Information About Life Insurance For Seniors

Life Insurance for Seniors

All adults should have or at least considering getting life insurance. Many people get this type of insurance when they become parents and sometimes it can even come with your job. What happens when you retire from your job and your children move out? Often times your life insurance policy can lapse or you might even forget about it. Well if that is the case you need to look at life insurance for seniors. Senior citizens should be one of the first groups of people who should have life insurance. This will allow you to take care of your loved ones and your bill if something were to happen to you. The problem with getting life insurance for seniors is the fact that they are older. The older one is, the more likely that they have some kind of health ailments and it gets harder to get approved for life insurance.

Years ago, many different types of insurance companies would not provide insurance to the elderly because they were more likely to collect money than someone who was younger. Most states have passed laws that require the life insurance companies to cover people who seek it. Typically the policy you are approved for will allow only partial payment for the first two years, then beyond that will pay the full amount to the beneficiary. The one area where you can get full coverage immediately is the case of an accidental death. Even if you policy is one month old, your beneficiary is entitled to the full amount of the policy. Monthly amounts for life insurance usually are around $20-$30 a month for a modest policy and go up, the larger the policy that you want. The maximum amount that a life insurance company typically allows for a senior is $100,000. The lowest amount is typically $5,000. Regardless of your financial situation any form of life insurance is important to have because it can help pay for your burial, any leftover bills, and even provide for your loved ones.

You probably have seen various life insurance commercials on television, but it is crucial that you do your own research on the matter. Use the Internet to look at any company that you are considering buying for to make sure that they are legitimate. Look at the policies that they offer, the cost per month, and the fine print that is attached to it. It may be helpful to look up other life insurance customers to read about their experiences in dealing with companies. After you decide on a policy, it is probably helpful to talk to your family and your beneficiary so that they are aware of your intentions. Life insurance for seniors is something that is important to discuss and to get approved for.

More by this Author


Comments 1 comment

Pinney Insurance profile image

Pinney Insurance 6 years ago from Roseville, CA

It is definitely important that senior citizens have life insurance and make sure that their policy has not lapsed. Although it may be a little more difficult for senior citizens to get life insurance, they still do have options so that they can ensure their family is well taken care of if something should happen to them. Thank you for providing this information for all senior citizens and letting them know they can still get life insurance.

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    Click to Rate This Article
    working