Looking for a quote for life insurance or burial insurance? Click here and send me a message with details of what you’re wanting to accomplish. If you’d prefer to talk live, call 888-626-0439 to speak with me directly.
This Article Will Cover All The Details You Need To Know To Give Yourself The Best Chance, As A Healthy Senior, To Qualify For A Quality Life Insurance Product
In this day and age, it is very possible for healthy seniors to qualify for high quality life insurance coverage. Most likely, you’re here because either you or a loved one is in the senior age range, which is considered to be 60 or older. You also most likely have concerns that you need some kind of life insurance coverage for yourself.
Some reasons for this could be to pay off final expenses, other debts, or to simply leave a legacy to the people you love.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
The Topics We’ll Discuss Are As Follows:
- Why Get Life Insurance As A Senior?
- Burial Insurance Rates, Age 40 to 90*
- Case Study Examples
- How Much Life Insurance Do You Need?
- Story From The Field
- Factors That Affect Insurability
- Strategies To Get The Best Price
- Top 7 Reasons People Buy Whole Life Insurance
- Available Coverage Plans: Pros & Cons
Why get life insurance as a senior?
There are many reasons why it’s smart for a healthy senior to consider buying life insurance. Here are some of the most common reasons, which will hopefully help crystallize your understanding of your needs and understand why it would be a good idea for a healthy senior to purchase one to cover final expenses.
Since 2011, we’ve primarily helped seniors with life insurance, almost 95% of the time. Healthy seniors want coverage for their burial or cremation, as well as other final expenses so that their surviving spouse or children don’t have to pay out of pocket.
We strive to help people like you get affordable life insurance whether you use it to cover things such as final expenses like burial and cremation or to replace your income to provide for your loved ones.
Our job is to help find the most competitively priced option available to you in conjunction with the best coverage. Call us today for a free quote 888 626-0439 or send us a message with your contact details and we will be in touch soon.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Buying a life insurance plan to cover final expenses is quite a common arrangement. It addresses many seniors’ concerns, including healthy ones like you that have other expenses like a mortgage.
Many seniors, especially those nearing retirement, still owe money for their mortgage, and many of them want to buy a life insurance policy that will cover the last bit of it. This will help their family not pay out of pocket if they happen to die before the mortgage is paid off.
A mortgage protection plan helps to either pay off the mortgage entirely or to provide some kind of lump sum to pay off a portion of the mortgage. This allows the surviving spouse enough time to reacclimatize following your sorrowful passing and not be forced out of the home.
Many also want to leave a legacy behind. For example, they consider leaving a legacy behind to a favorite charity or church is a good use of their money. A life insurance product may allow you to affordably achieve your charitable contribution goals.
The process is simple. You take out the life insurance plan of your choice and name the organization as a beneficiary. When you die, that money is paid to that organization.
It’s vital to protect your retirement plan. Many seniors have pension retirement plans that are non-transferrable to the surviving spouse. The difference between incomes is often so dramatic that it will have a huge impact on the surviving spouse’s life.
Pension protection life insurance helps alleviate this situation. Usually, we recommend a type of permanent life insurance product and name the spouse as the beneficiary, and we maximize what the seniors can easily afford.
When the person with the higher pension passes away, the lump sum is paid to the surviving spouse, which will help replace what income that spouse would have earned were they still alive.
This assists many people who have huge discrepancies in their income. For example, there’s a couple in South Carolina, where the wife will earn $2,500 in her pension while the husband will earn $800. Looking at those numbers, he would suffer tremendously regarding his lifestyle, not including the tragedy of losing his beloved spouse.
We will help you obtain a life insurance plan that can make a difference.
If you liked what you’ve read so far and are interested in seeing what you may qualify for regarding life insurance or burial insurance give us a call at 888 626-0439.
You’ll speak to a knowledgeable broker who can provide you with a free quote and get you started with the application process if you are interested. Alternatively you can get in touch via the message box to the left.
