What I Discovered about Senior Citizen Term Life Insurance
Senior Citizen Term Life Insurance
To be quite honest, I wasn't quite sure what the difference between term life, whole life, and senior citizen term life insurance until a friend of mine asked me to look into it for her aging parents.
What did I find out? I found out that many people believed that after retirement, affordable life insurance coverage, even term life, was impossible. That's wrong. That might have been true a decade or so ago, but not anymore.
However, I did discover that there were a few things to take under consideration when comparing rates and policies for senior citizen term life options. For example, age and health continue to be major determining factors for qualification with many major insurance carriers. Smoking, obesity, conditions like diabetes, and alcoholism (or if you drink heavily) can also be considered risk factors which may affect policy coverage and premiums.
Finally, high risk insurance for extremely active seniors (and I'm talking about those who are especially adventurous and like to go skydiving or engage in otherwise dangerous activities), yes, senior citizen term life insurance can get pricey.
I did some checking and found out that the average premium for a $100,000 term life insurance policy could range anywhere from $65 to $120 a month for a non-smoker, and of course, the rates go up for those who do smoke. However, a number of organizations can help with cost comparisons, coverage, and financial difficulties, especially for seniors living on fixed incomes.
In such cases, I would look into discount insurance policies suggested (and often sponsored by – so carefully compare) the American Association for Retired Persons (AARP) to start your search.