WHY are you considering Life Insurance?
The Life Insurance world can be confusing and at times overwhelming. There are many choices to sort through. But before you start looking at types, rates, products or companies it is important to first ask yourself why you are considering getting life insurance in the first place. It could be to protect loved ones, leave money behind for family, take care of final arrangements. Or it might be a combination of these reasons. There are many reasons why people get Life Insurance. Once you know yours the rest will become more clear.
It is our mission at Life Insurance for Seniors to help seniors make educated decisions about their life insurance choices while also providing the best possible products and rates.
Here are a few of the most common reasons why seniors buy life insurance;
- To pay for final expenses; burial, funeral, cremation, etc
- To leave money to kids or grandkids
- To protect a spouse or family from lost wages
- To pay off a mortgage
- To secure living benefits (chronic illness, long-term care, tax-free money)
- To take care of estate planning
- To secure a business
- To fund college
If you first define your why this will help you find the right type of plan and the amount of coverage you need.
WHAT is your budget?
Life Insurance does not have to be expensive but you also do not want to pay for a plan that will not leave money behind for your loved ones. Unfortunately this happens for two reasons;
- Seniors buy more coverage than they can afford and end up having to cancel later or
- Seniors buy a cheap plan, not knowing that it does not last to life expectancy, has price increases later or is an accident-only plan.
Seniors should not pay more than they need to for coverage but also be wary of cheap plans that do not pay out. So it is important you know what works with your budget and get the best plan to fit your why. It is better to have a $5,000 plan that will pay out in the end than a $5M plan that will not.
Here at Life Insurance for Seniors we do not offer permanent plans that have price increases or early expirations.We help our seniors either
- Get the most amount of coverage for what works with your budget or
- Get the lowest rate for the amount of coverage intended to leave behind
HOW is your health?
Most seniors today have had some kind of health condition albeit likely not life-threatening. If you have had a serious health diagnosis the good news is that there are still plans that can cover you with limitations as long as you are under 86 years old. But to find your best plan it is important to assess how you are doing health-wise in the eyes of the life insurance companies. To get a better understanding of this you can chat with us here or fill out our health survey. We will respond back within 48 hours with information regarding what you qualify for. Here are some of the common health impairments we have covered and are very familiar with
- Heart Disease
- Respiratory conditions (COPD, Sleep Apnea, Emphysema)
- Various emotional conditions (PTSD, depression, etc)
- Various neurological conditions
WHICH type of plan do you apply for?
Once you have determined your why, what & how above the next step is to determine which type of plan to apply to. If you are looking for coverage that pays for burial you likely do not want term insurance. If you are trying to get a plan that replaces lost wages you may not want whole life. There are many types of plans and it can get confusing. We have videos, articles, and infographics to help you make more sense out of which type of plan will be your best fit.
WHERE do you get coverage?
We know there are many places to get covered. Here are a few tips when shopping
- Go Independent. You will likely get better choices from an independent agent or agency. An independent agent or agency will not be captive to any one company and can show you many plans across many companies. There should also be less bias as what you choose and can result in lower rates.
- Go Strong. The company you select needs to be financially strong. You do not want a letter in the future saying your company has been consolidated, absorbed, dissolved, or reorganized. A strong company will not do that.
- Go ethical and knowledgeable. The agent you choose needs to be both ethical and knowledgeable. Since the Life Insurance industry largely pays on commission you need someone that puts your best interests before their own. Not only that but is knowledgeable regarding health impairments and the underwriting associated with different companies and products.
This is your starting point. If you follow the above you will be more likely to find the best plan, price, company, and agent to serve your life insurance needs. If you would like for us to serve you in any way you can do so by choosing any of the options below. May you find what you are looking for and may the truth set you free.