Even as little as a few years ago many insurers would not accept any applicants over the age of 60, leaving many seniors without the policies. Fortunately, many companies are now seeing that seniors are excellent candidates with good credit ratings and fewer financial burdens, such as mortgages, paying for their children’s education, or large credit card balances. Additionally, many seniors are still working and lead healthy, active lives. People are also living longer and the market for insurance is growing every day, making selling to seniors more and more attractive.
You will need to set aside a few hours at least to find the insurance plan that’s right for you and your family. But let’s narrow down what type of insurance you should be looking for. First is Deferred Life insurance. These are short-term policies and only pay a limited death benefit and only within the first few years of the policy. After that initial period of time, designated beneficiaries can get the full policy. The second type is called Guaranteed Life and this is a long-term plan, usually 20-30 years. To obtain this type of plan you will probably have to undergo a physical to ascertain health status. But once you have been accepted your benefits are yours and they cannot deny you based on health issues that may occur in the future.
As you are doing your research, be careful not to taken by a policy that is not quite right for you and your loved ones. Make sure that before you sign on the dotted line that you have read the full proposal. Also be sure to request the full disclosure on the policy that you are considering, especially if you are selling one policy to move to another. Some companies charge fees to switch policies that are not easy to spot and may end up costing you money you didn’t plan on.
As you narrow your search, consult your state insurance commission to make sure that the broker, agent, and company are properly licensed. They can also provide you valuable tools for your search.