Category Archives: Personal Finance

How your health affects your life insurance rates

We are sorry to be the ones to break the news, but you are not going to live forever.

This is one of the many reasons having life insurance is important to you and your family.

You cannot control whether you die or not, but you can have a positive influence on how long you live.  

The average life expectancy of people in the United States is 78 years old and is rising. This is because of how health-conscious the world has become, and also due to improvements in technology and healthcare.

People are beginning to make health-conscious incremental changes to their lifestyles while they are young, in order to better themselves in the future.

Living a healthier lifestyle not only saves your life it saves you a ton of money on life insurance.

What is Considered Healthy to a Life Insurance Company?

Life insurance companies determine rates in a process called underwriting.

Underwriting is the process of calculating the overall risk someone poses to the insurance company having to pay out a claim during the life of their policy.

One of the main factors accounted for in the underwriting process is health.

Before we dive deeper into how different aspects of your health affect your life insurance rates, this infographic briefly explains what this article covers:

What Health Factors are Taken Into Consideration by Life Insurance Companies?

There are a lot of factors taken into consideration when determining someone’s overall health.  Life insurance companies typically take these main factors into account when determining risk:

  • Age
  • Gender
  • Height – Weight ratio
  • Family history
  • Medical history
  • Smoker/non-smoker
  • Lifestyle

How Weight Affects Life Insurance Rates

Yes, how much you weigh plays an important role in your health.  

When it comes to weight and life insurance, a majority of life insurance companies look at BMI, or Body Mass Index, to calculate risk based on average weights based on your height.

The Center for Disease Control reports that more than one-third of Americans are considered obese.

This is an astonishing number but society has taken notice of this and, as a result, many people are changing their diets accordingly. Life insurance companies have taken notice too, they understand the health implications that can arise if someone is considered overweight or obese.

Diabetes, heart problems, and high blood pressure are just a few examples of health problems that can be caused by being overweight. Life insurance rates for obese and overweight people are often higher, and much higher with health complications resulting from their weight.

Some athletes have a higher BMI, and as a result, can be considered overweight or even obese when it comes to this quick weight analysis.

However, for people in fairly good health or better, a medical exam life insurance policy will be best for you anyways, in order to get the cheapest rates.

No medical exam life insurance exists, but this is mostly for people who are in poor health or need insurance very quickly. Much higher rates are associated with this type of life insurance as a result.

How Age Affects Life Insurance Rates 

When you apply for life insurance, insurance companies will attempt to determine your life expectancy – how long you are expected to live, given the information you provided.

Your life expectancy is calculated based on millions of data points that life insurance companies are able to compare.

Age has the greatest effects on the pricing of your policy because as your age increases so does your chances of passing away. Sad, but true.

This is why we recommend getting a life insurance policy while you are still young and in good health. So, what is the best age to purchase life insurance?

The optimal age to purchase life insurance is under 35. This is generally the age when people start a family and will have others depending on their income. Life insurance is best purchased when you are at low risk, and locking in rates at a young age is a great way to get insurance for your family at an affordable rate.

How Gender Affects Life Insurance Rates

Another characteristic that life insurance companies will look at when quoting you a price is your gender. Life insurance companies use statistical models to determine how long someone will be around.

Women live 5 years longer than men on average. As a result, women have lower life insurance premiums, because they can pay longer.

How much more expensive is life insurance for men?

Usually, men will experience 25-40% higher rates than women for life insurance, depending on age.

How Your Profession Affects Life Insurance Rates

Some professions put you at a higher life insurance risk than others. Some jobs that are considered to classify someone as a high risk individual are:

  • Police officers
  • Firefighters
  • Soldiers
  • Race car drivers
  • Astronauts
  • Pilots
  • Many more…

Unless your job is seriously dangerous, your profession probably does not affect your rate as much as you would think. Life insurance companies may add an additional fee to your policy that is subject to change as your position changes.

How Does Lifestyle Affect Life Insurance Rates?

Your occupation is only one portion of how risky your life is on a daily basis. Your lifestyle also helps determine your life insurance premiums.

