Final Expense Insurance Policies

People purchase life insurance for any number of different reasons. For some, it is to replace income, and for others it is to pay off debts. For many, however, the reason is to pay the high cost of their funeral and other related costs - and for this reason, many individuals will purchase final expense life insurance. (more…)

Buying Life Insurance with Bad Health

When purchasing life insurance, there are many different variables that go into consideration by the insurance company's underwriters regarding whether or not you will qualify for the coverage. One of the biggest of these is your health.life insurance with bad health

For many people, qualifying for a life insurance policy is fairly straightforward. It is simply a question of completing the information on the application for coverage, and then undergoing the paramedical examination, which entails submitting a blood and urine sample. These samples are tested by the life insurance company for various health conditions that could deem the insurer for certain potential risks of claim.

Unfortunately, though, for some life insurance applicants, qualifying for coverage is not quite as easy. This is because of an adverse health condition. In these cases, going about applying in the traditional manner may result in the applicant being rejected for coverage. The good news is that if you've been turned down for life insurance in the past due to bad health, you still have other options.

How Life Insurers Rate Policy Holders

When life insurers review an applicant, they will take into consideration a number of different factors. Certainly, health is included. However, there are other criteria that the underwriters also factor in as well. These can include:

If an applicant has a particular health issue that puts them into a high risk life insurance category, the underwriters will typically ask more in-depth questions regarding that issue. These questions may include:

Once the underwriters have obtained all of the information regarding your condition, they will be able to make a more informed decision regarding coverage. In many cases - and especially for those who apply for life insurance with bad health - it is likely that the underwriters will need to obtain additional information from the applicant's medical professional.

Options for Purchasing Coverage

For those buying life insurance with bad health, it may seem like there aren't many options. But the truth is, there are several ways that you can go when you need this type of protection. One way to do so is to consider the purchase of a no medical exam life insurance policy. These types of policies can make it much easier for those who have bad health to qualify for the life insurance coverage that they need - without having to worry about undergoing a medical examination in order to be approved.

There are a couple of variations with no medical exam life insurance plans. For example, a burial insurance policy has just a few simple health questions on the application for coverage that will help in determining the insurability of the applicant. These questions will usually ask if the individual is a smoker, if they have been diagnosed with HIV / AIDS, and if they currently reside in a long-term care facility.

In most cases, a simplified issue life insurance policy can be issued within just a few days, as versus several weeks - or months - that it takes for a traditionally underwritten policy to be approved.

A guaranteed issue life policy will also not require a medical exam. However, these policies will also have no health questions either. Therefore, once the premium has been paid by the applicant, he or she will be guaranteed for approval and will have life insurance coverage.

It is important to consider, though, with a no medical exam life insurance policy, that because the insurance carrier is taking on higher risk applicants with these plans, the premium that is charged will be higher than for policies that are traditionally underwritten. If, however, this is the only option for obtaining life insurance coverage, it could still be well worth the premium price.

How and Where to Find Life Insurance - Even If You Have Bad Health

If you're buying life insurance with bad health, it is a good idea to work with either a company or an agency that has access to more than just one insurance carrier. There are a couple of reasons for this.

First, by doing so, you will not be locked into just one insurance company's underwriting standards. When underwriting life insurance, not all insurers will use identical criteria. This means that while you may be rejected by one carrier, you could be accepted by another. Therefore, by applying with more than one company, you can improve your chances of acceptance substantially.

In addition, applying through multiple carriers can also provide you with the opportunity to compare the different companies' policies, benefits, and premium quotes. This can help you to determine which will work the best for you, your situation, and your insurance budget.

When comparing life insurance policies, we can help. We work with many of the top life insurance companies in the marketplace today, and we can get you all of the important information that you need in order to make a more informed purchase decision. In order to begin, all you need to do is get a set of quotes by filling out the form on this page.

Should you have any additional questions as you move forward, our experts are here to assist you. We are happy to guide you with any of the information that you need, including:

You can reach us directly by calling, toll-free, 877-235-9299. We understand that the purchase of life insurance can be a big decision - especially if you have bad health, and you have been turned down for coverage in the past.

