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9 tips to pick the best life insurance for seniors

9 tips to pick the best life insurance for seniors

Signing up for life insurance could be pivotal in protecting the family after one’s passing. However, seniors may find it daunting to choose the ideal plan. This is because buying life insurance requires more research, with various factors coming into play, such as one’s overall health and budget. But that does not mean one needs to settle for less. Here are nine tips to help seniors pick a reliable life insurance policy.

Understand the types available
People must never sign up for any insurance plan without understanding the options available. The type of plan one should pick will depend on their budget and priorities. Below are some examples:

– Term life insurance is a low-cost option if someone is in great health for their age and willing to undergo a healthcare exam.
– Whole life insurance offers lifelong coverage on the condition that one continues to pay their premiums.
– A guaranteed issue life insurance does not require healthcare examinations, so it works well for those who do not qualify for coverage from other policy types.
– Another option is funeral insurance, where the amount received from the insurance company goes directly to a funeral home to cover the expenses associated with prearranged funeral services.
– One could also look at other options, such as universal life insurance, guaranteed universal life insurance, and variable life insurance.

Individuals should research all the available types before signing up for a life insurance policy. Seniors may benefit from a plan offering financial support, such as cash value, as it will supplement their retirement income.

Determine if a life insurance rider is required
While a life insurance policy offers basic benefits, one could buy a rider to enjoy more features. Doing so provides supplemental coverage or benefits not included in the standard policy. It may increase one’s premiums or might also be free. A few add-ons include:

– An accelerated death benefit rider that provides the policyholder a portion of the payout if diagnosed with a terminal illness.
– A long-term care rider that covers the costs associated with hiring an in-home care provider or moving into a nursing home.
– A child rider that offers death benefits to the policyholder’s young children should the primary holder pass away during the policy period.

Set a budget
It isn’t easy to find life insurance for seniors because the cost of coverage usually rises as one grows older. Therefore, individuals should consider the cost of each policy type and set a budget before paying any premiums. One should also note that the costs for women and men may differ based on various factors. Moreover, some policies may include additional features that one may not require. Dropping these could help bring down the insurance policy’s monthly premiums.

Compare plans
A senior should never sign up for the first plan they see on the internet or the first one offered by a sales representative. Many companies may sell the same plan at a different cost. So, seniors must compare the monthly premiums and death benefits to ensure they get the right policy for their budget and financial goals.

Disclose health information
One of the most common errors people make during the application process for an insurance policy is failing to disclose health-related information. Each provider may have different life insurance underwriting standards for different health conditions. Seniors with problems like cancer, stroke, heart disease, or diabetes might have to pay higher premiums or be declined coverage, in which case they could go for other options such as guaranteed life insurance. However, failing to disclose any health records could result in one being disqualified for a policy, even if there was a slight chance of approval.

Read the fine print
Each insurance policy has detailed sections of terms and conditions. So, before one signs up, one should read the fine print carefully. It will help understand important details, including the causes of death that are not covered and what could happen if one cannot pay the premiums. Reading the fine print may also help identify hidden costs. Seniors can get more clarity about what they may have to pay in the long haul to maintain the policy.

Hire a professional life insurance consultant
Several life insurance consultants claim to offer their services free of charge. However, it is possible that the expert might have tied up with certain insurance providers and may recommend biased or sponsored policies. If seniors need assistance finding an insurance plan, they should work with a fee-only life insurance consultant. While a person might have to pay for the service, they will get a policy that suits their situation, especially if they need to buy life insurance with a cash value component.

Ask family and friends
Another way to find a suitable life insurance plan is to speak to close friends and family members. Someone in the senior’s circle may have signed up for a similar plan or know another individual who has. That family member or friend could offer insights on whether the insurance policy was beneficial or not. They could advise about after-sales support, such as how quickly the company addresses and disburses claims and whether they offer 24/7 customer assistance.

Pick between annual premiums or installments
Seniors considering life insurance might be able to pick between annual premiums or installments. While the former is said to be more cost-effective, one should determine what works best for them.

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