Reader’s Question:

My spouse and I are shopping around for life insurers that give affordable cover for seniors (we’re both 55 years old.) What is the best way that we can do this these days?

Sarah

Atlanta, GA

Life insurance can be a great financial asset. It can also provide you peace of mind knowing your dependents are taken cared of should something happen to you. Below is a guide to help you and your spouse maximize your ability to obtain affordable senior citizen life insurance:

STEP 1: Identify the Type of Policy That Best Suits You

Before searching for affordable senior citizen life insurance, first understand what kind of insurance you’re looking for. There are many types of coverage available and choosing the wrong one can be a costly mistake. A term life policy is ideal of you and your spouse only need coverage for a set number of years. If you both prefer lifetime coverage, then whole life policy is good.

STEP 2: Obtain Quotes from Many Different Insurers

Use life insurance comparison websites. They offer free rate quotes coming from many different life insurers today. You can instantly compare prices to see which life insurers have the best offers. Also try to get quotes from insurers that specialize on seniors. Often times these specialized insurers have cheaper rates than the general coverage life insurer.

STEP 3: Identify the Top Life Insurers

Do some homework on the best-overall insurers out there. Rating agencies like Moody’s, J.D. Powers and A.M. Best do a good job in rating and identifying the best performing companies today. This is vital information that every consumer should take advantage of.

STEP 4: Buy a Policy Wisely

Keep in mind the following once you’re ready to buy a policy: 1.) Buying a higher coverage amount can get you slightly lower rates, 2.) Ask about discount options, you never know what you might be eligible for. 3.) Pay annually, you pay a lower annual total compared to being billed monthly.