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The Topic Of Today’s Post Is Term Life Insurance For Seniors Over 65 Review
Most likely if you are reading this post, you are either a senior over 65, or you are looking for life insurance on behalf of a senior over 65. You are trying to figure out what your options are, how prices work, and how coverage options work. You want more information.
If that’s the case, then read on, because my goal here is to help you. I want to empower you with information.
I will give you more ideas as to what your options are, so you can determine for yourself if a term life insurance option for seniors over 65 really works well for you.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on term life insurance for seniors over 65. Enjoy!
Here’s An Overview Of Our Discussion On Term Life Insurance For Seniors Over 65:
- How Does Term Life Insurance Work For Seniors Over 65?
- Reasons Why Seniors Over 65 Purchase Term Life Insurance
- Term Life Insurance Options Available For Seniors Over 65
- Case Study Examples
- Story From The Field
- Can I Qualify For Life Insurance Over 65 If My Health Is Bad?
- Top 5 Reasons To Purchase Term Insurance
- Insurance Riders – Definitions & Types Available
- Exam Or No Exam?
- How Much Term Life Insurance Coverage Can A Senior Over 65 Qualify For?
- How Seniors Over 65 Can Qualify For A Term Life Insurance Program
- Final Steps
We’re going to talk about how term life insurance works for seniors over 65. I’m going to give you some quick ideas and facts as to how it works. We will talk about the reasons why seniors over 65 purchase term life insurance, then give you some term life insurance options for seniors over 65.
We will talk about types and definitions of riders available. We will talk about exams and whether or not you should do them. What the advantages are, both for doing them or not.
Then, we will talk about how much term life insurance coverage a senior over 65 can get, circumstances you have to consider if your health is bad, how to qualify and next steps.
How does term life insurance work for seniors over 65?
Firstly, we will define term life insurance. Term life insurance provides a death benefit over a predetermined period of time. Generally speaking, a term life insurance plan has premiums that remain the same during the entirety of the term and is one of the best ways to get the most coverage for the least premium spent.
So if you are looking for the best way to get the most coverage and are more concerned about this than the length of time, term insurance plans are really a good option for you. Once you are approved, your term life insurance for seniors over 65 plan works pretty much the same as any other term life insurance plan. Upon death, as long as it falls within the term of the term life insurance plan, whomsoever the beneficiary is will receive the death benefits for how much of a term life insurance you get.
Why should seniors over 65 consider Term Life insurance?
Buy Life Insurance for Burial’s goal is to make sure people like you are taken care of in terms of your life insurance needs. We help our clients to shop the most competitively priced options in order to match them with an insurance policy that fits with their unique goals.
To receive a free quote, please contact us. Reach us via phone at (888) 626-0439 where you will receive your quote in 10 minutes or less. Or, submit a message on the left-hand side of the screen, and we will answer your request within 24 business hours.
Let’s talk about some reasons why a senior over 65 should consider buying a term life insurance plan. For example; funeral or cremation expenses. If you are set on getting a term insurance plan and you want a plan to potentially cover a funeral or cremation bill, this is a good idea.
Maybe you’ve got a large income replacement plan that you think would be useful to cover. For example; you die, or your spouse dies, and the survivor’s pension plan is lost. Maybe it doesn’t pass to you when they pass away, or vice versa. Term Insurance can provide a large death benefit upon passing that can cover that amount.
Maybe you just want to give the gift of love to somebody you love, like a child or a grandchild. You are going to help them out and get them up and running. That’s definitely a valid reason to buy life insurance, especially a term life insurance plan.
Maybe there is a large mortgage payment that you need to pay off. A term life insurance plan can give you sufficient coverage to do that if you pass away.
Also, loan pay downs. Same kind of information, same kind of set up. You want to make sure that you can pay off financial obligations. That’s a good reason to own term life insurance.
Options for Term Life insurance for seniors over 65
Next, let’s talk about options for term life insurance for seniors over 65. Here are the potential options that you are looking at.
Firstly, you can have what’s called a 10-year term life insurance plan. This covers you from the date that you take it out through the next 10 years. This is also available in 15 or 20-year terms, it’s just a longer length of time in which the term coverage is effective.
Term Life Insurance Rates – Age 25 to 75*
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
But let’s say you want more coverage for longer than that. This is where we would get a universal life plan. This acts as term life insurance, in the sense that it will allow you to get more coverage for a longer time.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
Sometimes we have people who are 75 reading this article. It’s going to be very hard to get anything other than a 10 or maybe a 15-year term plan without the price just being crazy. Sometimes term just isn’t available for longer lengths of time.
