Senior Citizen Term Life Insurance
What is senior citizen term life insurance?
It’s a type of life insurance that provides temporary coverage for a specific number of years.
Usually, term life insurance for senior citizens offers coverage for a term of 10, 15, or 20 years,
The length of term available for seniors depends on your age and health, as well as, the insurance company.
There are several factors that may affect your rate for life insurance for seniors. Among the main factors affecting rates are your age, gender, health, occupation, family health history, hobbies, driving record, height-to-weight ratio, and whether or not you smoke, among other factors.
Among the term life plans available for seniors are term life requiring a medical exam to qualify, and no exam term life insurance for seniors..
Usually, a life insurance company will require a senior to take a physical exam, blood and urine tests in order to determine if you qualify for life insurance.
However, there are some life insurance plans for senior citizens that do not require a medical exam. In fact, some plans may offer up to $30,000 or more of term life insurance without a medical.
No exam life insurance for seniors does offer the benefit of no physical exam and you may be able to apply online today. But, these plans are usually limited to a smaller amount of life insurance, and the rates may be higher than you might pay for life insurance that does require you to take an exam.
Among the leading providers of senior life insurance plans are Globe life and Accident Insurance Company, Colonial Penn, and Mutual of Omaha, among others.
When comparing term life insurance plans make sure you understand if you outlive the term of your term life policy, your life insurance coverage expires.
In addition, make sure to review the financial strength rating of the life insurance companies, which is an indication of the insurer’s ability to meet their financial obligations.
Learn more about Senior Citizen Term Life Insurance and what options may be available to you.
Pinney Insurance from Roseville, CA on January 28, 2011:
Life insurance coverage for senior citizens has changed over the years. Now there are some "no health exam" options and even coverage for individuals with preexisting conditions. This Hub does a great job outlining all the different elements to look for when shopping for coverage.