Selecting The Right Coverage
Once youve selected the basic type of policy thats right for you, youll want to consider these questions to help you determine how much coverage you need:
- What do I intend for my policy to cover? If youre specifically trying to cover final expenses, take into account how much your funeral or service will cost, along with your burial or cremation. But be sure to add additional coverage just in case you incur any medical expenses at the end of your life.
- Do I have estate taxes or other debts that will need to be paid? If the answer is yes, add the amount it would take to pay these off into your coverage amount.
- Do I plan to use this policy as an inheritance for my beneficiaries? Some people choose to pay their final expenses up front and use their policy death payout as an inheritance for their beneficiaries. If this is the route youd like to take, factor up the amount you wish to leave for each beneficiary and purchase coverage accordingly.
Wait What About Term Life Insurance For Seniors
People often ask why we dont recommend a level term life policy for seniors.
There are certain scenarios where we may suggest a term policy for someone over 60, but they are not common because a senior seeking coverage almost always needs to solve a long-term financial need.
Term will address only a short-term need.
Here are situations in which a senior may need to consider term life:
Other than these three, there are few scenarios in which a term policy can resolve a short-term obligation.
While a term life insurance policy is cheaper, per thousand, they dont provide the long-term benefits of permanent insurance.
What About Whole Life, Then?
In the past, a universal life policy didnt have the guarantees it does now.
Should You Still Get Life Insurance As A Senior
For seniors, even the most affordable life insurance policies can have high premiums. Seniors are closer to reaching their life expectancy and may have health issues that shorten their lifespan. The sooner a company thinks it will pay out the policy, the riskier you are to insure, which increases how much you pay for life insurance. If youre a senior and can finance your final expenses, you may not need to take out a life insurance policy at all.
Get life insurance if you:
- Still have debts, like a mortgage, auto loan or student loans.
- Are retired with debt.
Since insurance rates vary by company, its best to shop around and compare rates.
Dont get unnecessary coverage.
If youre looking for cheap senior life insurance, do not add non-essential riders to your policy.
Before getting a life insurance policy, consider your needs and financial obligations to understand how much coverage you will need and avoid adding non-essential riders to your policy. Its also a good idea to talk to a financial advisor who can help you find a policy that fits your needs.
MoneyGeek analyzed different life insurance companies to help you find the cheapest companies offering term and permanent life insurance policies. While a life insurance policy can be an excellent investment, it may make sense to forgo coverage depending on your circumstances. If youre looking for cheap life insurance for seniors, its best to shop around and compare quotes from different providers.
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Mutual Of Omaha Life Insurance Company
Best Benefits:Our Mutual of Omaha Review
Whether you need easy-to-get coverage up to $50,000, or you require a larger death benefit for as long as you live, Mutual of Omaha Life, an A+ rated, century old company, offers a full line of product choices.
Mutual of Omaha is simply the top selection considering its reputability, strength and product selection, and the value is always there for each demographic, especially as you get older.
For most, its going to be the best bang for your buck, period.
If you want selection, simplified underwriting, and an extremely strong company, then you may want to dig a little deeper on Mutual of Omaha.
Here is more information on the products they offer.
Match The Plan To The Purpose
First, know what the purpose of life insurance is.
For example, if you dont know the different types of insurance, you could do something like buy term insurance as a final expense policy.
That would be a mistake. Why?
Yes, Its cheaper, but Term insurance only lasts for a specified number of years. If you buy a 10-year policy and live 15 years, you will have outlived the policy and defeated the purpose of getting insurance for final expenses.
Here are some general guidelines:
Covering a specific time frame = Term Insurance
Life insurance guaranteed to last a lifetime = Whole Life, or Guaranteed Universal Life
Final Expenses = Guaranteed Issue Whole Life, or Whole Life
Avoid physical and blood work = Guaranteed Issue, or Simplified Issue
Poor health = Guaranteed Issue Whole Life, Specific Carrier
Estate Planning = Second-to-Die Insurance for Couples and Whole Life for Individuals
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Best Cheap Life Insurance In Garland
The cheapest life insurance you can get for both men and women in Garland for $250K coverage is provided by MassMutual, priced at around $9 and $8 monthly, respectively.
