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Senior Life Insurance Rates

Written by Aaron Pinkston, Thu, Jun 03 2010

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Getting older doesn’t have to mean passing up your chance to buy life insurance. Some people assume buying life insurance over the age of 50 or even 80 is near impossible or too expensive. The truth is that life insurance often continues to be one of the cheapest ways to take care of final expenses and protect your legacy.

Seniors with health concerns

Take the case of a 60-year-old man who had a heart attack ten years ago. He plans to retire when he’s 68, and frankly has some saving to do before he can do that comfortably. But if he died before then (of a heart condition, let’s say), his wife and family would be left short.

Life insurance after a heart attack is still possible, especially if he’s been diligent with his follow-ups and had good results each time. In a situation similar to this, I saw one company even make a standard offer. Some people would think you couldn’t get life insurance after such a serious coronary event, but what do they know? They aren’t underwriters, and they certainly don’t underwrite for every life insurance company available. Getting multiple opinions customized to your unique health history is key to protecting your family.

Seniors with estate concerns

Or let’s look at an example of an 80-year-old business woman who has two very different sons. One is a promising artist with zero business sense, and the other has worked in her business for years. After graduating from college, he worked there while he was looking for other opportunities, but it wasn’t long before he noticed ways to help the business make significant jumps.

She wants to leave the business to her second son to take over but knows it wouldn’t feel right to leave things unequally. If she’s in decent shape (ahem, for her age), there are plenty of life insurance companies for seniors who can help her leave an equal legacy for pennies on the dollar.

At 80? Yep, there’ more than one life insurance company to consider, even at her age.

Getting rates for senior life insurance

In each of these cases, life insurance makes sense as a tool for seniors. But some people think that advanced age or deteriorating health means they can’t get life insurance. The good news is – they’re wrong.

Senior life insurance rates are often more affordable than you might think at first. And it’s now possible for seniors to get the customized quotes they need from multiple agents competing against each other without the hassle of unwanted phone calls or emails. We made finding the right information better because choosing is easy, but only when choices are clear. Start now.