Best Term Life Insurance for Senior Citizens

What is the Best Term Life Insurance for a Senior?

If you’re a senior looking to find the most affordable life insurance from a highly-rated insurance carrier, you’ll want to read our helpful tips to learn what to consider and how to compare plans, pricing and insurance companies, before selecting your life insurance policy.

Today, seniors are living longer lives and planning for the future by purchasing life insurance to provide financial security for their loved ones.

Term life insurance can help, because it offers affordable, easy-to-understand protection.

The best term life plan for seniors is the life insurance policy for the duration of coverage you need, that offers the most affordable pricing from a highly-rated insurance company.

 

How Term Life Insurance Works

 

Term life, also known as, temporary life insurance, provides protection lasting for a specific number of years. You select a policy term (duration) to meet your specific needs.

Many life insurers offer several term options, usually 10, 15, or 20 years for seniors.

If you pass away during the term of your life insurance plans, the death benefit is paid out to the person or persons you choose to be beneficiary of your insurance.

If you are alive when your term life policy expires, there is no payout of any benefits, and your life insurance coverage ends. Get a free senior term life insurance quote.

 

Factors to Consider When Comparing Plans and Carriers

 

• Pricing – How much you may for your insurance.
• Term – How long your life insurance coverage will last.
• Additional Riders – Additional coverage for family members – spouse and children.
• Payment Options – You may pay premiums monthly, quarterly or annually.
• Discounts – Ask the insurers if they offer senior discounts.
• Reputation – Ask friends and family members about their experience (if any) with the insurance company you are considering for coverage.
• Financial Strength Rating – Review the financial rating of the insurance company. The higher the rating, the more financially secure the insurer.

 

What Do You Want Your Term Life Insurance to Accomplish?

If you’re a senior you may be interested in buying short term life insurance to accomplish one of the following:

• Fund your spouse’s retirement
• Pay off a home mortgage loan
• Pay off credit cards and other debt
• Pay for your final expenses
• Provide for your child or grandchild’s college education
• Replace your income
• Maintain your family’s lifestyle and pay for living expenses

 

Answers to the question of what goals you want your life insurance to accomplish will assist you in deciding how long you need your life insurance to last and how much insurance you need.

 

How to Compare the Best Pricing on Senior Term Life Insurance Policies? 

Today, it’s quick and easy for seniors like yourself to compare the most affordable pricing available from a large network of leading life insurance companies.

You simply visit a life insurance website, fill out a short Quote Request Form and click on a button to instantly see the best prices for term life insurance based on your specific needs.

 

Do You Need Coverage for Your Spouse or Partner, Too?

If you need life insurance for your spouse you can compare free senior term life premium quotes to get an estimate of how much it would cost to insure your spouse or partner.

 

What Factors Affect Pricing?

There are several factors that will impact the premium for your life insurance policy.

Premiums are based on the type of life insurance policy, the amount of insurance you need, and the premium payment option you select.

In addition, your life insurance rate per $1,000 of insurance is based on several personal risk factors, including your age, gender, health, family health history, lifestyle, tobacco use, occupation, hobbies, driving record, and health-to-weight ratio, among other things which may affect your longevity – how long you are expected to live.

 

How Can I Save Money on My Senior Term Life Policy?

When it comes to saving money on your life insurance coverage, there are several tips you can use to assist you in lowering the overall cost of a policy, including the following:

• Buy Now – Rates increase as you get older, so you’ll want to lock-in the lowest rate possible while you are younger, instead of waiting.
• Compare Pricing – Rates vary by insurer, so make sure you compare pricing among several insurance carriers to find the best price.
• Select the Right Term – The longer your policy duration (term), the higher your rate. So, choose the right term to meet your needs. Usually, insurers offer term options lasting for a period of 5, 10, 15 or 20 years for seniors, depending on your age and healthy.
• Choose the Right Amount of Insurance – You may want to use a life insurance calculator to determine how much insurance you need, so you aren’t paying for more life insurance than you really need.
• Annual Premium Payment Option – It’s cheaper to pay your premiums once a year instead of monthly. The insurer adds a service fee for processing of additional premium payments.

 

Senior Term Life Insurance Quotes

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

 

Highly Recommended – Globe Life Insurance

Get FREE Information On How $1* Buys $50,000 Globe Life Insurance For Seniors

• No Medical Exam – Simple Application.
• No Waiting Period. Buy Direct.
• Rates As Low As $3.49 Per Month.
• The Globe Life Family Of Companies Has Nearly 17 Million Policies In Force.
• No Phone Required. No Credit Required.
• The Globe Life Family Of Companies Has Over $224 Billion Of Coverage In Force.
• Globe Life Is Rated A (Excellent) By A.M. Best Company As Of August 2023.

 

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