The computation of premiums for life insurance is based on the risk that the company is taking by covering your life, the more likely you are to die soon, the higher the premiums. Because of the increase in the probability of death accompanying age, seniors are finding it difficult to find affordable life insurance and some can’t even get approved for one.
But with the growing competition between insurance companies, more and more opportunities are being opened up for seniors to get cheaper life insurance policies. It is now possible for seniors to get life insurance but most companies offer these policies, albeit with a slightly higher premium rate. With your growing medical and living expenses, it will be hard to keep up with high life insurance premiums, so before going out to sign that contract, consider these pointers on how to get more affordable senior life insurance.
Choosing an agent
When shopping for life insurance, make sure that you pick an insurance agent that specializes in providing life insurance for people within your age range. This will ensure that your agent has the experience on handling these types of cases and will be able to give you proper advice on how to keep premiums to a minimum. Someone who has a good understanding of the underwriting rules in insurance will somehow be able to find ways to work around it to give you the best price. If you are shopping online, the same rules apply. Find a site like this one that caters specifically to seniors looking for life insurance.
An agent who specializes in your type of applications will also have connections to different insurance agencies that offer the best insurance packages for seniors. This will give you the opportunity to choose which insurance policy best suits your needs as well as your budget.
Once you have picked an agent that specializes on senior life insurance applications, he or she may capitalize on your good health in order to get lower premiums. If everything else is kept equal, a person with better health will get a lower premium computation compared to one who is suffering from a pre-existing medical condition.
It is mandatory for applicants in the senior age group to go through a medical exam when applying for life insurance. Insurance companies will check cholesterol levels, blood pressure, your family medical history, your height and weight, and confirm medical conditions such as heart disease and diabetes. Any deviation from the normal values for these tests will result to a higher premium. So once you have decided to get life insurance, make sure that you exercise and maintain a healthy diet and lifestyle to keep the difference from the normal levels to a minimum.
Type of Insurance
A term life insurance makes more sense if you are looking for a more affordable life insurance. You can choose the duration of your coverage and it can always be renewed once it reaches maturity. Although a whole life insurance guarantees a coverage at any age of death, it can be very expensive because of the investment feature that you will most likely not need when you are already in your senior years.