How To Get The Best Life Insurance Rates For Seniors?

 The insurance market over the last two decades has opened up appreciably to offer attractive rates on life insurance policies for seniors. This was not the case before when insurers charged very high premiums for people in this niche age group. With a comprehensive life policy, seniors can now receive substantial coverage. The funds from the death benefits will help cover funeral expenses, and estate planning and will also enable the policyholder to leave behind a sizeable share of money for the beneficiaries to cover the mortgage, loans, grandkids' college fund, and other expenses.

Life insurance rates for seniors

The rates of any life policy increase, as you grow older. In many ways, it is better to arrange for a comprehensive life insurance policy as soon as possible. As a result 65 year healthy senior will have to pay considerably higher rates than a 45-year-old healthy person. Yet there are still many attractive life packages available for seniors to choose from. For instance, a healthy nonsmoking male of 65 years with a height of 5'11 and weighing 175 pounds, would have to probably pay anywhere between $180 to $340 on a monthly basis for a 15-year life package with $300,000 as death benefits. Similarly, for a life package with $100,000 as death benefits, the premium rates for the senior may be anywhere between $60 to $125 on a monthly basis. Though these life insurance rates for seniors are on the higher side, they are worth it when you consider the number of benefits that come with them.

Guaranteed life insurance for seniors

If for some reason you have been denied a traditional life policy, you can then apply for guaranteed life insurance. Quite often, insurance companies tend to deny individuals conventional insurance policies, if they find out the person is suffering from a life-threatening medical condition. As a senior, you can go in for guaranteed life insurance and get accepted, as the policy does not require the applicant to go through any medical tests. 

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