Case Study Examples
Cancelling a Plan After Retirement
A client of mine got in touch because they had been paying on an existing plan for a number of years and then suddenly were informed their rates were going to significantly increase. They called me because they didn’t think they could afford the new rate and needed to find new coverage.
This client had blood pressure issues and was taking medication to keep their blood pressure under control.
They were concerned this would affect their rate with Buy Life Insurance for Burial, but thankfully were able to look for coverage among a number of providers to give them quality coverage at an affordable rate.
While we can’t promise the same outcome for everyone, we do our best to find quality coverage for our clients, regardless of their circumstances.
Retiree with Heart Problems
A gentleman named Mr. Poller got in touch to express his concern over what would happen to his wife if he passed away. They had a little bit of savings, but his wife did not have a retirement fund.
Mr. Poller was 66 years old and had a history of heart problems. He’d had stints put in and was taking blood thinners to ensure he didn’t encounter any heart issues. He was concerned this would affect his eligibility for coverage.
The good news is that despite his heart problems we were able to get Mr. Poller first day full coverage at a price that met his budget. While many companies would have turned down his application, we were able to shop a number of providers to find a plan that was right for him.
How much life insurance do you need?
This will come down to what your objectives and reasons are for buying a life insurance. If you’re looking for life insurance to cover final expenses, we suggest at least a $10,000 plan. To cover a burial or cremation, you may want more depending on where you live and how high burial costs are.
If you want to cover a mortgage, the amount depends on how much coverage you want and how much of the mortgage is left. It depends on your unique situation, your pension payment, and your retirement plan.
In addition, it’s important to consider, seeing that most healthy seniors are on a fixed income, a life insurance plan that is easily affordable for your budget. If you take out life insurance and suddenly can’t afford it, then you maybe bought too much. Always start with something you can fit into your fixed budget. Then it will be there when you need it most.
Story from the Field
The story I am about to share is a good example of why life insurance is so important and how tragedy can be avoided with quality coverage.
I was out on a sales call on a hot Georgia day back in 2011. I came to a small trailer home in a rural area. The client who I was about to visit had requested information.
I remember that when I arrived the front door was wide open and there was no air conditioning. As we sat and sweated in the humid kitchen I listened to my client as he told me about his father’s death and how it had brought to the forefront of his mind the importance of having life insurance.
His father it turns out had purchased a life insurance plan through Colonial Penn, one of those companies that often advertises on TV. Unbeknownst to him, the plan did not offer first day full coverage.
Unfortunately this man’s father was not aware of this fact. He told his children that he had taken care of his final expenses by getting this life insurance coverage and that he didn’t want them to have to worry about paying for his funeral out of pocket.
A year later the father died unexpectedly. It was a shock to the children, but they remembered what he had said about the life insurance policy and felt some relief. But when they went to cash in the policy they found out his father did not qualify since he had died before the two year wait period had ended.
The man I visited told me all of this to say that he did not want the same thing to happen to him. He understood the important of getting quality insurance that covered him from day one.
Unfortunately he had gone into debt to pay for his father’s funeral and he didn’t want the same thing to happen to his own wife and kids when he passed away.
This reinforced in my mind why it is so important to work with a broker who can shop a number of providers to find the best possible coverage.
In my client’s fathers case, the only option he thought he had was the company that made everybody, no matter who applied, wait two full years for natural death coverage. Had he contacted a broker like us, he most likely would have qualified for first day coverage, saving his son a ton of financial stress.
Money is the last thing you should have to worry about when you lose a loved one. Though this client didn’t say as much, he no doubt felt some resentment toward his father for not checking into the type of life insurance coverage he was getting. He refused to make the same mistake with his family.
This is why it is so important to work with someone who can explain every aspect of your policy and ensure you have first day, full quality coverage.
Factors that affect insurability
Let’s talk briefly about the most common things that healthy seniors experience when applying for life insurance. All elements of your life are connected to your ability to qualify.
Health will be the common core amongst all life insurance companies. It is the most important question asked on applications.
