What Is the Best Way for People Over 65 to Find Affordable Life Insurance?

The best way for people over 65 to find affordable life insurance is to do comparison-shopping.

Generally, over 65 life insurance options are limited than for those who are younger. Some companies do not even offer coverage—or at least remotely affordable coverage—to seniors.

So how do you find life insurance for over 65 that fits your needs and your budget? First, confirm your reason for buying coverage; the reason affects the amount of benefit you need and the amount of premium you pay. Some people over 65 are buying a policy for the traditional reason: to make sure their significant other can continue to enjoy their current lifestyle even if their partner’s income disappears. For most couples, the loss of one person’s income could mean the difference between keeping a home or losing it.

Other people are buying a policy to make sure that their loved ones do not have to face the financial burden of exorbitant bills for end-of-life medical care. If, worst case, you spend your final days, weeks, months (or, in some cases, years) in hospital or hospice care, the bill could easily be hundreds of thousands of dollars.

If you are buying coverage to make sure your medical expenses are paid, you also may want to factor in the expense of your funeral and burial or cremation when calculating the amount of the benefit of your policy. These costs can exceed $10,000, $15,000, or more.

Maybe you are seeking a life insurance policy to name your grandchildren as the beneficiaries. What a great start on a college fund! Keep in mind that tuition plus room and board at a college today can cost $20,000, $30,000, $40,000, or more per year. With inflation, how much higher will that go by the time your grandkids enroll? Figure that if you have four grandchildren and they will be college age within 15 years, earning a diploma from a four-year college could cost, conservatively, $200,000 per child. That’s $800,000 for four grandkids!

Or perhaps you are among the people who buy life insurance and designate your church, temple, mosque, or favorite charity as the beneficiary. This is an excellent way to leave an enduring, positive legacy.

You can see how different needs determine the amount of coverage you need. There are many insurance options that offer a sizeable benefit amount with a very affordable premium—surprisingly affordable in many cases, and from companies that are among the biggest, most stable, and reputable in the insurance industry.

The key is comparison-shopping, which used to mean going from one company to the next, one agent to the next, filling out forms, waiting for replies…It was a time-consuming hassle. Was. Now, there is an easier, faster way. Advances in software technology now make it possible to get quotes online from many different companies, all at one time, all in one place. Try this service. You have nothing to lose, because it costs nothing. No fee. No obligation. And you don’t have to fill out lengthy forms—just answer a few short, simple questions (such as the state where you live and the year you were born), click one button to get your quotes, and, in seconds, you see quotes from companies whose names you recognize, all competing to offer you the coverage you seek at a price you can afford.

A service such as LifeInsuranceOver65.us can help you find those companies that even offer coverage to people over 65. It can even help you find high-quality coverage with no medical exam required, if that is the kind of policy you seek. If you are over 65, don’t delay. Compare all your options today!