While its less expensive, insurance with a $250K limit may not be sufficient. The state’s average recommended coverage amount, which is determined by state-specific factors, is $966K.
On average, the least expensive life insurance for males and females for $966K in coverage is offered by MassMutual and Nationwide , respectively.
Cheapest Life Insurance Companies for Males and Females in Garland
Compare Insurance Rates
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
How To Choose The Right Policy For Your Life Insurance Needs
As you can see from the examples above, there is no single policy that is right for everyone. People have different coverage needs, different budgets, different health statuses, and different goals. There are specialized forms of coverage available, and in some situations, it may even make sense to get two policies:
If you still have children at home, you probably want a high level of protection but not high life insurance rates. So you may want to consider getting two policies a smaller permanent policy to cover your spouse’s needs for the rest of your life, plus a less-expensive term life insurance policy to provide extra coverage until your children finish school.
If your children are grown and out of your house, you may not need as much coverage, and you may not even be sure how long you need it. So consider getting a smaller term policy with a conversion rider that lets you convert to permanent coverage until the end of the policy term. That can help you save compared to the cost of getting permanent coverage when you are older because, with conversion, there are no medical exams or health questions – you pay rates based on your health status when you first took out the policy.
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Life Insurance For Seniors Over 70
As a senior over 70, there are very few limitations on the types of life insurance policies available to you. The only restriction is that you typically wont be able to find a term life insurance policy that lasts more than 20 years. Therefore, your decision about which policy to purchase should be primarily dependent on your financial objectives and the cost of coverage.
If you want coverage for a fixed period of time, such as 10 or 15 years, term life insurance will be your least expensive option, and you can purchase hundreds of thousands of dollars in coverage. Term life insurance is typically the best choice if you want coverage for a mortgage or to replace your income until retirement, as these financial obligations will be reduced or eliminated with time. Just make sure that the term policy will definitely cover the entire length of a financial obligation, as youll have a harder time finding coverage and have to pay higher rates if you still need life insurance at age 80 or 90.
If youre looking for coverage that lasts your lifetime, youll want to consider a form of permanent life insurance. Some reasons you may want permanent life insurance coverage would be:
While whole life insurance is the most popular type of permanent coverage, guaranteed universal life insurance is typically the better option for seniors.
Assurity Life Insurance Company
Assurity Life has been around a long time, but the name dates only to 2007 when three established companies combined into one single brand.
An A rated company, Assurity is a top-tier no-exam company that works well for many people 55 and older.
One facet to consider is your access to critical illness and disability coverage, alongside their selection of term and universal policies.
Assuritys underwriters may be a little more selective than other carriers, but applicants who qualify can expect competitive rates, especially on universal life insurance coverage.
On the advanced planning side, Assurity offers a single premium option, great for something like funding a policy up front and then enclosing in an irrevocable life insurance trust to satisfy estate plan needs.
If Assurity may be right for you, continue reading the full details here.
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Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
What Is Life Insurance
Life insurance is a contract in which a policyholder pays regular premiums in exchange for a lump-sum death benefit may be paid to the policyholder’s beneficiaries. The lump-sum benefit is paid when the policyholder either passes away or a specific amount of time has passed. Life insurance policies can help provide financial security by replacing lost income and covering expenses.
If you’re looking for a life insurance policy, we’ve got you covered. The GEICO Insurance Agency, LLC has teamed up with partners to offer affordable life insurance options to meet your family’s needs. Get a life insurance quote online or call us at to get the assurance of knowing your loved ones will be protected.
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Life Insurance Policies For Seniors
When selecting life insurance at any stage in life, it’s important to keep in mind the many factors involved, such as age, financial goals and overall health. If the insurance company considers you a higher risk based on health conditions and lifestyle factors, you could be rejected. So you should consider these variables when reviewing the policies available.
Protect Loved Ones From Financial Hardship
The security you get from guaranteeing the financial stability of your loved ones is perhaps the driving factor of any decision to invest in life insurance.
Lets face it, you have been providing a financial safety net for your family, and you want that to continue, especially when youre not around.
Weve helped numerous people just like you find affordable policies for seniors. This type of coverage will insulate your loved ones from financial hardship in the future without plundering your budget today.