You’ll be asked questions regarding but not limited to:
- Respiratory issues
- Liver and kidney problems
- Cancer history
- Heart & circulatory related diseases
- Neurological problems
- Mental health disorders
- Recent hospitalizations
Some companies ask more questions, and some ask fewer.
Ultimately, whichever direction you go, whichever company you choose, whatever is your current health status, having an agent like us at Buy Life Insurance for Burial will help you find which company will offer you the best coverage at the lowest price.
The label of being a senior usually begins at age 60, and we have life insurance products that will last up to age 90 or allow for eligibility up to age 90. As long as you’re within that age range of 60 to 90, there’s likely a life insurance policy available to you.
One primary factor companies look at is smoking. Like anybody else, it will affect your ability as a healthy senior to qualify for life insurance. It doesn’t mean you’ll be disqualified, but it does mean you will pay more money.
Your height and weight can also have an impact on your eligibility for life insurance. Each company has height and weight guidelines unique to them that allow for the company to determine what is your level of eligibility as a healthy senior.
Believe it or not, lifestyle is also a crucial factor. Unless you participate in high risk sports such as skydiving or mixed martial arts, it’s unlikely that you’ll be surcharged an extra amount for your life insurance to accommodate for these activities. Most seniors have low risk lifestyles anyway.
No matter what, we here at Buy Life Insurance for Burial can give you tips and tricks on how to lower your premium if you do happen to do some wild stuff in your senior years.
Strategies to get the best price
To give you the best chance at the best premium, always work with a broker. We’ve been in business since 2011, and we’ve represented a variety of different life insurance companies. Reason being there are agents that only sell with one company, and the options that they may give you may not give you the best price, coverage, and value for your insurance needs.
If you work with a broker, the broker has the opportunity to shop the major life insurance companies to see who’s going to give you the best custom tailored program that will maximize your coverage for a minimal monthly premium.
Your age has more impact on life insurance than those who are younger. You’ll want every edge and advantage for getting the best price.
First things first: should you take an exam? Unlike younger folks looking for life insurance, the option of taking an exam depends on the amount of coverage and type of life insurance product you wish to purchase.
A life insurance exam should be only considered if you’re buying a significant amount of coverage, over several hundred thousand dollars
Very often, healthy seniors are looking for just enough coverage to take care of final expenses. Final expense plans generally don’t require an exam, so if you’re worried about taking it, you don’t have to. It’s unlikely that you will need to take it.
However, if we find that you have to take an exam, as long as you’re in good shape, taking an exam is not a big deal.
They’ll take blood, look at your blood pressure, and give you a health questionnaire. This is part of the normal process to qualify, and as long as you’re in good health, you’ll be on track for better pricing.
Top 7 Reasons People Buy Whole Life Insurance
1.Does not cancel due to age or health
One of the biggest reasons people buy whole life insurance is because it is what is known as permanent protection. The concept of permanent means that the protection doesn’t cancel at a future date like term life insurance does. Permanent life insurance appeals to the person who knows they need some kind of insurance now and for as far out as they can imagine until the day they die, no matter when that might occur.
2.Rates never increase
With most whole life programs you can design the payment schedule so that the premiums are predictable and are guaranteed in writing to never go up due to age or health.
3.You can pay up your whole life insurance
This is a unique offering that whole life insurance provides that term insurance does not. If you design your whole life insurance plan correctly it allows you to design a program that offers a paid up aspect where after a period of years, in many cases somewhere between 10 and 20 years, your plan is paid off, much like you would pay off a house but still own the benefits of the house.
That means you can pay off the premiums due on your whole life insurance and still own the life insurance protection that comes with it, along with in most cases developing and continuing to grow your cash value amount.
4.Can grow tax free cash value
This is an interesting and lucrative option that whole life insurance offers that many people readily appreciate. Many whole life insurance plans can be designed to develop what’s called cash value where dividends increase the cash value of the plan which is an amount of your policy which can be loaned out to you which you can spend in any circumstance or spend for any reason that you want.
