As a senior, it’s no secret that finding an affordable term life insurance quote is like finding a needle in a haystack. With the increase in age comes an increase in liability, and therefore life insurance companies charge an arm and a leg for even the smallest death benefit. This can make the search for an affordable quote tedious and exhausting, but it doesn’t mean you should give up on the search altogether. Here are a few ideas that will streamline the process and help you find affordable term life insurance for seniors faster.
Know How Much You Need
One of the first things you should do before you even start shopping is figure out how high you need your death benefit to be. This may sound easy, but that’s far from the truth. It’s not a good idea to pull a random number out of the air and call that your death benefit. Instead, you should find out how much you want your family to receive annually and for how many years. Contrast this against any savings, investments, and social security benefits you have, and it should be simple to come up with a death benefit amount that will keep your family financially secure in your absence.
Know Your Budget
Inherent in the definition of affordable term life insurance for seniors, another thing that’s important to nail down before you start shopping is your premium limit. It’s a great idea to have a small premium range in mind so that you can avoid that moment of indecision when a quote comes back higher than you expected.
Know Your Beneficiaries
At first instinct, choosing your beneficiaries should be easy. Most people will choose a combination of their spouse and children, or just their spouse alone. However, what’s most important to remember is that the beneficiary should be someone who has insurable interest in your life. This could be a business partner, for example. You will also have the option of choosing a secondary beneficiary, or someone who will receive the death benefit in the event that both you and your primary beneficiary die.
Know Your Desired Term
The name “term” life insurance refers to a specific period of time. All term life insurance policies are written with a specific timeframe in mind, and are usually offered with three options: ten, twenty, or thirty years. Identifying the right term for you and your needs is an important thing to know before you shop. One reason for this is that, should you survive past the end of your term, the policy will need to be renewed in order to continue your coverage, and premium will always increase at renewal since you’ve aged by at least ten years. If you want affordable term life insurance for seniors, you might consider a longer term than ten years if you expect to live longer than that. If you are just beginning your retirement, for example, it may be much wiser to buy a thirty year term and pay the same premiums for the entirety of that term, rather than increase every ten years.
Once you’ve determined these factors, you should be ready to begin shopping. There is a wide variety of options, and your provider is truly up to you. Some prefer an agent, but there are many convenient online shopping options as well.