As a senior, getting the best life insurance is easy! When I first started in insurance, we were always taught that the best life insurance is the one that is in force when you die. Meaning, it doesn’t make much difference what you have, as long as the coverage will pay the claim. That always made sense to me and it made the business easier I think. So what does that mean for you as a consumer?
Getting the Best Life Insurance as a Senior
If we stick to the advice from above, the best insurance would be whole life insurance. Whole life insurance is designed to last your entire lifetime and will pay whenever the claim may come.
How Much Does Senior Life Insurance Cost?
Senior Life Insurance is just a small whole life policy, usually around a $10,000 benefit that can be bought with almost no medical underwriting. But how much does it cost??
These are just for illustrative purposes. Your actual rates will be different.
These rates represent a $10,000 whole life policy
- 60 year old male non-tobacco – $46 per month
- 60 year old female non-tobacco – $36 per month
- 70 year old male non-tobacco – $73 per month
- 70 year old female non-tobacco $54 per month
As you can see women pay a bit less than men because of their longevity. Also, if you have been looking over any life insurance quotes you will notice these rates are a little higher than fully underwritten life insurance. The reason is simple. The insurance companies are offering you a small final expense policy with little or no medical questions or exams so in return they must have slightly higher rates. They are taking both sick and healthy people so they adjust accordingly
Best Company for Final Expense Insurance
It depends.. When you call or email me for a quote, I will ask you some basic questions and we will see which company will be the best fit. If you have had serious medical issues in the past, that is no worry either as some companies are guaranteed issue with no medical questions asked.
Please email or call me for more information or you can read more about Life Insurance Here.
If you are also in the market for pricing out your Medigap plan, please read my resources