Do you sit on the beach and read a book for fun? Or, are you an adrenaline junky who races speedboats, goes hang gliding, cliff dives, and goes mountain climbing?

The more dangerous of a lifestyle, the greater the opportunity for something to go wrong. Life insurance companies can see this as a liability which, in turn, would raise your premiums. If you do live life on the edge, there is a much greater benefit for having a life insurance policy.

How Your Driving Record Affects Your Life Insurance Rates

This may come as a surprise but your driving record is also taken into consideration when getting a quote for a life insurance policy. The average person spends 293 hours a year in a vehicle. That is 12 full days!

The road can be a dangerous place and the longer you are on the road, the higher the chance you have of getting into an accident. It’s just math.

Life insurance companies can access your driving record and see your past offenses of violated traffic laws. The last 3 to 5 years are weighted the heaviest, so it may be beneficial to keep a clean slate before you purchase a life insurance policy.

How Does Smoking Affect Your Life Insurance Rates?

Perhaps the factor that impacts life insurance rates the most, other than being terminally ill, is smoking. Smoking is a huge red flag in the life insurance industry because of the negative effects it has on your body.

Life insurance rates for smokers are often 2-5 times higher than for non-smokers.

Smoking can take years off of your lives. It is the leading cause of lung cancer and is responsible for 480,000 deaths per year. The average smoker in the United States dies 10 years earlier than the average nonsmoker.

Life insurance companies see how great a risk smoking is on your life, so they pass that risk along to you through your rates. Luckily for you, smoking is a habit that can be kicked. 

Smokers who quit can get their rates back down to only about 10-20% more expensive than non-smokers within the first year of quitting (barring any other health condition).

Those who have a policy and plan on quitting can also get reduced rates by re-taking your medical exam to get a reclassification for your medical risk. This also helps to reduce rates, though not every policy offers this.

Frequently Asked Questions About How Health Affects Life Insurance

As we stated earlier, the best time to  purchase life insurance is while you are young and in good health. Your personal health has an enormous effect on the rate of your policy because it directly correlates with how long you will live. It’s simple, the healthier you are the longer you will live.

Life insurance companies want to insure healthy people who are at a low risk of passing away early. 

Maybe you are not in the best shape of your life right now but you still need life insurance coverage. Do not worry, there are “no medical exam” life insurance policies that can cover you.

These policies tend to be more expensive but they are great to use for coverage while you making the climb to a healthy lifestyle.

Let’s get to commonly asked life insurance questions:

“Can’t I just lie about my health to get a better price?”

We highly recommend not lying to your life insurance company because once they find out (which they will) it can void your entire contract.

All of the money that you paid for the policy would be wasted and it would leave your family without this important coverage.

Life insurance companies have each applicant get a medical exam in order to verify all of the information submitted, as well as to determine any underlying medical conditions. Unless of course it is a no medical exam life insurance policy.

The medical exam can be done by a medical professional in the convenience of your own home. It generally takes thirty minutes to complete the exam. Twenty minutes allotted for the verbal questionnaire and ten minutes for the standard and basic sample collections.

The verbal questionnaire is done to get some background on your medical history. Life insurance companies will want to know the name, address and phone number of your primary care doctor so they can contact them for medical records, if needed. Questions range from your personal health history to that of your family’s.

What to Expect on Medical Exams for Life Insurance

It is good to be prepared for a medical exam for life insurance.

In medical exams for life insurance, you will first be asked a series of verbal questions, which typically include some of the ones listed below.

Frequently Asked Questions on Life Insurance Medical Exams

  • Are you routinely taking any medications?
  • Have you had any prior hospitalizations?
  • Do you suffer from any conditions like depression or anxiety?
  • Have you had any major previous procedures?
  • Does your family have a history of heart disease or cancer?

Once the verbal questionnaire is finished, the medical professional will begin the measurement procedures. Starting out with your basic measurements, they will measure your weight and height.

Once the initial measurements have been recorded, the medical professional will take a urine and/or blood sample to screen for several health indicators and conditions. Life insurance companies are looking for conditions such as HIV, AIDS, cholesterol levels, glucose levels, nicotine levels, and proteins.