We're experts at working with high-risk cases - and can point you in the right direction up front, saving you countless hours of time and frustration throughout the entire process. So contact us today, and see how we can help you get the protection that you need, and the peace of mind that your loved ones deserve.

Can Seniors Add More Life Insurance Coverage Later?

The purchase of life insurance can entail many different parameters. These may include which type of coverage is right for a person's needs, as well as which carrier may best fit with a particular insured.

One of the most essential decisions when obtaining life insurance, though, is determining how much coverage to purchase. This is because an insured does not want to leave his or her loved ones or survivors with too little in proceeds to move forward with paying off debt or final expenses or other needs that they may have.more life insurance coverage for seniors

For seniors, the needs for life insurance can be many. These may include the payment of funeral and other related costs. Today, the cost for a memorial service, burial plot, headstone, and other related items can often exceed $10,000 - an amount that a spouse or other loved ones may simply not have readily available.

In addition, a senior spouse may also require life insurance proceeds for other needs, too. For example, in many instances, when a senior passes away, his or her pension income may also stop or be reduced substantially. This could leave a surviving spouse with a greatly diminished incoming cash flow - which in turn, could leave them in a financial hardship without life insurance proceeds to rely on.

Oftentimes, when life insurance is purchased, the amount at that time is sufficient for a person's current needs. However, as time goes by and needs begin to change, the amount of coverage may have to be increased. Therefore, it could be that a senior may need to either raise the value of their current life insurance coverage or consider the purchase of an additional policy.

Raising the Face Value of Current Life Insurance Coverage

One way to obtain additional life insurance protection is to raise the face value of currently owned coverage. In doing so, a senior may or may not need to prove evidence of insurability - depending on the policy and the insurance carrier.

The amount of additional coverage that may be added may also depend on a variety of factors. These can include the age and health of the senior, the type of coverage that he or she owns, and the carrier that the coverage was purchased through.

Purchasing an Additional Life Insurance Policy

A senior could obtain additional life insurance coverage by purchasing another separate policy, rather than increasing the coverage that they already own. When going this route, there are a number of different options that may be chosen. These will typically depend on how much coverage is needed, as well as the health of the senior.

If, for instance, the senior is in good health, then there are a variety of options that may be chosen for purchase. These will include either term or permanent coverage. With term insurance, a policy that covers pure death benefit protection can be obtained for a certain number of years. This will provide more affordable protection - however; the coverage will expire at the end of the policy's coverage period.

A permanent life insurance policy will provide both death benefit protection, as well as a cash value component. While the premium will be higher than that of a comparable term policy, permanent coverage also provides the ability to have tax deferred savings within the policy. These funds can be either borrowed or withdrawn in the future for any reason - including paying off debt or supplementing retirement income.

Most traditionally underwritten term and permanent life insurance policies will require that a senior go through underwriting and provide evidence of insurability in order to qualify for coverage. Often, this means going through the medical examination, which typically entails providing a blood and urine sample.

Many seniors opt to purchase final expense life insurance. This type of coverage, which is also oftentimes referred to as either funeral insurance or a burial policy, is purchased for the purpose of paying off the high cost of final expenses such as a person's funeral and burial services. Final expense life insurance can provide a person's loved ones with the cash that is needed quickly - and can keep family members from having to dip into savings or other assets for the purpose of paying off these bills.

If a senior has various health issues and may not qualify for medically underwritten life insurance coverage to add to their existing coverage, then they may opt to apply for a no medical exam life insurance policy. As the name implies, these policies do not require that the applicant undergo the medical exam in order to qualify for coverage. Often, all that is required for policy approval is for the individual to answer just a few questions on the application for coverage - and in many cases, a policy can be approved within just days, or even sooner.

With no medical exam life insurance coverage, as long as the premium continues to be paid, the policy cannot be cancelled. And, even though the premiums for this type of coverage may be more than that of medically underwritten coverage, this could provide the only way for some seniors to obtain the additional life insurance protection that they need.

How to Find the Best Premium Quotes on Life Insurance Coverage for Seniors

When seeking quotes for additional life insurance coverage for seniors, the best way of doing so is to work with an agency that has access to multiple insurers. This way, you will have many more choices - which also means that you will be able to review and determine which plan will work the best for you and your personal needs.

