by asking yourself a few simple questions.
How much life insurance coverage do I need? This answer will vary from person to person, but the general rule is you want enough coverage to ensure that your family and loved ones aren’t burdened with debt or funeral expenses in the event of your death. Think about how many dependents you have and whether they rely on you financially, how much debt you carry, and what your final preparations entail to help you come up with a rough idea of how much coverage you’ll need.
What kind of policy is best for my family? If you have a small family or no dependents, then a policy with a smaller coverage amount to pay for final expenses will likely be a good option. However, if you have a number of people in your family who would be financially burdened if you passed away, you’ll need a policy that will alleviate that burden. Most financial planners advise purchasing 10-15 times your annual salary in coverage.
How much can I afford? This, again, will vary by individual, depend on your household budget, and how much coverage you need. Keep in mind that term life insurance policies tend to have lower premiums, but they expire after the term is up, so you could potentially be left without coverage. Whole life insurance carries a higher premium, but its coverage doesn’t expire unless you stop making payments.
Can I get approved for the policy I want? Your approval is based on things like your medical history, your family’s medical history, and whether or not you smoke. Some insurance companies may even require a medical exam. However, even if you’re considered to be higher risk, you can still be approved for some types of life insurance – although your premiums will be higher.
What do I need in order to get a quote? To get a quote from an insurance provider, most require the following information:
- Your age, weight and height.
- Medical history.
- Family medical history.
- Current medical conditions.
- Income and assets.
- Lifestyle (i.e., level of activity, smoking, etc.).
More Tips and Resources from Americo Senior Life
If you’re looking for the best life insurance policies for seniors, Americo Senior Life is here to help. We offer a wide range of coverage options that are affordable and tailored to your needs. Our whole life insurance policies are specifically designed to give seniors peace of mind, in some cases no medical exam is required, and coverage up to $30,000. Apply online today, or contact one of our representatives to get started with life insurance that works for you and your family.