Even though the sample is taken and the medical test is finished within thirty minutes, it typically takes about 1-3 months for a life insurance policy to be approved and in force. 

For those in need of quick life insurance coverage, there is accelerated underwriting life insurance policies such as guaranteed issue and simplified issue life insurance that can offer affordable life insurance protection in a quick time frame, usually under 2 weeks, and in some cases as quickly as 24 hours.

Can I Fail the Life Insurance Medical Exam?

The medical exam is not made for people to pass or fail. It is done so the life insurance company can determine how high of a risk you are for them to insure. If you are unhealthy you will not fail the exam but your rates will be higher because of it. 

However, if the information submitted on the original application does not match the data collected during the exam then you may be denied coverage or you may have to additional testing done.

Not only will living a healthy lifestyle save you money on your life insurance policy, it will keep you around your family longer. Take the time to make sure you are healthy before you get a quote from a life insurance company.

Article source: https://www.lifeinsure.com/health-affects-life-insurance/

How your health affects your life insurance rates

We are sorry to be the ones to break the news, but you are not going to live forever.

This is one of the many reasons having life insurance is important to you and your family.

You cannot control whether you die or not, but you can have a positive influence on how long you live.  

The average life expectancy of people in the United States is 78 years old and is rising. This is because of how health-conscious the world has become, and also due to improvements in technology and healthcare.

People are beginning to make health-conscious incremental changes to their lifestyles while they are young, in order to better themselves in the future.

Living a healthier lifestyle not only saves your life it saves you a ton of money on life insurance.

What is Considered Healthy to a Life Insurance Company?

Life insurance companies determine rates in a process called underwriting.

Underwriting is the process of calculating the overall risk someone poses to the insurance company having to pay out a claim during the life of their policy.

One of the main factors accounted for in the underwriting process is health.

Before we dive deeper into how different aspects of your health affect your life insurance rates, this infographic briefly explains what this article covers:

What Health Factors are Taken Into Consideration by Life Insurance Companies?

There are a lot of factors taken into consideration when determining someone’s overall health.  Life insurance companies typically take these main factors into account when determining risk:

  • Age
  • Gender
  • Height – Weight ratio
  • Family history
  • Medical history
  • Smoker/non-smoker
  • Lifestyle

How Weight Affects Life Insurance Rates

Yes, how much you weigh plays an important role in your health.  

When it comes to weight and life insurance, a majority of life insurance companies look at BMI, or Body Mass Index, to calculate risk based on average weights based on your height.

The Center for Disease Control reports that more than one-third of Americans are considered obese.

This is an astonishing number but society has taken notice of this and, as a result, many people are changing their diets accordingly. Life insurance companies have taken notice too, they understand the health implications that can arise if someone is considered overweight or obese.

Diabetes, heart problems, and high blood pressure are just a few examples of health problems that can be caused by being overweight. Life insurance rates for obese and overweight people are often higher, and much higher with health complications resulting from their weight.

Some athletes have a higher BMI, and as a result, can be considered overweight or even obese when it comes to this quick weight analysis.

However, for people in fairly good health or better, a medical exam life insurance policy will be best for you anyways, in order to get the cheapest rates.

No medical exam life insurance exists, but this is mostly for people who are in poor health or need insurance very quickly. Much higher rates are associated with this type of life insurance as a result.

How Age Affects Life Insurance Rates 

When you apply for life insurance, insurance companies will attempt to determine your life expectancy – how long you are expected to live, given the information you provided.

Your life expectancy is calculated based on millions of data points that life insurance companies are able to compare.

Age has the greatest effects on the pricing of your policy because as your age increases so does your chances of passing away. Sad, but true.

This is why we recommend getting a life insurance policy while you are still young and in good health. So, what is the best age to purchase life insurance?

The optimal age to purchase life insurance is under 35. This is generally the age when people start a family and will have others depending on their income. Life insurance is best purchased when you are at low risk, and locking in rates at a young age is a great way to get insurance for your family at an affordable rate.

