Financial Planning With A Permanent Policy
How much does Whole Life Insurance For Seniors cost? Do I need it? Is it the same thing as Burial Insurance?
In this article we are going to pull back the curtain and give you the skinny on these insurance products and how they work. Second, how you can cost effectively insure and see your final needs, wants and wishes are met when you are unable to.
Leaving this world costs a lot of money. Does not seem quite right, but yet it is one of the largest expenses we will be responsible for in our lifetimes. It is important that we have a financial plan in place to cover the large expenses that come with the end of life.
Let’s leave out the term life insurance products for seniors. Those are not for end of life financial planning and expire typically by age 80.
Pat yourself on the back for thinking about your loved ones as not everyone does. Only about 30% of the families who enter a funeral home have the financial resources they need to take care of their deceased family member.
Affordable Senior Whole Life Insurance Protects Your Family
Affordable whole life insurance for seniors offers financial protection that can cover the cost of your death, legacy creation and other, estate related matters.
This type of permanent life insurance is designed typically for people in their “golden years.” It offers the ability to get a lifetime policy for $2,000 all the way to $50,000 with a very quick decision made by the insurance company. Decisions are made typically in 1 business day or less. In some cases there are little to no health questions on the application depending on the type of whole life insurance policy. Typically, there is no medical exam which means no needles, testing nor anyone checking your blood pressure etc.
Coverage is offered by several different life insurance companies. A few you may have heard of but also many others that are not “on the radar” so to speak.
On this page is an instant quoting tool. In a minute you will have the actual pricing of the top final expense whole products on the market. On the Final Expense quoting tool, select “Excellent Health” under the “Health Classification” drop down menu. You will see quotes from the top carriers offering cheap whole life insurance for seniors. Since all rates in the tool are regulated by the State, you will know have the best price for the amount of coverage you want and/or can afford.
Here is a list of carriers who have been offering the best and lowest cost whole life insurance for most of our senior clients. One of best carriers may be exactly what you are looking for, depending on your age, overall health and desired policy amount. Finding the cheapest whole life insurance does not have to be endless phone calls or internet browsing once you have your quotes.
For the best results or to see what you can qualify for with these no medical exam policies, call us @ 269-244-3420. Let us shop the market for you based on your overall health.
Cheap Final Expense Policies
Final Expense Insurance is the opposite of a prepaid burial arrangement as you are transferring your “risk” of death to a life insurance company in exchange for a preset, but permanent premium.
Cheap whole life insurance for seniors can pass tax free benefits to your beneficiary. Verify with your agent that your life insurance policy is setup correctly to ensure tax free benefits to your loved ones.
Most seniors looking for cheap whole life insurance opt for an easy application process with no medical exam. Approvals are very quick. Often an “instant decision” is rendered once the application is electronically submitted.
Now, there are 3 general benefit tiers available with Final Expense/Burial/Funeral Insurance plans:
- Level Benefits which means the full face amount (full payout) of the policy will be in-force the day the first premium is made. Coverage is permanent as long as premiums are paid in full. This is the ideal and most affordable senior whole life insurance policy. No exam required, but health history questions are part of the application. This is the most affordable whole life insurance for seniors and offers full, first day coverage.
- Graded Benefits which has a typical 24-month or more “graded period” before the full face amount of the policy is in available. Different insurance companies offer different graded payouts during the first couple of years for natural death causes. Once the graded period has passed, the full policy value is locked for life. Health history questions are part of the application.
- Guaranteed Acceptance/Guaranteed Issue which means you will be accepted regardless of how much risk you pose to the insurance company. During the first 24 months, your beneficiary would receive all of the premiums you paid in plus 7-10% interest. Once the 2 year limited benefit clause has expired, the policy will pay the full death benefit out to your beneficiary. No health questions on the application to be approved.
Guaranteed Issue Whole Life Insurance For Seniors, Affordable?
There are also plenty of people with a very serious health predicament with a poor outlook for the foreseeable future. In that case, Guaranteed Issue final expense plans are available from a few select carriers. We advise against them until all other whole life options are exhausted. If you are looking for affordable whole life insurance for a senior citizen, this is going to be the least desirable way to go. The premiums are more expensive too boot. If your health outlook is not insurable otherwise, you may have to accept the more expensive but guaranteed issue products that we do offer. About 10% of our clientele have policies like this.
Because it is often the only option other than a prepaid burial plan at a funeral home when an applicant has poor health outlook do conditions such as Alzheimers, Dementia, kidney dialysis, organ transplant, late stage internal cancer and of course, terminal illness. There are no health questions to answer as part of guaranteed issue application.
To qualify for a Level benefit plan, an applicant can have some impairments and/or health issues that is controlled via medications or other. We can and will sort this out for you.
Children with elderly parents often ask us the question, can purchase whole life insurance for seniors on their parents?
If that is you, yes, you can be a policy owner and the beneficiary of a final expense/burial plan with your parent(s) as the insured as well. Your mother and/or father must sign the application (done electronically or over the phone thru voice signature).
