Insurance schemes for clients 60+ are distinguished not only by necessity to get benefits in future, but also by the necessity to increase the level of safety at the present moment.
After their retirement, people over 60 need some additional attention, besides their desire to be protected increases from year to year. Elderly people prefer to keep personal contact with the insurance agent. By the way, online insurance is more adapted for needs of the young clients. Only 36% of insurance companies in the USA consider insurance plans of more senior category of the population. People 60+ are thought by insurers as a factor of the increased risk. Meanwhile, the insurance of this category of the population has a number of advantages.
Why Affordable Life Insurance for Seniors is More Profitable for Insurance Companies?
If you are the insurance agent and one day you meet in your office a man or a woman of a certain age, don’t be rude and try to sign the contract with this client. This bargain will bring your company a number of advantages.
- People of senior age worry about potential risks and dangers much more than younger people.
- They are more accurate in making their payments and are much more disciplined.
- They are not so sensitive to higher prices.
- Pensioners are free for meetings and consultations during the day.
- There are many wealthy people among older customers, so the risk of cancellation of the contract is very low.
These reasons make clients over sixty profitable and comfortable. Not many insurance agents understand the importance of every elder client. It is explained by the fact that older people are not healthy. Of course, every year after 60 is much more risky, than it is below 30. The possibility of sudden death or disability is high. That’s why it is so hard to find affordable life insurance for seniors. But we will try.
Best Life Insurance for Seniors – What Can Insurers Offer in USA?
Word combination “best life insurance for seniors” is quite problematic. People are different. One universal best idea for everyone 60+ sounds too vaguely. Insurance companies in USA offer different insurance plans with flexible programs of discounts and changes. Thus an elder person can get term life insurance or no-lapse life insurance or any other insurance plan – it depends on his or her needs. Here is the top-list of needs of people 60+.
- To protect their mortgage, if they haven’t coped with it yet.
- To protect their income (if they still have some business) or to protect their savings.
- To save some money in case of a sudden illness or operation.
- To make it easier for their children and grandchildren to pay for funeral.
To satisfy the following needs, there are such insurance plans in USA.
Cheap Life Insurance for Seniors – the Wolf is Fed and the Sheep are Safe
Cheap life insurance for seniors sounds like the continuation of a famous proverb. Insurance agents make the rates for people 60 and more much higher as they understand, the risk of happening of the insured event is high. Term life insurance and no-lapse life insurance take the top-place among policies that are got by elder category of population.
Almost in every state it is possible to claim for senior term life insurance and get it. It has a number of pluses, so clients get it eagerly. Usually this contract is signed for 10-15 or more years. The longer valid period you choose, the more premiums you will pay.
Clients choose this very insurance bargain because of its conversion option. It is possible to convert this insurance plan into the non-termed life insurance policy. It is done for a reasonable rate (every company has its own rate for this service). Very often insurance companies limit the age, when this option is available. You have to convert your insurance plan before 70.
Average rates for this policy are the following:
Policy for $50,000, taken for 10 years by a person 60+, has the following monthly premiums:
Men – $35, women – $25. The difference is explained by the fact that ladies keep their health more carefully and there is less quantity of smokers among them.
No-lapse (or permanent) life insurance can be chosen among the others by the unlimited period of its validity. This contract is signed for 100 years and more. It is the best idea for people over 70, because it guarantees payments. The disadvantage of this policy is its price. It is impossible to find low rates, if you get no-lapse life insurance. Average rates for this contract are the following.
The amount if coverage is $50,000. The expiry date – 100 years old. The rates for men over 70 are $120 per month, for women of the same age category the rate is $100 per month.
Senior Life Insurance – Findings
People 60+ have the highest level of responsibility, so they are usually ready to get the policy. Every person of this age group is different. Senior life insurance is inexpensive for those, who have kept their health in a good condition and are active enough. Usually before offering senior insurance contract, people are asked to pass medical exam. Some American insurance companies offer this plan without passing medical exam. In this situation you can’t be denied because of the state of your health, but it will be much more pricy.
The tips for clients of 60 and more are simple, but necessary to get the best insurance rate that you deserve.
First of all, don’t listen to your agent and don’t get too much. People of elder age are usually free of financial duties. Their children are adults and they don’t depend on you and your salary. The most part of mortgage (or even the whole one) is paid. Very often people of this age group have some savings. So you don’t need a lot of options in your contract. Don’t let the insurance agent frighten you to death and make to sign the contract that is of no profit to you.
Then you can ask your employee (if you are still working) to include you to the group insurance contract, that is usually offered in any office. Try to convince your boss to keep your name in this health insurance contract even after your retirement. It is not hard for him and it will save you a lot.
Getting the best life insurance for seniors is not so hard. Just don’t be afraid to initiate, to ask, to explore this topic. And don’t be afraid of your age, because we don’t get older. We get better.