5 Tips to Finding Life Insurance For a Senior Citizen
You may not quite be there yet, but it’s likely you have parents who are approaching retirement. Hopefully, they’ve got their financial affairs in order. But if they haven’t taken care of the basics such as life insurance, here’s some guidance.
Many senior citizens find it hard to find a good life insurance policy; this is because figuring out the best insurance policy can be quite a challenging task given the number of insurance companies out there. Another issue is the fact that the more one gets older the difficult it becomes to find a good Life Insurance policy. To get life insurance for seniors can be quite challenging but it is possible. Individuals who are over 85 years of age may need a little help finding the best insurance policy. Here are five tips for helping a senior get the best life insurance policy.
Life Insurance for senior citizens
Today many companies are limiting the years which they offer insurance and at times they may bundle the senior life insurance with other coverage. It’s very important to help a senior go for the life insurance which is strictly for the senior. This means that the will not be shortchanged in the details and end up not getting the benefit they were looking in the first place. Also, be sure to consider funeral and burial insurance when comparing options. Planning for a senior should include all of your options and thorough information to make the most informed decision.
Select what they can afford
Many seniors are mostly unemployed meaning that their sources of income are limited since most of them would be relying on a pension. In this case, it’s important to make sure that the life insurance that you get for the senior is the one which they can actually afford. Here, it’s important to start by assessing the financial situation and any other financial need to determine which the best policy is so that they can be able to pay the premiums without struggling.
Get multiple quotes
There are many companies and you are looking for the best companies with the best policy and benefits. Asking for quotes from different companies is a good way to be able to compare the prices which each of the companies are offering. This way you are able to make an informed decision based on the prices and the kind of policy which is offered.
Maintaining good health
Many insurances look at the health of the applicant to determine the premium on the life insurance policy. Help the senior maintain good health so that they can get a better offer on the premiums. It’s important to advise the senior to lose weight or stop behaviours such as smoking or drinking too much alcohol. When applying for the policy, be sure to take papers from the doctors showing good health of the senior as this will reduce the premium.
Choose either the term or whole Life insurance
The period to be covered is also important; depending on the senior needs you may help them decide between term or whole life insurance. Whole life is where the senior will get covered till they die and even though this is the best option is more expensive. You can also help the senior look for a more customized life insurance plan.