A universal life plan can extend coverage for a little longer. Maybe you just want coverage until you are 100. Well, a universal life plan can be designed to last that length of time.
Let’s take a look at some examples and some sample prices. Here’s what I’m going to do: I’m going to show you terms for a 65-year-old male and female. I’m just going to quickly show you a 10-year term and then a 20-year term and then we’ll leave it at that, understanding that we can go longer or we can go in between if you want, i.e. a 15-year or a universal life plan.
Let’s take a quick look just to give you some ideas as to what to expect. I want to clarify: These are going to be preferred rates. Your rates could be standard, they could be substandard, they could be something else.
You could smoke. These are going to be non-smoking rates. This is just a touchstone, a litmus test.
I don’t even know if you qualify for it, I just want to give you some numbers and prices. Something to chew on is the idea.
Here we’re looking at a variety of different options for a 10-year term life insurance plan for a 65-year-old male. These are preferred rates. They could be higher. I’ve given you my spiel already, so take it at face value.
For preferred rates, you are looking at monthly payments in dollars from the low fifties to the upper seventies for 10-year cover, $100,000 in coverage, for a nonsmoker. If we look at a female and run the same rates real quick, you are looking at monthly payments in dollars from the forties to the fifties, for $100,000 of coverage.
Now we’re going to take a look at a 20-year term. Starting with a female at 65 years old, you are looking at, roughly, monthly payments in dollars somewhere between the seventies to early hundreds. For a male, $100,000 in coverage, 20-year plan, you’re looking at probably monthly payments in dollars somewhere around $100 to $150.
Again, depending on your underwriting, it may be higher than that. You understand what I’m saying?
If you’ve liked the information we have shared with you so far, consider contacting us for a free quote now. We can tell you if you qualify for life insurance or burial insurance.
Call us at (888) 626-0439 or submit a ticket on the left-hand or bottom side of the screen. You will be paired with one of our highly-trained insurance experts who will answer all of your questions.
Note: The phone call quote process takes approximately 10 minutes. If you choose to contact us via submission, we will get back to you within 24 hours.
Case study examples
Looking For A New Policy After Rates Increased
Often, after paying for life insurance for many years, you will receive a notice that informs you that your rates are going to be increased. This is what happened to Mrs. Richardson, age 44. When she reached out to me, I learned that her rates were skyrocketing. As a result of the increasing rates, she was in a position where she had to consider replacing her coverage.
She was worried that she might lose her coverage because she couldn’t afford to pay for her old life insurance policy, which was extremely important for her to have because of her high blood pressure.
There were no current issues with her blood pressure lately, but she was on multiple medications to manage it. She feared that because of her medical history, she might not be eligible for a new life insurance policy.
Fortunately, she came to us, Buy Life Insurance for Burial. Our process is to shop the most competitively-priced companies to find the perfect pricing and coverage for our clients’ needs. This is what we did for Mrs. Richardson, and she was thrilled that we were able to find her a new, affordable policy despite her high blood pressure.
Slighly Overweight Client Needs Insurance For Bank Loan
My client, Mr. Adams (age 58), recently took out a business loan to support the new branch of his expanding business. Due to this, the bank requires him to have life insurance. This makes sure that the bank is compensated in the case that Mr. Adams passes away.
When he contacted us, Mr. Adams made it clear that he was worried that his weight problem would disqualify him from getting a life insurance policy. He was just slightly overweight.
To help him find the best insurance for his needs, we shopped around. We, at Buy Life Insurance for Burial, looked around at the best-priced companies until we were able to match Mr. Adams with the right policy for his budget.
Though we can’t guarantee the same exact result for your needs, we can promise you that we will do our best to match you with the best insurance policy for you. Buy Life Insurance for Burial’s goal is to make sure that you and your family are always covered, just in case.
Riders – what they are and why consider them?
Let’s talk about riders. With many term life insurance plans that are out there for seniors over 65, sometimes you have the option to pick up additional benefits to your plan above and beyond just a life insurance. A rider is essentially defined as an add-on to your life insurance policy that allows additional advantages.
They are available to seniors that are buying term life insurance over 65. Some plans may include some of the following options, some may not. It’s not an all-inclusive list and it doesn’t mean that it’s available for each product.