If you are ready to move forward, we can help. We work with many of the best life insurance carriers in the marketplace, and we can assist you in getting all of the information that you need. When you're ready to obtain these details, get a free set of quotes by filling out the form on this page.

Should you have any additional questions, our experts are available to walk you through the answers. We can be reached via phone, toll-free, by calling 877-235-9299. We know that finding additional life insurance coverage for seniors may seem difficult. But the truth is that there are many options. So, contact us today - we're here to help.

Can You Purchase Life Insurance On a Senior Spouse Without Them Knowing?

Many people have life insurance on the life of someone who is important to them. This is because the loss of a loved one, in addition to being emotionally devastating, can also oftentimes cause financial hardships as well.life insurance on a senior spouse

Most often, we hear about parents purchasing coverage so that their young spouse and children can go on, ensuring that income will sustain them for many years to come. There are also numerous reasons for older individuals to have life insurance coverage as well. These can include the assurance that retirement income will continue, that debts will be paid off, and that costly final expenses will be paid.

In many instances, when life insurance is purchased, the insured individual is aware that the purchase is taking place. This is due in large part to the fact that the insured will be required to undergo a medical examination as a part of the overall underwriting process, which includes submitting a blood and urine sample. Also, in numerous cases, the insured is also the applicant on the policy.

There are some situations where a senior spouse may wish to purchase life insurance coverage on his or her spouse without their spouse knowing about the coverage. The question is, can this be done?

Is It Allowable to Buy Life Insurance on a Spouse Without Them Knowing About It?

While a person's intentions may typically be good, it is not possible to purchase life insurance on a senior spouse without them knowing. In addition to the medical exam issue, there are a number of other reasons for this, such as:

What About No Medical Exam Policies?

There are some types of life insurance policies that do not require an insured to undergo a medical exam as a part of the underwriting process. With these no medical exam policies, oftentimes an individual will only be required to answer just a few questions on the application for coverage, and a policy will be approved - generally within just a few days, or even sooner.  They are typically taken out for people who fall into a high risk classification and cannot pass the full underwriting process.

In such instances, it is also the job of the insurance carrier to conduct its due diligence with all applications that come through. This can help to prevent cases where coverage is taken out on individuals without their knowledge or consent - even if the insured is a spouse or other loved one.

Some Exceptions to the Rule

There may be some exceptions to these instances of purchasing coverage for a spouse without his or her consent. For example, in a group life insurance situation, it may be possible to buy coverage on a spouse - including a senior spouse, provided that he or she is married to the employee / group member - without their knowledge of the coverage.

According to the National Association of Insurance and Financial Advisers, prior to 2006, companies were even allowed to purchase life insurance on the lives of their employees without the employee's consent or knowledge. However, today, this is no longer the case as this practice is not legal.

How to Obtain the Best Life Insurance Policy Quotes

In order to obtain the best senior life insurance policy premium quotes, it is typically wise to work with a company or an agency that has access to more than just one insurance carrier. This way, you will be able to directly compare the benefits, policies, companies, and premium amounts - and from there, you can determine which will work the best for you and your specific needs.

When you are in the market for life insurance - either for yourself or a loved one - we can help. We work with many of the top life insurance companies in the industry today, and we can assist you with obtaining all of the important details that you need for making a purchasing decision. We can do so for you quickly, easily, and conveniently - all from your home computer. So, when you're ready to move forward, get a set of life insurance quotes by filling out the form on this page.

If you find that you still have any questions regarding life insurance coverage, our experts are here to provide you with answers to your concerns. We can be reached directly via phone, toll-free, by dialing 877-235-9299. We understand that the purchase of life insurance for a senior spouse can be a big decision. You want to ensure that you are obtaining the right amount of coverage for your needs, yet at a premium price that is affordable. The good news is that you have many viable options. So, contact us today - we're here to help.

Finding No Exam Life Insurance for Seniors

While there are some people who will argue that seniors have no need for life insurance, the truth is that there are numerous reasons why someone who is in their 50s, 60s, and over should have this type of financial protection.