Generally speaking the cash value loans are a tax free provision that you don’t have to pay the federal government for. This can be useful in retirement situations where people are looking for programs to develop their retirement plan that allows for tax advantages.
5.Permanent solution to permanent problems
Perhaps the biggest reason that people purchase whole life insurance is that they recognize the problem they are looking at is a permanent one. Now this isn’t always the case. There are some circumstances where term insurance makes a perfect solution because in essence the problem that term insurance solves is a temporary problem such as replacing your income if you die before reaching retirement or covering your mortgage.
Eventually the end points of these will be reached. Where as there are certain circumstances in life where an expense will always be face.
A couple of examples include burial expenses, estate tax concerns, as well as business decisions where funding has to be arranged to buy out a partner’s share if a partner were to pass away. Whole life or permanent coverage does the trick. It provides permanent protection for those permanent problems that otherwise can’t be solved.
6.Exams are optional
Today, with life insurance being more competitive in nature, there are fewer companies requiring full fledged examinations like they did several decades ago. That means if you are interested in whole life insurance you may only have to do what’s called a non-medical application which does not require blood being withdrawn, a urinalysis, or an in-person physical.
They only rely on your current medical history to determine your eligibility.
7.Best use of your premium dollar
While it’s indisputable that whole life insurance in a dollar per dollar comparison to term life insurance costs more to maintain the same level of coverage, the truth is that in many circumstances if you take whole life insurance in combination with term insurance and scale it over time you will see that the money spent for whole life insurance in totality is far less and is a far better use of money than if you were to buy term insurance and continue to take out new term insurance policies down the line.
Available Coverage Plans: Pros & Cons
The two most common life insurance plans are term insurance and permanent insurance.
Term insurance, while generally cheaper in the beginning, has limitations on how long the coverage is in place. Many times with people 60 and older, they can get a 10, 15, maybe even a 20 year term life insurance plan. If you need coverage past that period of time, term insurance plans may not be the best choice.
However, if your goals are to cover final expenses or to replace income from a pension for your surviving spouse, a permanent life insurance plan probably makes more sense.
Most commonly, we help our clients with purchasing a whole life insurance plan. We also look at guaranteed universal life insurance policies that maximize death benefit payouts, like in the case of pension replacement protection.
We at Buy Life Insurance for Burial will clue you in on what opportunities are best to pursue given your particular circumstances.
Let’s dive deeper into the three types of life insurance products most commonly available. Let’s look at their pros and cons, and some sample rates.
Term insurance is the cheapest form of life insurance, per dollar, of coverage. This is generally used to cover temporary obligations, such as mortgages or income replacement.
Some seniors will purchase term insurance in their early to mid sixties, but with seniors over the age of 70, the likelihood of finding term insurance longer than 10 years becomes harder to do.
The drawbacks of term insurance is that you may outlive the coverage and not have any when you need it. You don’t want to buy term insurance for permanent obligations such as final expenses if you think you may outlive the length of your coverage.
See below rates for 10 year terms for preferred health for all ages available.
Whole Life Insurance
Whole Life Insurance is one of the more commonly purchased life insurance for seniors. This is because whole life never cancels due to age or health rates, and in many cases, you remain fully covered with every increase. These plans are commonly purchased to take care of final expenses and may be used to replace your retirement income for your surviving spouse.
See rates below universal life insurance, most commonly with seniors.
Guranteed Universal Plan
We like to recommend a Guaranteed Universal Life plan, which gives you the most death benefit coverage available. You can maximize a final death benefit payout for whatever reason you feel is necessary, which in most cases, is to replace your retirement income.
See rate chart, blue.
I hope after reading this article you feel compelled to get life insurance in place if you have not already done so. We would be happy to help answer any questions you might have.
You can call us direct at 888 626-0439 or send us a message to speak to a friendly broker.
It takes less than 10 minutes and requires no obligation on your part.
Thanks for your interest and thanks for taking the time to stop by.