How Gender Affects Life Insurance Rates

Another characteristic that life insurance companies will look at when quoting you a price is your gender. Life insurance companies use statistical models to determine how long someone will be around.

Women live 5 years longer than men on average. As a result, women have lower life insurance premiums, because they can pay longer.

How much more expensive is life insurance for men?

Usually, men will experience 25-40% higher rates than women for life insurance, depending on age.

How Your Profession Affects Life Insurance Rates

Some professions put you at a higher life insurance risk than others. Some jobs that are considered to classify someone as a high risk individual are:

  • Police officers
  • Firefighters
  • Soldiers
  • Race car drivers
  • Astronauts
  • Pilots
  • Many more…

Unless your job is seriously dangerous, your profession probably does not affect your rate as much as you would think. Life insurance companies may add an additional fee to your policy that is subject to change as your position changes.

How Does Lifestyle Affect Life Insurance Rates?

Your occupation is only one portion of how risky your life is on a daily basis. Your lifestyle also helps determine your life insurance premiums.

Do you sit on the beach and read a book for fun? Or, are you an adrenaline junky who races speedboats, goes hang gliding, cliff dives, and goes mountain climbing?

The more dangerous of a lifestyle, the greater the opportunity for something to go wrong. Life insurance companies can see this as a liability which, in turn, would raise your premiums. If you do live life on the edge, there is a much greater benefit for having a life insurance policy.

How Your Driving Record Affects Your Life Insurance Rates

This may come as a surprise but your driving record is also taken into consideration when getting a quote for a life insurance policy. The average person spends 293 hours a year in a vehicle. That is 12 full days!

The road can be a dangerous place and the longer you are on the road, the higher the chance you have of getting into an accident. It’s just math.

Life insurance companies can access your driving record and see your past offenses of violated traffic laws. The last 3 to 5 years are weighted the heaviest, so it may be beneficial to keep a clean slate before you purchase a life insurance policy.

How Does Smoking Affect Your Life Insurance Rates?

Perhaps the factor that impacts life insurance rates the most, other than being terminally ill, is smoking. Smoking is a huge red flag in the life insurance industry because of the negative effects it has on your body.

Life insurance rates for smokers are often 2-5 times higher than for non-smokers.

Smoking can take years off of your lives. It is the leading cause of lung cancer and is responsible for 480,000 deaths per year. The average smoker in the United States dies 10 years earlier than the average nonsmoker.

Life insurance companies see how great a risk smoking is on your life, so they pass that risk along to you through your rates. Luckily for you, smoking is a habit that can be kicked. 

Smokers who quit can get their rates back down to only about 10-20% more expensive than non-smokers within the first year of quitting (barring any other health condition).

Those who have a policy and plan on quitting can also get reduced rates by re-taking your medical exam to get a reclassification for your medical risk. This also helps to reduce rates, though not every policy offers this.

Frequently Asked Questions About How Health Affects Life Insurance

As we stated earlier, the best time to  purchase life insurance is while you are young and in good health. Your personal health has an enormous effect on the rate of your policy because it directly correlates with how long you will live. It’s simple, the healthier you are the longer you will live.

Life insurance companies want to insure healthy people who are at a low risk of passing away early. 

Maybe you are not in the best shape of your life right now but you still need life insurance coverage. Do not worry, there are “no medical exam” life insurance policies that can cover you.

These policies tend to be more expensive but they are great to use for coverage while you making the climb to a healthy lifestyle.

Let’s get to commonly asked life insurance questions:

“Can’t I just lie about my health to get a better price?”

We highly recommend not lying to your life insurance company because once they find out (which they will) it can void your entire contract.

All of the money that you paid for the policy would be wasted and it would leave your family without this important coverage.

Life insurance companies have each applicant get a medical exam in order to verify all of the information submitted, as well as to determine any underlying medical conditions. Unless of course it is a no medical exam life insurance policy.

The medical exam can be done by a medical professional in the convenience of your own home. It generally takes thirty minutes to complete the exam. Twenty minutes allotted for the verbal questionnaire and ten minutes for the standard and basic sample collections.