First, most everyone will have some amount of final expenses. Today, the average cost of a funeral in the United States runs at about $10,000 - especially when you factor in the expense of related items such as a burial plot, headstone, and flowers.

In addition, it may be that pension plans will stop paying out following the death of one individual. If this person is married, it could leave their spouse or partner without an income in retirement - a time when they need that income the most. Having a life insurance policy could provide the other person with the ability to continue receiving incoming funds throughout the remainder of their retirement years.

Life insurance for seniors has many other purposes, too. For instance, it may be purchased for paying off estate taxes, funding high college education costs for a grandchild, or even donating to one's favorite charity in an amount that is much larger than could have been done during life.

When applying for coverage as a senior, though, there is a concern about qualification. Because of advancing age - as well as potential adverse health issues - it may be more difficult for someone who is a senior to qualify, especially for traditionally underwritten coverage.

The good news is that, even if you have been turned down for life insurance in the past, there are still options available for obtaining the policy that you need. That is in the form of no exam life insurance.

No medical exam life insurance for seniors

What is No Exam Life Insurance?

No exam life insurance is life insurance coverage that, as its name implies, does not require that the applicant undergo a medical examination during the underwriting process. With this type of coverage, there is oftentimes only an application for coverage to complete. A no exam option could be an ideal choice for a senior who may have adverse health issues as he or she will not need to worry about having to submit a blood and urine sample. Nor, in most cases, will they be required to answer a myriad of in-depth medical questions.

In many cases, the life insurance underwriters will want to review other types of information in order to determine the type of risk that a potential insured may be. Some of the senior applicant's information that may be reviewed includes:

Because there are no medical requirements to contend with, these policies can typically be approved much more quickly that traditionally underwritten life insurance coverage, too - meaning that a senior can obtain their policy within just a few days as versus several weeks, or longer, if they had opted to go with a regular policy.

It is important to note, however, that because the applicants who purchase no exam life insurance are often considered to be a higher risk to the insurance company due to their age and / or health, the premium that is charged for this coverage is usually higher than the cost of a comparable plan that has medical underwriting.

However, a no exam life insurance policy for a senior could provide the best option that is available for ensuring that his or her spouse or other loved ones are covered with the financial protection that they need when the time arrives.

What Types of No Exam Life Insurance Are Available for Seniors?

A senior can typically purchase either term or permanent coverage on a no exam life insurance policy - depending on the insurance carrier that they choose to go with. In this case, the policies will operate in much the same manner as regular life insurance policies do, with face amounts of up to several thousand dollars in coverage.

For example, a no exam term life insurance policy for seniors will provide death benefit protection only, without any type of cash value or investment value build up. A senior can usually choose a certain time frame, or "term," on their term life policy. These are oftentimes for five years, ten years, 15 years, or 20 years. In some cases, a 30 years term life plan may also be offered, depending on the age and health condition of the individual who is applying for the coverage.

A permanent no exam life insurance policy for a senior will offer both a death benefit, as well as a cash value component. With permanent coverage, there is no time limit, as these policies are meant to last throughout a person's lifetime. Once a senior owns a permanent policy, the coverage cannot be cancelled by the insurance company, other than for the non-payment of premium - and, the premium amount is typically locked in and cannot be increased.

For a senior, a permanent policy offers a nice way to ensure that the premium that is charged will not go up. So, for those who are living on a fixed income or budget, this can be extremely helpful.

The cash value provides the senior with a way to save money on a tax-deferred basis. This means that the gain in the cash fund will not be taxed until the time it is withdrawn. The funds can be borrowed or withdrawn for any reason, such as retirement income supplement, paying off debts, or just supplementing expenses. Any amount of unpaid loan balance, however, will go against the amount of the death benefit that is paid out at the senior's passing.

How the Coverage Pays Out on a No Exam Policy for Seniors

When purchasing a no exam life insurance policy, seniors should be sure to understand how the death benefit pays out. This is because, in some cases, the named beneficiary may not be able to receive the full amount of the death benefit that is stated on the policy.

