Affordable Life Insurance for Senior Citizens: Life insurance is a crucial step for anyone wanting to secure a better future for their loved ones. For seniors, finding affordable life insurance can be challenging but not impossible. It’s essential to consider this investment to ensure your family is financially stable even after you’re gone.
While buying life insurance later in life can be expensive, it provides invaluable support to your family. It can cover funeral expenses, settle any debts you leave behind, pay off the mortgage, or even contribute to your children’s education. In some cases, it can also serve as a retirement fund.
The cost of life insurance depends on several factors, including your age, gender, health, lifestyle, and the type of policy you choose. Insurers typically charge higher premiums for older individuals because they are seen as higher risk.
Despite the potential costs, there are still many affordable life insurance options for seniors. The price of a policy can vary based on your specific needs and the type of coverage you select. By shopping around and comparing different quotes, you can find a policy that fits your budget.
Term Life Insurance Rates for Seniors with High BMIs
If you have a high Body Mass Index (BMI), you might face higher life insurance rates. A high BMI can be associated with various health issues, which could shorten life expectancy. Most insurance companies factor BMI into their pricing, though some may have more lenient criteria.
Seniors with high BMIs might pay up to 83% more than those with normal BMIs. The most affordable option for people with high BMIs is Mass Mutual, with policies averaging $226 a month. Mutual of Omaha follows at $240 per month, and Nationwide at $259 per month.
Companies Offering the Cheapest Life Insurance for Seniors
Banner Life
Banner Life stands out as the cheapest life insurance provider in 2022 due to its lower monthly premiums. They offer both term and universal life insurance, with term lengths ranging from 10 to 40 years. Coverage amounts start at $50,000, and they provide some rider options like the Children’s Life Insurance Rider and the Accelerated Death Benefit Rider.
Guardian Life
Guardian Life allows you to renew term insurance for an additional five years, making it a flexible option. They also offer universal and variable universal life insurance, with coverage available up to age 85.
AARP
AARP is an excellent choice for those wanting to skip a medical exam. Applicants only need to answer a few health-related questions. Their life insurance policies are available to members’ spouses, even if the spouse is not an AARP member.
AIG
AIG offers competitive rates similar to Banner Life. Their coverage ranges from $5,000 to $10 million. AIG provides term life insurance with term lengths from 10 to 35 years, and you can convert a term policy to a permanent one without a medical exam. They also offer guaranteed issue whole life and universal life policies.
Conclusion on Affordable Life Insurance for Senior Citizens
While term life insurance is generally the most affordable option, whole life and other permanent policies are more costly. Various factors can influence the cost of life insurance, so it’s crucial to make informed decisions. Choosing the right policy can significantly impact your family’s future financial security.