The verbal questionnaire is done to get some background on your medical history. Life insurance companies will want to know the name, address and phone number of your primary care doctor so they can contact them for medical records, if needed. Questions range from your personal health history to that of your family’s.

What to Expect on Medical Exams for Life Insurance

It is good to be prepared for a medical exam for life insurance.

In medical exams for life insurance, you will first be asked a series of verbal questions, which typically include some of the ones listed below.

Frequently Asked Questions on Life Insurance Medical Exams

  • Are you routinely taking any medications?
  • Have you had any prior hospitalizations?
  • Do you suffer from any conditions like depression or anxiety?
  • Have you had any major previous procedures?
  • Does your family have a history of heart disease or cancer?

Once the verbal questionnaire is finished, the medical professional will begin the measurement procedures. Starting out with your basic measurements, they will measure your weight and height.

Once the initial measurements have been recorded, the medical professional will take a urine and/or blood sample to screen for several health indicators and conditions. Life insurance companies are looking for conditions such as HIV, AIDS, cholesterol levels, glucose levels, nicotine levels, and proteins.

Even though the sample is taken and the medical test is finished within thirty minutes, it typically takes about 1-3 months for a life insurance policy to be approved and in force. 

For those in need of quick life insurance coverage, there is accelerated underwriting life insurance policies such as guaranteed issue and simplified issue life insurance that can offer affordable life insurance protection in a quick time frame, usually under 2 weeks, and in some cases as quickly as 24 hours.

Can I Fail the Life Insurance Medical Exam?

The medical exam is not made for people to pass or fail. It is done so the life insurance company can determine how high of a risk you are for them to insure. If you are unhealthy you will not fail the exam but your rates will be higher because of it. 

However, if the information submitted on the original application does not match the data collected during the exam then you may be denied coverage or you may have to additional testing done.

Not only will living a healthy lifestyle save you money on your life insurance policy, it will keep you around your family longer. Take the time to make sure you are healthy before you get a quote from a life insurance company.

Article source: https://www.lifeinsure.com/health-affects-life-insurance/

Why You May Need Life Insurance After Retirement

You have worked almost your whole life and you are finally creeping up on retirement. You can practically smell the ocean and feel the sand in between your toes. But before you start celebrating all your hard work, you will want to make sure you have a plan for your retirement. Does this plan include owning life insurance after retirement?

Retiring is a great accomplishment and should be an enjoyable experience. That is why you need to plan out your retirement so there are no surprises.

Do you have people depending on your income?

Are you retiring with debt?

Will you still be working part-time through your retirement?

If you answered yes to any of these questions then we recommend purchasing a life insurance policy.

Now you may say, “I had life insurance through my work for all of these years, what happened to that?”

Does Your Work Cover Life Insurance Once You Are Retired?

Depending on your company’s coverage, the policy may terminate once you are finished working. In some cases, the coverage will extend for a period of time but slowly diminish.

Each situation is different so we advise you to speak with your employer about your benefits and how they coordinate with your retirement planning.

If you planned ahead and purchased an additional life insurance policy on top of the plan your employer offered to prepare for this situation, then you will still be covered by that policy.

If your policy does terminate once you retire and leave the company, then purchasing a life insurance policy may be on the to-do list before you retire.

How Much Does Life Insurance Cost for Retirees?

Life insurance company’s create the pricing for your policy based on how high of a risk they see your life.

They analyze your age, health, profession, lifestyle, and even your driving record. Each of these factors contributes to your lifespan.

Life insurance companies will want to know what type of lifestyle you live. If you live life on the edge it will cost more for them to insure you.

They will want to know about your health and medical history as diseases are a major cause of death.

However, the most heavily weighted factor besides health is your age. No one can live forever and the older you get the greater the chance of you dying becomes.

For this reason, it is typically cheaper to get a life insurance policy while you are young and in good health. Some experts recommend getting life insurance by the age of 35.

This is when most people start a family and have people depending on their income. For many individuals, retirement is a major goal, but is so far down the road most people don’t properly prepare for it.

