What to Know About Getting Life Insurance if You’re Over 65
May 24, 2023 | Tom Peterson
If you are considering getting life insurance in your later years, you may be wondering if you can even get covered, and if so, what is the right coverage option for you?
Can I get life insurance as a senior?
The short answer is yes; the longer answer is that your age and health will play a role in the types of life insurance policy you will be approved for and how much you will pay in premium. Therefore the process may take some more time to determine what insurance company will provide the coverage you need at an affordable price.
Learn More: How Can Preexisting Conditions Affect Life Insurance Approval?
How much coverage do I need?
The amount of life insurance coverage you need will depend on many factors. You will want to assess your debts and goals to determine how much coverage you need. Obtaining a life insurance policy in your senior years may not be necessary if you have paid off all your debts and have a healthy savings portfolio. In order to establish how much coverage you need, you will have to determine what you want to accomplish with your life insurance policy. Some common objectives include:
- replace a lost income source
- cover burial or funeral expenses
- leave funds for a child or grandchild
- fund a loved one’s education
- leave an inheritance
- accumulate a lump sum of cash value
- provide donation to charity
Related Read : Can I Buy Life Insurance for Another Person?
What type of life insurance policy should I get?
Once you determine what you want to gain from your insurance policy, this will help you decide which type of life insurance policy you need. If you need to cover dynamic debts, you may be looking at a term policy. Whereas if you want to leave behind an inheritance or funds to your family, you may elect a whole or universal life insurance policy. If the only thing you are looking to accomplish is covering your end of life costs perhaps you only need a final expense life insurance policy. Learn more about the different types of life insurance.
There is much to consider when choosing a life insurance policy. It can be beneficial to have an experienced life insurance broker to help you determine the appropriate coverage for your needs. If you need help reviewing the various types and selecting a suitable option for your individual needs, Twin City Underwriters can help make sure you’re covered.
Choosing a life insurance plan can be difficult. Working with an insurance broker can help you find a plan that fits your needs. Schedule a one-on-one meeting with one of our life insurance brokers to get your insurance questions answered!