I just want to give you a quick description of the different riders. Sometimes you can have what is called a critical illness life insurance plan. This pays a death benefit, of course, if you die, but also if you get diagnosed with i.e. a heart attack, cancer or a stroke.
Depending on what the plan says, it will pay a predefined lump sum out to you, the beneficiary, that helps to offset the cost of treating the disease. If you are out of work for a period of time, if you still work or just if something happens, you can have this critical illness plan pay more money out.
Also, you may have access to what’s called a return of premium plan. These plans, once you pay out the entirety of the term, will return the premium dollars you paid in. You just need to get through the entirety of the plan and fulfill the requirements that are described in the contract.
This is opposed to, say, paying car insurance and never using it, thus losing the money. You may have the option of getting a plan that returns the premiums.
Also available is an accelerated death benefit rider. With this option, if you are terminally ill, maybe you have six or twelve months left to live, you’ll get a portion of the death benefit to pay in advance of dying. You just pay a fee that comes out of the death benefit.
You could pay funeral bills, or maybe you want to take a trip around the world; people that have a disease that will slowly make them pass away do that.
Next, a nursing home rider. Sometimes these plans have riders that will pay a benefit to offset the cost of a nursing home. Understand that in many cases they are going to cost you more money.
It’s not something that’s a free add-on, it’s going to be at an additional cost. Just like when you buy a car, if you want the leather interior or the big wheels on it, upgrades cost money. It’s the same with life insurance.
Story from the field
During my experience as an insurance agent, I have learned about how health problems influence insurance coverage.
I’d like to share with you some cases where I had clients who were previously declined because they dealt with substantial health issues. As an agent for Buy Life Insurance for Burial, I would like to give you two examples of clients that I’ve helped that found themselves in this situation.
Some people believe that having cancer makes a patient uninsurable, but that is just not true. Patient’s may struggle to get coverage, but it is possible. For example, if the cancer has been in remission for a certain period of time or has been eliminated, there are many companies that would offer first day full coverage to that client.
2. Heart problems
Have you had a heart attack, stroke, aneurysm, or another heart-related health issue? Do you think that it is impossible to be eligible for life insurance as a result?
I have had clients with all types of heart problems, including pacemakers and stints, and some of them thought that they would never qualify for quality life insurance. That is just not the case. After enough time passes, it becomes easier and easier to find a company that will offer you first day full coverage.
Many times, after the period of time passed, I was able to get clients, with heart problems, first day full coverage. They are always relieved and are grateful to have the coverage they were looking for.
Exam or no exam?
A question a lot of people have is: Should I get an examination or should I pass on it if I’m getting a term life insurance plan as a senior over 65? They’re sometimes required, sometimes not. It depends on your health.
With an examination, you’re going to do a urinalysis, a blood exam or a physical. Sometimes one, a few, or all of those. Some carriers really may just require a signature for approval or a phone interview only.
The only reason I would suggest taking an examination is if your health is immaculate; you are not taking medications; you are in tip-top shape. You are in great, great shape, you are literally totally different from a lot of other seniors over 65. That’s probably the best opportunity.
If you are getting a tremendous amount of term insurance, you know, half a million dollars or more, it’s probably a good idea to take an exam. Many times they’ll require you to.
So why would you not take an exam? The reason I wouldn’t recommend taking an exam is if your amounts of coverage are small. Maybe you only need $50,000 or $100,000. Then you are probably not going to need an exam.
Perhaps you are in a circumstance where you’ve had health problems, maybe you take a few medications and you’re worried that you may get rated up, because a lot of these fully underwritten plans will raise the rates on you. A lot of the time it just depends on talking to me directly. I’ll tell you what I would suggest based on your goals and how much coverage you want.
How much coverage can I get?
Let’s answer that question. As long as you work with an independent life insurance agent, you should get exactly the amount you need.
We have companies with term insurance that starts at $25,000 to $50,000 in coverage, so if it’s a small amount you need, you should be able to do something. If you want a lot more coverage and you don’t want an exam, typically $250,000 to $400,000 is the top level with most of these companies that don’t require an exam.
Can I qualify for life insurance over 65 if my health is bad?
Maybe you are asking yourself: With him saying that if I’m not in good shape then I shouldn’t get an exam, can I even qualify as a senior over 65 for term life insurance? My health is bad. The short answer is yes, you can qualify for life insurance per se.
The long answer is that it’s going to depend on how you define health. Let me give you examples of bad health.
