Senior Term Life Insurance

Should the elderly get senior term life insurance? This subject can be a bit more complex than other subjects when it comes to life insurance. Most senior citizens look at getting a whole life or permanent life insurance policy because they are generally speaking suffering from age related health issues and may die within the next year, or maybe the next 10 years, or they may even surprise us all and live for another 20 or 30 years. For those elderly people who are relatively healthy, over the age of 60 and are non-smokers, term life insurance may be worth it.

Overall, term life insurance is less expensive than whole life insurance. If an elderly person meets certain qualifications, they may be able to find a term life insurance policy that will cover them for much smaller premiums than a whole life insurance policy would. The qualifications for a person aged 60 to 85 in regards to getting a term life insurance policy can be more strict and the pay out my not cover all causes of death. The most obvious cause of death that will not be covered (and no insurance policy will cover) is suicide. Death from a pre-existing condition may also not pay out.

As an example, if a senior citizen goes to get a term life insurance policy and has a preexisting condition like high blood pressure they may still be able to get a term life insurance policy, but a restriction for pay out may include death from a stroke or heart attack. But if they die from cancer or in an accident, their beneficiaries will get a pay out.

It is important to work with an agent who will be able to iron out the details that just can't be done on your own. As a senior, you may hit some snags and be denied for coverage, but it doesn't hurt to ask if you feel that you need a term life insurance policy.

There are more qualifications and restrictions when it comes to a senior getting term life insurance, but if they are relatively healthy, are still capable of daily activities, meet age specifications and pass medical screenings they may be allowed to get a term life policy. The benefit here is a reduced price in premiums. So, as a senior, who may have debts that still need to be paid, or medical bills or other expenses that would pass onto their family, getting something like a 15 year senior term life insurance policy may work.