Senior Life Insurance Guide

This guide to senior life insurance will help you answer the following questions:

1. What should I know about life insurance if I am a senior citizen?
2. What should I know if I am helping a senior citizen get life insurance?

First, know that life insurance for seniors will always cost more than for a younger person. As discussed in the articles “How Life Insurance Companies Make Money” and “Life Insurance Actuaries,” it is more expensive for a life insurance company to insure an older person.

The life insurance company will probably want to know a great deal of information before providing senior life insurance, such as eating habits, drinking habits, smoking habits, traveling history, and medical history. However, some companies have recognized that this is a painstaking process for people, so they offer insurance with “no medical exam.” You have probably seen a commercial like this on TV. The company will most certainly ask basic health questions. Be aware, though, that if the insurance company lowers their underwriting process standards for a particular product, it will generally charge more to make up for it.

One of the biggest pieces of advice we can give is to get many quotes for senior life insurance. Compare death benefits, premiums, and riders for various products. If you feel you need additional advice, you may consult with a financial planner, accountant, estate attorney, and life insurance agent as described in our Life Insurance Selection Process.

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Tags: Senior Life Insurance

This entry was posted on Monday, January 7th, 2008 at 12:15 am and is filed under Senior Life Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.