Which type of life insurance is best for seniors over 75?
Here are some factors for seniors to consider when determining which life insurance policy type to get:
Loved ones
Consider your loved ones’ financial needs. For example, you may need a larger policy if you have more loved ones who depend on your support or for whom you’d like to leave a legacy. In this case, a term or whole life insurance policy could work. On the other hand, if you don’t need as much coverage, you could get a smaller policy to save money. For instance, you could get a final expense insurance policy to help loved ones with end-of-life costs.
Debts
If you have many outstanding debts, such as a mortgage, a larger policy can help take care of those. Make sure you can continue making these payments while fitting life insurance premiums into your budget. For example, a term policy may help you cover these debts without paying high premiums.
Medical exam preference
Some find medical exams for life insurance inconvenient or invasive. Others may simply prefer to get coverage quickly, since medical exams can significantly prolong the process. If either of those describes you, you may prefer a no-exam policy like final expense or guaranteed issue life insurance. However, if you’re fine with an exam and the extra time, you can go for a traditional policy.
Coverage duration
Determine how long you need coverage, whether for a fixed period or life. Weigh this alongside your life expectancy. For example, you may select a term life policy that lasts longer than your estimated life expectancy if you’d like to save on premiums while specifically ensuring your loved ones receive a larger legacy.
How to apply for a senior life insurance policy
Here’s how to apply for a senior life insurance policy:
1. Decide how much coverage you need
First, evaluate your current financial situation. Look at your income, expenses, assets, and debts. Factor in the needs of your dependents and your estate planning goals. Don’t forget to add end-of-life expenses to the calculation.
Furthermore, determine if you need lifelong coverage. This will help you decide between term and permanent life insurance and avoid falling short or overpaying for coverage you don’t need. You can also consider using an online calculator or working with a financial advisor.
2. Compare quotes and insurers
Life insurers differ in costs for the same amount of coverage, so it’s smart to shop for multiple quotes across insurers. This can help you compare quotes to find the lowest rates and best terms on the coverage you need.
3. Fill out and submit your application
Once you find the best quote, apply for a policy. Many insurers offer applications online, but you may be able to print and mail them, apply over the phone, or fill out an application at a physical office.
Provide extensive personal information, answers to any medical history questions, and your financial details. Take time to complete the application, triple-checking for completeness and accuracy. Errors or omissions can slow down the claims process or cause issues if a beneficiary has to file a claim, even if you didn’t intentionally misstate or omit anything.
4. Schedule and take your medical exam, if applicable
If you’re getting a traditional policy, such as term or whole life insurance, schedule the medical exam after completing the application. Most examiners let you choose between doing the exam in your home or at a clinic.
During the exam, the examiner will gather a detailed personal and family health history and perform a basic physical checkup. They may also take blood and urine samples to examine your health status further, assess medical risk, and confirm whether you are a nonsmoker.
5. Receive coverage
Once you submit the application and, if relevant, finish your medical exam, the insurer determines approval and terms. If approved, you’ll receive documents outlining everything about the policy, such as:
- Coverage amount
- Premiums
- Riders, if applicable
- Other terms
Look over everything closely to make sure you understand your policy, and ask any questions you may have. Once you’ve reviewed the policy, sign the documents and pay your first premium to activate coverage.
Get a quote for Aflac life insurance
People of all ages can benefit from life insurance, including seniors over 75. They can use it to protect loved ones, cover outstanding debts, and supplement their estate planning.
Everyone has different goals, financial circumstances, and coverage needs. That’s why Aflac offers a wide range of life insurance policies for seniors over 75. Contact an agent today to explore your options and get a quote.