For example, In order to protect itself from the additional risk it is taking on, the insurance company that is offering a no exam life insurance policy for seniors may have graded death benefits on the coverage.

This means, for instance, that if the insured were to die within just the first two years of owning the coverage, the beneficiary might only receive as a benefit a return of the premiums that have been paid in. They may also possibly be able to receive a small additional amount of interest.

If, however, the senior insured dies after owning the policy for longer than two years, and then the beneficiary would be able to receive the full amount of the death benefit that is stated in the policy.

With this in mind, it is essential for a senior who is considering a no exam life insurance policy to understand all of the benefits that are being offered on the plan, as well as how everything works.

Where to Find No Exam Life Insurance for Seniors

When shopping for life insurance for seniors, it is typically best to go with a company or an agency that has access to more than just one life insurance carrier. This is because - even though there are no medical underwriting requirements on these policies - the premiums that are charged can still vary a great deal, even for the same type and amount of protection. Therefore, shopping for a no medical exam life insurance policy should be considered similar to seeking any other important item - shop and compare the very best policy and price for you and your specific needs.

If you are ready to start searching, we can help. We work with many of the top life insurance companies in the marketplace today, and we can assist you with obtaining all of the important information that you will require in order to make a purchase decision. We can do so for you quickly and easily - and without you having to meet with a life insurance agent in person. When you are ready to begin, fill out the form on this page to receive your initial insurance quotes.

We can also be reached by phone in order to discuss any additional questions or concerns that you may have regarding the purchase of no exam life insurance for seniors - or even just about life insurance in general. Please feel free to contact us directly. You can find us by dialing, toll-free, 877-235-9299.

We understand that there are a lot of variables to keep in mind when it comes to purchasing life insurance as a senior. You want to ensure that you are obtaining the right amount of protection and that you're getting the coverage for the right premium price. But the good news is that you now have an ally on your side. So, contact us today - we're here to help.

How to Find Life Insurance for Pilots

For many years, those who have worked in what are thought to be "risky" types of occupations have had to pay higher premiums for their life insurance coverage. One such occupation is the airline pilot.

life insurance for pilots

As a pilot, you may have required specialized underwriting in order to obtain life insurance coverage. This is because, due to having a more risky occupation status, life insurance carriers were typically more cautious about taking on the additional risk of having to pay out a benefit claim.

In the past, many insurers would exclude general aviation from a pilot's life insurance policy. This meant that if he or she succumbed to an aviation-related death, the insurance carrier would not be liable for paying out the death benefit claim to their beneficiary. This could be the case - even if the individual was flying at the time as a passenger in the aircraft.

In addition, the insurance companies would also typically "rate" an insured if he or she was a pilot. This meant that the premium cost of the insurance coverage could be as much as 50 to 100 percent more than that of the average - or Standard - insured was paying. This rating would be similar to how the insurers would rate a smoker or other individual who was considered to be a high risk policy.

But today, things are starting to change. There are several top insurance companies that have started to understand that airline pilots can be very good risks - and because of that, some insurers have begun to lower their premium rates and / or have lifted the various exclusions that were included on the policies issued to those working in this field.

This means that as an airline pilot, purchasing a life insurance policy can now be much more affordable for you - especially if you are otherwise in good health. It could also mean that if you have an existing life insurance policy in force, you may want to review it, as you could be able to qualify for a more reasonable premium rate.

Tips for Purchasing Life Insurance If You Are a Pilot

Those who are trained as airline pilots know how important it is to do a thorough job of ensuring that the aircraft is checked out prior to taking off for a flight. Doing so can help to spot any type of issues or problems before it becomes too late.

The same can be said regarding your application for life insurance coverage. In order to provide the type and amount of protection that is needed for your loved ones, you will want to be certain that the policy contains the coverage that you need, without any other surprises.

With that in mind, be sure to apply the following tips as you shop for your new plan:

Check for Aviation Exclusions

Some life insurance policies will still contain an aviation exclusion rider. This means that should an insured die in an airplane crash, their beneficiary (or beneficiaries) will not receive the proceeds of the policy. Therefore, check to ensure that there will not be an aviation exclusion on the policy that you purchase. Otherwise, you could take the chance that your loved ones will go without protection in case of the unthinkable.