In looking for cheap whole life insurance, remember, the cost of senior life insurance is going to be priced on the insureds advanced age. This is universal among insurance companies. There is simply more risk to the carrier as time goes on. However, once accepted, the rate is locked for life regardless of aging or health changes.
How Much Coverage Can I Get?
Most senior life insurance companies that offer cheap “no exam” whole life policies go up to $25,000. Some carriers will even offer $50,000. There are a handful that will issue up to $100,000 or more in death benefits but may require a paramedical exam provided by the insurance company at your home depending upon your age.
The Best Whole Life Insurance For People Over 50?
What defines “best” for you? This is actually a hard question for me to answer as an independent agent/broker.
Why?
Well, some people are just looking for cheap whole life insurance. They might consider the least costly whole life to be “the best.” Others are looking a flexible policy their budget can afford but offers some additional perks not found in similiar policies. In other words, “value” is their definition of “best.”
Most of the people 50-90 who call us for whole life insurance seem to prefer no exam final expense insurance as their “best” option.
Why? There is never a medical exam and you don’t need to be in excellent health. These policies are more liberal to qualify for coverage at the expense of paying a bit more in cost while still giving the full security of a whole life insurance policy.
Who Needs Whole Life Insurance Anyway?
Whole life insurance is a tried, true and dependable way to give your family the money they need to pay for expenses when you are no longer with them. The funds from a life insurance policy can be used for anything they need.
The money is received tax free by your beneficiary if a correctly named beneficiary is listed with the insurance carrier.
Whether the policy benefits are used to pay for a funeral, burial and/or other debt that remain after the passing of the insured, the plans often make a lot of sense for people on a fixed income. It offers a simple way of taking care of those you love and bringing peace of mind for you and your family.
Nothing will ever replace the life lost, but having financial plan in place relieves a tremendous amount of stress as they move on.
Do you want to leave something financial behind for your loved ones for your end of life expenses, a legacy or just some added security as they moved on with life?
Most of the time, whole life insurance for seniors is a affordable if shopped by a independent agent/broker. At the same time, certain offerings may not be the best for your needs. If you do need financial protection, it is important that you’re getting the best coverage you can obtain for your dollar, especially on a fixed income. Watch out for the 995 plans of the world. These are bottom tier whole life policies with very high price tags.
An important key to understand…don’t assume apples are apples with whole life insurance policies. The name of the insurance company does not have anything to do with how much the policy will pay out. The black ink on the policy paper defines what benefits and coverage you and your family have.
I touched on this earlier, we do have clients who wish to minimize their premiums and purchase traditional whole life insurance which may include a paramedical exam in your home. A bit more time committment due to a visit from a nurse is the main downfall of this option in exchange for a “juicier” and less costly policy. This is only adviseable if your coverage exceeds 25,000 or more.
If you are looking for affordable rates, simplicity and don’t need a lot of coverage, the no exam final expense whole life products shown in quoting tool are a simple, straight forward and very cost effective solution. No needles or waiting for the knock on the door for this one.
Affordable Whole Life Insurance Quotes
In order to get the most affordable whole life insurance quotation, your age combined with your overall health will be the primary factors. Of those two factors, age will have the greatest influence. A male, age 80 for example, will have a considerably higher premium for a $15,000 policy than a 70 year old male on the same exact policy.
You are encouraged to find a seasoned independent agent or agency that can shop your coverage with all the top life insurance companies that cater to the elderly. If you’re looking for an affordable whole life insurance quote you want the case shopped out by a professional who has access to the top insurance companies for seniors.
While some life insurance carriers may not be able to accept you, another carrier or two may be fine with any health problem(s) you may be having.
The key is to try to always qualify for full, immediate benefits. Avoid guaranteed acceptance whole life policies unless there are no better options.
We can help you do that.
Conclusion: Cheap Whole Life Insurance for Senior Citizens
As I close this article, if your a senior 50-90 looking for cheap whole life insurance, I would certainly recommend you have a conversation with an independent agent or broker. Someone who not only specializes in life insurance for people in this age group but also works with the top carriers on the market.
Whole life insurance for seniors varies in cost significantly from company to company. While one or more insurance companies may decline or “rate you up,” it does not mean that there are not others that will offer you the lower cost, first day, full coverage. The key is having a proper health assessment done by an experienced, independent professional to sort out the significance of your health and point you to the best solution that benefits both you and your family. This will produce the best outcome for you, your family and a “top tip” for uncovering the truly affordable life insurance polices from the top companies.
Be upfront and let us know if you have any tough medical conditions. We can get you insured with an affordable “cheap” whole life insurance policy. Protect those loved ones that are most important to you.
Just remember that not all cheap whole life insurance is created equal. Make sure the policy you apply for comes from an insurance company that has a low complaint index provided by the NAIC (National Association of Insurance Commissioners).
Obtaining “the best” whole life insurance for seniors has never been easier and can be acquired right over the phone.
Let us know if you have any further questions or need our help. 269-244-3420
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