Life insurance for seniors







Life Insurance for Seniors is becoming more and more relevant. If you are 65 or older, it’s no secret that finding affordable life insurance is a tough task, but also necessary for things like funeral coverage and final expenses. Life insurance companies are taking a much greater risk issuing a policy to a senior citizen compared to a 40 year old. Understanding your options before you buy will save you thousands of dollars over the rest of your life. Here are a few hints to help seniors find affordable life insurance over the age of 50.


Simple Issue vs. Fully Underwritten Life Insurance for Seniors: There’s two ways to buy life insurance; with or without medical records and lab work. Life insurance is based off risk and life expectancy. Insurance companies selling fully underwritten coverage evaluate risk by accessing medical records and current lab work. This information allows the companies to establish a risk which correlates to a price. Nowadays the insurance industry also offers coverage without the hassles of medical records, physicals, or lab work. To protect the insurance company, no exam life insurance premiums are more expensive because risk is assumed to be higher.  A simplified issue life insurance policy might be appropriate for those who don’t want the hassle, and or are substandard to begin with.

Guaranteed UL is a GREAT CHOICE for life insurance for seniors:Almost all consumers are going to need life insurance well beyond their retirement, and most likely for life. A Guaranteed Universal Life policy is extremely attractive, as it allows consumers to lock in a guaranteed death benefit while paying a constant premium for an exact period of time. Guaranteed UL is a great choice for many different reasons including:

  • Avoidance of risk from market volatility
  • Lower interest rates
  • Stability in unstable times
  • Can be paid up at any time


Who to avoid and why:  Life Insurance for Seniors can be a tricky endeavor. Unfortunately some companies provide misleading information. Companies like NYLAARP and Globe Life Insurance sell products that are not very competitive and offer limited benefits or increasing premiums. NYLAARP offers a few different products that need to be exposed. A consumer should always ask about guaranteed level period as they sells policies that increase in premiums. Also make sure the death benefit is level and not graded or modified which could be mean an insured would not be covered in the first few years from natural death.  Globe Life Insurance or Global Life offers misleading advertising for coverage for one dollar, then the policy they sell increases in premium every five years. The agent tells you their term plans are good till ninety-five but what they don’t tell you is the cost increases twice a decade! Buyers beware

Where should you go for senior life insurance? If you’re in the market for life insurance, use an independent broker! An independent broker has your best interest at heart as they help shop and compare rates.  Goldsmith Insurance is able to quote you over 50 different life insurance companies, which assures you are always getting the best deal for your insurance solution. An independent broker is also knowledgeable of many different products and companies to help educate you, so you know exactly what you’re buying.