For most Americans, retirement comes between the ages of 60 to 65. With the average life expectancy of 78, you can assume how expensive it will be to get life insurance coverage.

Although it is not cost effective to wait until retirement to purchase a life insurance policy, it can still be done.

Is Life Insurance for Seniors Worth the Cost?

If you retire debt free and are capable of living off your savings, you may not have a need for life insurance.

However, if you retire but still have debt, a part-time job, and people depending on your income, life insurance is a must.

Most people have been dreaming of drinking pina coladas on the beach after retirement since they were 30.

Although this does sound amazing, sitting on the beach everyday drinking can get boring after a while. This is why almost 30% of retirees work part-time.

If you are working part-time to do a job you have always been curious about then you may not need life insurance.

But if you are working part-time because you have people depending on your paycheck, then you should purchase a life insurance policy.

If you pass away and the checks stop coming in how would your family make ends meet? Life insurance covers you in these situations so you do not have to lose sleep.

Do I Need Life Insurance if I Have A Pension?

People in some professions are lucky enough to get a pension once they retire. This provides families with a portion of their annual salary for years to come.

A pension can be collected in one lump sum or an income option. Receiving your pension in one lump sum gives you all of the money up front once you retire.

This can be beneficial if you do not need the money right away so you can roll it into an IRA without paying taxes.

The income option offered to pension holders stretches these payments over a period of time to keep cash flow.

You pay taxes on every monthly check you get but this option is more common because it is more secure.

Pensions are an incredible benefit offered by companies to help make retirement easier for those who have worked hard.

However, if you retire with your pension and your receiving payment annually your spouse or beneficiaries may only be entitled to a portion of the payment if you die.

Life insurance can be a good backup to replace this shortage of income just to be safe. That is why you want to identify all of the people depending on your income.

Reasons Why Retirees Need Life Insurance

Providing Financial Security for Your Family

Every family’s situation is different. Some parents retire with their children still living at home while others help out their children financially after they move out.

A common theme among parents is to cosign a big purchase. These can range anywhere from a new car, a house, or even student loans.

This gesture helps get their children approved for such actions but also puts their own well-being at risk. You will want to ensure that your child is more than capable of paying off such debts so they default on them if you pass away.

A life insurance policy helps cover this type of situation. Providing the funds that can cover these types of payments, so your children do not have to stress over these situations.

A life insurance policy will help loved ones get through a tough time because they will be better off financially.

If you still have children living at home who depend on your income it is important to have a plan in place if something were to happen.

The last thing you want in a time of grieving is a financial problem for your loved ones. Life insurance is all about keeping your loved ones protected once you can no longer protect them.

Covering the Costs of Remaining Debts

Being in debt is another major reason to purchase a life insurance policy. Retiring without having your mortgage paid off is more common than you think.

A lot of people like to settle down somewhere nice when they retire which usually involves purchasing a new home. This is why more than one in three homeowners over the age of 65 are still making mortgage payments.

Paying off your mortgage before you retire should be taken very seriously. This is typically the largest purchases someone makes in their lifetime.

Still having to pay this off without having a steady income can be a terrible blow to your retirement savings.

We strongly advise speaking with a financial adviser to develop a plan to get your finances in order before you retire.

You need to keep in mind how your family would pay off such debts if you were to pass away. Leaving a burden like a mortgage payment is not something you should leave behind for your loved ones to deal with.

A life insurance policy can provide your loved ones with the funds they need to eliminate this payment.

Helping Your Family Handle Your Estate

From funeral arrangements to estate and inheritance taxes, life insurance is a great way to make sure that those you leave behind have enough to handle the costs of your passing.

Estate planning needs to be meticulous, as it hasan exorbitant amount of loopholes and guidelines to adhere to.  When it comes to estate planning, we highly recommend speaking with a professional.

Funerals can cost anywhere from $10,000 to $20,000, and if you leave no liquid assets behind, your family might have to go through the hassle of sorting through and selling your non-liquid assets (property, stocks, jewelry etc.) which can put a lot of unnecessary strain on your already grieving loved ones.

