The marketplace has changed greatly for seniors searching for life insurance. Premiums have gone down in most cases, but at the same time, insurance companies are looking more carefully at certain risk factors such as lifestyle and travel.
When buying life insurance as a senior citizen there are six important factors to think about:
Life insurance up to the age of 85 is now quite usual. Though, the payments vary somewhat between ages 65, 75 and 85. If you look at the current rates you will notice that this is the perfect time to search for and buy life insurance.
Face amounts can be as little as $5,000 and charges can be as little as $20/month.
At the age of 69 you will find that a lot of creditor insurance policies have come to an end. Individual life insurance is probably the better option if you are in perfect health and coming up to or have already retired.
If you lucky enough to be in excellent health with an excellent family health history, you could certainly qualify for the preferred rates.
Another option to investigate, which usually comes with cheaper premiums, is last-to-die coverage which is on offer at most insurance companies. This form of insurance is bought primarily for estate planning and pays out a tax-free death benefit upon the passing of the last surviving spouse.