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Contract Provisions
These are the basic requirements set by your insurance provider. Look out for age limits, minimum coverage levels, and, more importantly for seniors, the medical exam. There are also waiver-of-premium options in life insurance plans for seniors. The three companies mentioned above offer all these and are ideal for Senior Life Insurance.
Policy Features
Ideally, you should go for a life insurance policy that provides guaranteed level premiums. This ensures that you will not be paying more for your policy as you age. If you want to convert a term life insurance policy to a permanent policy, make sure that you will not be required to take a medical exam to do so.
Financial Strength
You should look at the financial outlook for the company you wish to purchase your life insurance policy from. This will give you the sense of security you need, so you will be assured that years down the line, your policy will be honored, and can be used when needed. Look for the ratings of firms like A.M. Best, S&P and Moody’s.
Policy Riders
Policy Riders allow you to customize your Senior Life Insurance plan and enable you to add to the coverage as and when required. Some riders are specifically designed for Senior Life Insurance such as estate protection, long-term care, final expense coverage, and accelerated benefits in the event of a terminal illness. The long-term care rider is considered a must when buying life insurance for seniors.
Hopefully, the advice above will help you choose the right Senior Life Insurance policy with a reliable, value for money insurer. If you decide to look beyond the recommended companies above make sure you purchase your insurance policy from a company in good financial health. Look for online reviews to find out how good their customer service is, how likely they are to pay out on your insurance policy etc. Online reviews should always be taken with a pinch of salt as unhappy customers are much more likely to write a review online than a satisfied one but it is good to be aware of any negative feedback on a particular insurer such as delays in releasing payments or questionable clauses in their small print. Life insurance is one of the most important purchases you will make in your life and as such, you should take your time when shopping around and seek professional advice if required.
Disclaimer: Our service is not intended to be, nor should it be construed as financial advice. We help our readers make informed decisions via impartial information and guides. Where appropriate, we may introduce partner companies who can provide services relating to financial products.