No matter what, it’s a good idea to take a serious look at your expenses before canceling a policy. If you do cancel and then discover that it’s still in your best interest to have a life insurance policy, you most probably won’t be able to recover your policy at your previous rate.

Consult a life insurance professional at Intramark today to find out if a post-retirement policy is right for you. You can also get started with an instant life insurance quote today.

What Types of Life Insurance Are Best for Retirees?

To go into depth about the best types of life insurance for retirees would take very long, and not really fit in very well with the theme of this article.

However, to help you get started on your research, the table below shows some popular life insurance policies among seniors, some benefits they have, and what companies are the best providers for those policies.

 

Policy
Description
Our Favorite Companies

Term Life Insurance
Generally speaking, term life insurance becomes more expensive as you get older. Terms are usually available for 10-30 years in 5 year increments, but most life insurance providers only offer term life coverage through age 75. A few providers (like Mutual of Omaha) offer term life insurance coverage through age 85, and even 95.

  • American General
  • Banner Life
  • Lincoln Financial
  • Mutual of Omaha
  • Principal
  • Prudential

Permanent Life Insurance
Permanent life insurance offers permanent life coverage (until you die, or reach age 100 or 122 in most cases, depending on the company). These policies can be broken down into many subtypes that each offer cash value accumulation, investment components, and varying types of premiums.

  • American General
  • Guardian Life
  • John Hancock
  • Lincoln Financial
  • Pacific Life
  • Prudential

Guaranteed Issue Life Insurance
This type of life insurance is best for people who need life insurance quickly, or who are otherwise uninsurable because they are a very high risk. This type of insurance usually has limited coverage ($5,000 – $25,000, with some companies going as high as $100,000). No medical exam and no health questions are required, everyone qualifies for coverage.

  • AIG
  • Gerber Life

Simplified Issue Life Insurance
This type of life insurance is a step up from guaranteed issue. It is also a type of no medical exam life insurance policy, but there are some health-related questions asked to assess risk and make sure the applicant is insurable. This coverage is also usually limited to the same amounts as guaranteed issue, and the waiting time for approval can be a bit longer. Naturally, simplified issue life insurance rates for seniors are more affordable than guaranteed issue.

  • Assurity
  • Fidelity Life
  • Foresters
  • Mutual of Omaha
  • Phoenix

Joint Life Insurance
This type of life insurance policy covers both spouses with the same coverage under one policy, for one monthly premium. Both term and whole life policies are available. There is second to die life insurance which provides a death benefit upon the death of the second spouse, and first to die life insurance which provides a death benefit upon the death of the first spouse.

  • American General
  • John Hancock
  • Lincoln Life
  • Principal Life
  • Prudential

Final Expense Insurance
Fional expense insurance is meant to cover the immediate costs after your death such as funeral expenses and remaining debts. This can come in the form of guaranteed or simplified issue life insurance, which are both often called burial insurance. These policies have no medical exam and usually go up to $50,000 in coverage, with some companies offering even more burial insurance coverage for seniors.

  • AIG
  • Foresters
  • Gerber Life
  • Mutual of Omaha
  • Phoenix Life
  • Transamerica

Feel free to follow any of the links in the chart to learn more about the various types of life insurance for retirees, and the life insurance companies we have listed.

Finding the Best Life Insurance Rates for Retirees

When it comes to answering the question , Do I need life insurance now that I am retired?, you want to take the time to consider a number of factors such, as who is dependent on your income, and what type of debts you have remaining.

Due to the large investment that life insurance is, and the amount of options on the market, you want to be sure that the life insurance policy you choose is the best for you and your family.

The easiest way to ensure that you are choosing the best life insurance coverage as a retiree is to speak with an independent life insurance agent who can compare rates and policies from dozens of companies at once.

Our agents work with each client directly to identify their specific needs and help them find a policy which best suits them.  Give us a call today, or get instant life insurance quotes for retirees by using our online quoting engine!

compare the best life insurance rates

Article source: https://www.lifeinsure.com/life-insurance-after-retirement/

Bunk Beds