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Reasons To Consider A Term Life Insurance Policy
Term life insurance is a type of life insurance policy that remains in effect for a set amount of time, typically between 10 and 30 years. Many policyholders choose term life insurance because its significantly cheaper than permanent life insurance. Term life insurance may work for families that want coverage for a specific period of time, such as when their children are young or while their mortgage is active. If youre looking for cheap life insurance, a term life insurance policy might be worth your research for the following reasons.
- Low premiums: Term life insurance policy premiums are around five to 10 times cheaper than permanent life insurance policies, on average.
- Expires after a preselected period of time: Term life insurance policies remain in effect for a period of time that the policyholder chooses, usually between 10 and 30 years. Term life insurance may be right for policyholders who only want coverage for a certain period of time, such as when their children are young, or while theyre actively paying a mortgage.
- Option to convert to permanent insurance: If your term life insurance policy expires before you pass away, youll stop paying premiums and will not receive a death benefit. However, many of the best life insurance companies offer conversion riders that allow you to convert your term policy to a permanent policy before the term expires.
Factors That Affect The Cost Of Life Insurance
Life insurance rates are calculated based on the risk that the insurance company will have to pay out. Essentially, theyre based on your life expectancy. Life insurance companies will calculate that using:
- Lifestyle risks like smoking or alcohol use
- Occupation and hobbies
You will usually need to complete a medical exam, including a blood test, as part of the application process. While there are affordable life insurance policies with no medical exam out there, if youre healthy youll find you get lower life insurance rates if you go through the full underwriting process, including the exam.
Finally, the amount of coverage you choose and the type of policy will also have an impact on rates.
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Quality Of Life Insurance
, with Living Benefits, can offer seniors coverage for expenses they may incur while still living, in addition to the death benefit offered to named beneficiaries of the policy. This type of policy may be best suited to seniors who anticipate medical expenses that will arise due to a chronic, critical, or terminal health condition during their lifetime*. This option is beneficial in that it is flexible and customizable for seniors. At the same time, this type of policy can accumulate cash value and can be added as a rider to existing insurance options like Term Life and Universal Life insurance.
Seniors Insurance: Expert Summary
Seniors are looking more into life insurance now more than ever before. An increasing number of seniors have more debt than they had before. Seniors are carrying mortgages where they may have not before. So, these are all factoring into things that have them look into life insurance.Now, with life insurance for seniors, you gonna wanna make sure that you work with a broker who can find the right solution because some companies may offer different solutions for a 60-year-old or 70-year-old that other companies may not. And there are different types of policies for seniors. There are Traditional plans where they are fully underwritten where you have to do the whole series of medical tests and have to answer a lot of questions and then there are No Medical type policies where there are no medical tests and can be a short series of questions.
If you are looking into a No Medical type policy, you gonna wanna make sure you find a plan where you can answer No to as many questions as possible cause its gonna result in you paying the better price.
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Need Help Getting Life Insurance Coverage
If you have a pre-existing medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage so you dont get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before buying life insurance in the future.
Life Insurance For Seniors
Life insurance is an important financial product that individuals may consider purchasing at any stage in life. Because life insurance pays out upon the insured’s passing, there is a common misconception that seniors who do not already have a life insurance policy should not or cannot purchase life insurance. However, there are a number of life insurance products that work well for adults over 50 the most important consideration is what product will work best given your financial situation at your current stage of life.
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Life Insurance Quotes Over 50
You definitely shouldn’t wait until reach age 50 before you start considering life insurance.
However, if you are in your 50’s and still don’t have coverage you will likely get the best rates between the ages of 50 and 65.
The longer you wait, your chances of encountering health problems increase and it makes it harder to get covered.Still, no matter your age, your premium will vary depending on your insurance company and the type of policy you have.
For example, whole life insurance often costs more than term life, and GUL may cost more than both or even be less than both.At 50, the average healthy person will pay about $91 a month for life insurance, though the rate can go as high as $441 a month.
This depends on factors like whether you smoke or have health problems like diabetes or a heart condition.How much coverage you sign up for can determine the amount you pay as well.
A $100,000 policy might cost you around $213 per month. However, a $250,000 policy can bump that number up to $380 to $645 per month.
A $500,000 policy may cost anywhere from $624 to $1,098 per month and a $1 million policy can range from $1,155 to $2,090 per month.