Getting life insurance is usually something that is best done when you’re younger, many people even get life insurance when they get married or have their first child. It’s understandably not something everyone will want to think about but there are a number of great benefits to getting life insurance and that applies to everyone regardless of age.
It might be more advisable to get life insurance while you’re younger after all it will give you more options when it comes to choosing your policy. But that doesn’t mean seniors even those aged 70 and over shouldn’t get life insurance.
Now, first of all, I have some good news for you people aged over 70 can still get life insurance, there might be less options available, but things have changed a lot recently. And there is a lot of competition between insurance providers and agents when it comes to getting seniors a life insurance policy.
You can check out the Life Insurance Guideline for more information about getting a policy. But while getting a policy might be easier these days you still have to consider the expense. This is going to be one of the main driving factors behind your decision to get a policy or not, but we can help you there.
Below we’ve listed five top tips for getting a life insurance policy if you are a senior for a much cheaper price. Age is one of the biggest factors when it comes to getting life insurance but just because you’re older doesn’t mean you should have to pay a lot of money for insurance. So, without further ado let’s take a look at our top five senior tips for getting life insurance.
This is a mistake many people make no matter their age but it’s especially important when it comes to seniors. You need to make sure you don’t overbuy when you’re getting insurance because that can quickly leave you out of pocket. The older you are the less financial obligations you should have and therefore you should be looking for less coverage.
Have you paid off your mortgage? Or maybe it’s nearly paid off so then you won’t need to worry about paying extra for your insurance to cover the costs. That’s just one example there are a lot of ways you can reduce the price of your policy so don’t overbuy.
Getting a policy that simply includes too much insurance is an easy mistake to make so before you go scouting for insurance policies/ plans make a list of what you actually need insurance for. For example, do you simply want to help with funeral costs? And once you have that list use it as a base for your search.
Get Plenty of Quotes
The next tip we have links into the first once you’ve got an idea of what cover you want to go out there to all the insurance providers you can find and see what quotes they give you. Now while more insurers are giving plans to seniors even those that aged 70 and over don’t be put off if a few turn you down.
You’ll still fine plenty of providers willing to give you a quote and I would strongly recommend you get a lot of quotes before making a decision. Getting a quote costs nothing and you have nothing to lose but a lot to gain by getting as many as you can.
Don’t Be Afraid To Negotiate
Another tip that follows along from our first two once you’ve got your quotes an important thing you should remember is to not be afraid to negotiate. Competition between life insurance providers is very fierce so some gentle negotiating could net you an even better deal.
Many people (no matter their age) could get a much better deal on their insurance if they just haggled a little. This can work particular well if you are dealing with an insurance agent directly, so don’t be afraid to negotiate even if the quote is already good you have nothing to lose and a possibly a lot to gain.
Consider Group Insurance
Now this is only a tip you can follow if you are still working and even then, your employer will need to participate in a group plan insurance policy. The good news is that many employers do offer this and even if they don’t you could always suggest it to your boss.
There are a number of benefits to group insurance plans and it’s a great employee benefit so if your employer does offer it you should join it. As it will usually be a less expensive option and should provide you with the cover you need.
However, before you join it you need to make sure you can maintain the policy once you separate from the service. In the majority of group insurance plans this is covered though so you should be able to maintain cover even when you stop working.
Stay Active and Healthy
Finally, the last tip is easily one of the most beneficial and it goes beyond just helping you get a better deal on your insurance as well. Age is one of the most important factors when it comes to life insurance but so is your health and by staying active and healthy you can get a much better deal on your life insurance.
Now we know staying active and healthy is easier said than done and it becomes more difficult the older you get. But there are a number of ways you can stay fit and healthy when you reach older age, try to keep a balanced diet, do some light exercise and quit any bad habits you have like smoking.
Staying fit and healthy as a senior isn’t as hard as it may seem, and it will certainly help you get a better deal on your life insurance. Many insurers will include a medical check-up as part of their policy arrangements so by staying fit and healthy you can drive the cost down.