Knowledge is Power When It Comes to Senior Life Insurance


When it comes to buying life insurance as a senior citizen, the more you know, the easier it will be finding a policy that fits your needs. Whether you are looking at coverages, costs, or benefits, it is crucial that you fully understand what you are getting up front, before you invest in a senior life insurance policy for yourself or your significant other. In the end, it’s up to you to do your homework and find a senior life insurance provider with a solid reputation who can provide you with a customized policy that meets your needs. There are several tips to help make sure you find the perfect life insurance policy to meet your needs both now and in the future.

Take the Time to Research

No matter what insurance company you are considering purchasing your policy from, you should take the time to learn as much as you can about them. Look for a company that operates not only in your state, but in several others. You should also be looking for a company with a solid history and reputation. An insurance company that has been in business for a long time has a much better chance of being there when you need them. Those with a better reputation have also proven they have their customers’ best interests at heart.

The Company’s A.M. Best Rating

Look for a senior life insurance company with a high A.M. Best rating. A.M. Best is a global credit rating service that focuses on the insurance industry. These ratings are used throughout the industry and are considered to be a reliable indicator of an insurance company’s creditworthiness and financial stability. Along with an A.M. Best, take a look at the company’s BBB rating, this is a good indication of the company’s customer service as this is one of the first places most people call when they have a complaint.

The Right Senior Life Insurance Plans for You

While you are shopping for life insurance, the first thing you will notice is that there are two different types of insurance for you to choose from: Whole Life and Term Life.

Whole Life – This class of life insurance covers you for the rest of your life unless the policy has a specified maturity date. The policy will remain in effect as long as you keep paying your premiums. Whole life insurance also accrues cash value and can be cashed in after a certain period of time.

Term Life – This form of insurance has a specified term of coverage such as 10, 20, or 30 years during which benefits will be paid.

Consider the Benefits

Look carefully at the benefits offered by the senior life insurance company you are considering. The best whole life insurance should start the moment you sign the contract and pay your first premium. While your prevailing health may impact this to a certain degree, most plans are designed to start immediately. If you have moderate to severe health issues, you may find many insurance companies will issue you a “limited’ benefits policy based on your particular condition(s). Consider adding an “Accidental Death” policy that increases the amount paid out in the event of an accidental death such as an auto accident.

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