Equote - David Livingston

In a competitive environment, term life insurance for seniors is no longer a myth but a reality. With a large portion of the baby boomers becoming senior citizens, many of them have enough income to spend on life insurance. Although with advanced age and medical conditions the insurance rates have increased, there is still a chance for this group of people to get policies. Some states in the US insist on insurance companies offering a deferred life policy to seniors.

This policy is short term and for the first 2-3 years, a limited death benefit and refund of premiums will be given. After this initial period, if the policyholder is still alive, beneficiaries can claim the full coverage amount. A guaranteed life policy gives benefits to seniors in set periods. Applicants must undergo a physical examination and answer some health related questions. If they get accepted, then coverage is given irrespective of what will happen to them later.

Seniors can request a life insurance quote either through online sources or from an insurance agent.  An agent will give them quotes from insurance companies they represent, whereas searching online gets quotes from all top quality companies and this is considered by most experts as the best way to get affordable plans.  Seniors have to be cautious when requesting a policy for they can be easily lured into getting one unsuitable for their needs.

They should consider all their options carefully, talk to experts or younger family members and they must carefully study the full proposal.  Once they study the proposal and find that it is what they require, they can sign it. When buying term life insurance, seniors must ask for full disclosure of all information pertaining to benefits, negative consequences and so on. They must also get complete details of hidden costs involved when changing or canceling policies.  They must also check the licenses of the insurance agent and company they choose.  

There are any number of rogue companies operating and if a senior citizen does not check the credential, they can get duped and lose all their life savings.  They can check with agencies like Better Business Bureau or the state insurance commissioner who oversees all insurance companies and their activities.  This is a good way for seniors to protect their assets. The policies for seniors are high, yet there are some ways that they can ensure these costs go down by:

    Avoiding smoking

    Stop drinking

    Watch weight

    Reduce cholesterol

    Avoid risky hobbies

Seniors who want to benefit from low cost insurance must ensure that they stop smoking.  Whether they request a quote from an insurance agent or look for online life insurance quotes, the first question that will be asked is their smoking status. Anyone who smokes will run the risk of contracting serious life-threatening illnesses and this can immediately increase their insurance rates. In fact the group of people who qualify for cheap insurance is the preferred non-smoking category.  While it is not possible for seniors to come under the preferred category because of their age, they can ensure they cut down insurance rates by stopping smoking.

The rates also depend on the number of months or years that you have stopped smoking. A person who has quit two years ago will get cheaper rates than someone who has quit four months ago. Avoiding alcohol and drugs can also ensure cheap rates. Most senior citizens are out of shape, obese and suffer from high cholesterol. If they want insurance at low rates, they must start exercising  simple walking will do. They must also start eating healthy low calorie foods.  

This will automatically bring down their weight and cholesterol.  Sometimes a simple medication can also keep cholesterol levels in check. Ideally, if cholesterol levels are below 210, a person is considered healthy.  Find out your ideal weight and start to shed the loose flab before applying for insurance.  Finally insurance companies have a list of hobbies they consider risky.  This again depends on the underwriting policies.  Some companies may specific sports such as sky diving, mountaineering or bungee jumping. Others may even categorize traveling to dangerous war-torn countries as a risky hobby.  Seniors who seriously consider these factors and take steps to improve them can get low cost insurance rates.