65 and Older Life Insurance

If you are looking to purchase 65 and older life insurance there are a few things to know before purchasing a life insurance policy. First thing to understand is that most insurance agents assume that if you are 65 or better and looking for life insurance that you are wanting a final expense policy. Second, thing to know is that you should disclose health information to your insurance agent. Hiding information from the agent is only going to slow down the process and sometimes will take three times as long. As an insurance agent if I have all the information I can better advise my client on which plan will work better.

Health Insurance example - Disclose Information to your insurance agent

Here is an example for the health insurance side. If I have a client with diabetes and high blood pressure I know most insurance companies will not accept this individual if they are outside of their Medigap Open Enrollment Period. There are a few insurance companies like theĀ United Healthcare Product and the BAI Guaranteed Issue Retiree Plan that will offer coverage to this individual. However, if the client never tells me when I ask them about health conditions we may waste a month or more applying with different insurance companies that will never consider this individual. The same type of example can apply to 65 and older life insurance or any insurance policy for that matter.

65 and Older Life Insurance

When you are 65 or better looking for a life insurance policy, know up front that rates are going to be higher than quotes that you saw at 60 years of age. 65 and older life insurance policies tend to have higher premiums and some insurance companies choose not to write insurance policies for this age market. However, many carriers like TransAmerica, Prudential, Lincoln and other carriers tend to write a good bit of business in that age range.

Final Expense policies are the most common policies for 65 and older life insurance. These policies cover final expenses such as medical bills, funeral costs, other minor outstanding debts and other things that the insured may have to their name. Senior Insurance Plans such as this one usually range in benefits from $5,000 - $50,000 and ask very few health questions. Some of these plans are even guaranteed issue which means you can't be declined - expect higher premiums with these plans.

For more information on 65 and older life insurance please contact Medicare Insurance Finders at 1-877-759-5760 for rates and other information.