You’ve got COPD. You’ve had recent heart problems. You have diabetes with insulin dependency, You have a cancer history, neurological problems, a severe anxiety or mental health issues.
You may be thinking that’s what bad health is. I’m not saying that’s bad health per se, but that might be a definition of bad health.
When I say bad, here’s the thing. It doesn’t mean that you can’t qualify for life insurance. It just may mean that term life insurance may not give you the best rates or maybe the best options, but the great thing is that is all those conditions, with enough time spent behind them, can qualify.
In many cases, you may qualify for first day full coverage with what we call a permanent or whole life insurance type of plan. If your health is really bad, it really, really is, then there is still a return, a premium guaranteed issue option, so it’s a better option here.
Whole life insurance plans with first-day full coverage options can give you coverage from natural accidental death from the first day. However, you may not get as much as you’d like, maybe a smaller plan just for final expenses, and a return of premium plan.
A guaranteed issue is otherwise reserved for people who are in really bad shape. They have to wait two full years before they’re fully covered and the only reason I would recommend that is if there are no other options.
This is not something that I’d come out of the gate with, saying that you have to get this because this is the best deal. Many times I don’t suggest this until I really do an analysis and say: Look, Mr Jones, this is it and here’s why. And I’ll explain why.
Top 5 reasons to purchase Term Insurance
1. You love your family
Love motivates many people to get insured. We want to be able to take care of our loved ones while we are here and after we are gone, and we can do this by having life insurance, term insurance, burial insurance, etc.
2. It is affordable
If you are on a budget, consider term insurance. Many people who need to have a strict financial plan consider getting term insurance because they realize how important having life insurance is. Term insurance provides you with life insurance that you can afford without completely ruining your budget.
3. Optional exams
We discussed this above, but this is one of the many reasons that people opt to get term insurance. Before, to get an insurance policy, you were required to take an exam. Luckily, it is easy now. If you are someone who doesn’t have time to be tested or dislikes medical processes, you no longer have to worry. You can be approved without any of the extra exam frustration.
4. As a replacement for your income
One of the most important reasons that people get life insurance is to replace their income if they were to pass away. They know the role their income plays in their family’s lifestyle, and they don’t want their family to be without it.
Many financial advisors even recommend getting insurance that will replace, at least, ten times your current earnings. This guarantees that your family has enough to be covered when you are gone, and it gives you peace of mind, too.
5. Tailor it to you
You can customize your term insurance policy to fit your needs. You may need it for a certain length of time, and with term insurance, you can do that.
Here is an example:
Mr. Smith (age 78) takes out a 20-year term insurance plan. He had the option to take a 10 or 15-year policy, but he wanted to be covered for 20 years, just in case. With term insurance, he was able to customize this policy to his exact needs, and you can do the same thing for yourself.
How seniors over 65 can qualify for a term life insurance program
How can seniors over 65 qualify for a term life insurance plan? The policy application process is very simple. Finding an agent who you like to work with, I can help you with that.
I’ll nominate myself if I may. After I have listened to what your goals are and what you’re looking for, I’m going to show you an exact quote based on what I think I can get you.
Then, once you’re accepted, if there’s no exam, if it’s just a phone interview potentially, or just an application to complete via electronic email, you don’t really physically even need to see me face to face.
Sometimes it takes a couple of days, sometimes weeks, and you get your coverage approved if everything went through. Then you get your policy and that’s it. There’s nothing else you need to do. You have the coverage and peace of mind and hopefully, you’re happy.
If you like the idea of qualifying for term life insurance as a senior over 65, do one of two things:
- Go to my website and click on the contact box. The website is buylifeinsuranceforburial.com. Click the contact link or click on the chat box below. Send me a message telling me what you want.
- Call me at 888 6260439 and speak to me live. I’ll be happy to draw up a quote within five or ten minutes, to give you an idea of what you can expect.
What you do with the information is completely up to you. If you like the accompanying video, please comment below. Give me a thumbs up if you’ve watched it on YouTube and make sure you subscribe if you found the information useful.
I do videos like this all the time and have lots of resources available for people who are looking for term life insurance and insurance in general. My Name is David Duford, at buylifeinsuranceforburial.com, where I help people like you find quality term life insurance.
Take care. Thank you.
We hope that you found this material intriguing. We implore you to take action towards accomplishing your life insurance goals. If you would like our help, please get in touch with us. Our goal is to match our clients to the best insurance policy for their individual needs.
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