Provide All Information to the Agent / Agency When Obtaining Policy Quotes

When obtaining policy information and quotes, make sure that the agent or agency that you are working with understands that you are a pilot, along with the specific types of aviation activities that you are involved with, as this can make a difference in the quotes and the benefits that you may receive. Unfortunately, providing misinformation, or leaving important details out, can end up nullifying a life insurance policy - even one that has been in force for a period, if the correct information is later determined.

Determine How Much Coverage You Need to Protect Your Loved Ones

Determining how much life insurance coverage you need will be a key criteria in ensuring that your loved ones and survivors will be able to move forward. It will also have a big part in how much your policy will cost. It is important to have a good estimate on this figure - so knowing what you need the coverage for will be important. For instance, will you want to replace income, pay off debts, pay for final expenses, or use the money for a combination of all?

Having too little coverage can keep your loved ones in a financial bind while purchasing too much can have you paying too much in premium. Working with an insurance professional can help you in determining the amount of life insurance protection that is right for you.

Know What Type of Life Insurance You Need

As a pilot, you may or may not have done financial planning in other areas. Therefore, it will also be important to know what type of life insurance will be right for you. For instance, will you want just pure death benefit protection like term insurance can provide, or alternatively, would a permanent policy be better where you can provide death benefit coverage along with a cash value component that offers an additional savings feature.

Know the Financial Strength and Claims Paying Reputation of the Insurance Company

Knowing the strength of the underlying insurance company is also a key factor that needs to be considered prior to moving forward with your purchase of coverage. This is because, even if an insurer offers you a lower premium rate and no aviation exclusion, if they are not stable from a financial standpoint, and / or they have a poor reputation for paying out claims, then the insurer may not be your best choice for covering your life insurance needs.

Working with an independent agent or agency that has access to many different insurers is typically your best option when shopping for life insurance for pilots. This is because you will have access to multiple carriers and can review many different options in order to determine which one will work the best for your specific situation.

How Much Will Your Life Insurance Cost

Depending on your overall health, pilots today can qualify for Standard, or even preferred policy ratings. This can also be dependent upon the type of aircraft that you fly, as well as the insurance company itself.

For example, someone who is a student pilot and just starting out in their career may be considered more of a risk. Therefore, it is not likely that he or she would be able to qualify for a preferred policy rating. They may, however, qualify for a Standard class - provided that their health is good.

Those who work as either a private pilot or as a commercial pilot may be able to qualify for a preferred policy rating, as long as their overall health is excellent, and they have a family history of excellent health as well.

It is important to note that not all insurers will underwrite applicants in the very same manner. This means that while one carrier may approve an individual as a Standard classification, another may approve them as a Preferred - even with the very same information on their application.

For this reason, it is important to shop around for your life insurance coverage and to obtain more than just one premium quote prior to making your final coverage decision. Doing so can oftentimes end up saving you hundreds - if not thousands - of dollars in premium throughout the years.

How and Where to Obtain the Best Premium Rates on Life Insurance Coverage for Pilots

If you are a pilot, and you are seeking either a new or a replacement life insurance policy, we can help. We work with many of the top life insurance carriers in the market today, and we will assist you in getting all of the important information that you need for comparing benefits, companies, and premium quotes. You can do so quickly and easily - all from your computer - and without the need to meet in person with an insurance agent. When you're ready to move forward, fill out the form on this page.

Because you may have some additional questions, we can also be reached directly via phone. Our experts can help in walking you through the many different scenarios that shopping for life insurance may bring, and can also assist you with comparing the types of life insurance that are available to you as a pilot. In order to contact us directly, please dial, toll-free, 888-235-9299.

We understand that the purchase of life insurance for pilots may have many additional variables - so it is important to ensure that you have all of your questions answered prior to making your purchase. The good news is that you now have many options available to you - and an ally on your side. So, contact us today - we're here to help.

Whole Life Insurance Policies for Seniors

Life insurance is often thought of as a financial tool for helping those who have people counting on their income to get through a financial hardship. The funds that are obtained via these policies can be set up such that a young family with children can continue to receive income, and not have to drastically change their current lifestyle.

There are some who may even feel that by the time a person reaches an older stage in his or her lifetime, that holding on to life insurance protection is not necessary. But that is not at all the case. There are, in fact, numerous reasons why seniors should consider owning - and possibly even adding to - their life insurance protection.

Just some of these reasons can include final expenses, the payment of estate taxes, the continuance of retirement income for a surviving spouse, the funding of college education expenses for a grandchild, the funding that is needed to keep a business afloat, and / or to donate to a favorite charity.

whole life insurance policies for seniors

When purchasing additional coverage as a senior, one of the biggest questions on the mind of an applicant may be which type of policy is better - term or permanent? While both types of coverage may have some advantages, permanent life insurance is in many cases the better option - particularly that of whole life.

Why Seniors Should Consider a Whole Life Insurance Policy over Term

Whole life is a form of permanent life insurance. It is considered to be the most basic of all types of permanent life. It offers both death benefit protection, as well as a cash value component. And, as its name implies, whole life insurance is intended to cover the insured throughout the whole of the person's life.

This differs from term life insurance in that term will expire after its set time period, or "term," which can usually be five years, ten years, 15 years, 20 years, or 30 years. There is also a one-year renewable term life insurance option.

One reason that whole life insurance can be so beneficial for a senior is that, once the individual is approved for coverage, the insured will not need to re-qualify for coverage ever again. Also, the amount of the premium is typically guaranteed - regardless of the insured's increasing age, as well as whether the insured contracts any adverse health condition in the future. This can be comforting to know that - as long as the policy's premiums are made - coverage will remain in force.

Another nice benefit that is offered with whole life insurance is the cash value build up. The cash that is inside of a whole life plan is allowed to grow and compound on a tax-deferred basis. This means that there are no taxes due on this gain unless or until the funds are withdrawn from the account. This gain on top of gain can allow the cash to grow more quickly than that of a taxable account. The funds are also guaranteed, so there is no worry about loss of principal - another benefit to seniors who may be risk adverse.

Will You Qualify for Coverage?

For many, qualifying for senior life insurance coverage can be a key concern. This is due in large part to age and / or health issues. Provided that an individual does not have any major health ailments, choosing a traditionally underwritten plan may be the first choice as these premiums tend to be the lowest in most cases.

Traditionally Underwritten Whole Life Insurance Policies

There are many seniors that may be able to qualify for a traditionally underwritten whole life policy. In this case, the individual would need to complete an application for coverage. They would also be required to undergo a medical exam - which consists of submitting a blood and urine sample.

Simplified Issue Whole Life Insurance Plans

A simplified issue whole life insurance plan will not require the senior to undergo the medical examination as a part of the policy approval process. This can help someone in terms of being approved for the coverage - especially if their health may not be the very best.

In addition, in many instances, the application for coverage on a simplified issue policy may ask just a few questions of the applicant. Because of these more "lenient" underwriting requirements, the policy will oftentimes move much more quickly through the underwriting procedure, meaning that a person can have his or her coverage within a matter of just a few days. It also means that the premium that is charged could be higher, however, due to the increased risk that the life insurance company is taking on with the applicant.  Many times people will get a simplified issue burial policy that is just enough for final expenses and to close out the estate.  This can reduce the monthly cost while still providing enough coverage to take care of the person's family.

Graded Benefit Whole Life

For those who may have some type of health issue, there are other options for still obtaining life insurance protection. Another of those could be going with a graded benefit policy. Here, for instance, the face amount of the death benefit will begin at a smaller figure during the policy's early years. Then, over time, the amount of the benefit will increase gradually. With many graded benefit whole life plans, the death benefit will level out by the fifth year of coverage.

Life insurers will offer these types of policies to seniors in order to compensate for the additional risk that the carrier is taking on. For instance, if a senior may have a health issue that causes him or her to pass away immediately after obtaining their coverage, the insurance company will not be required to pay out as much in benefits.

In addition, because the applicants for these plans are usually considered to be more risky to the insurer, the premiums that are charged are oftentimes higher than those of a comparable traditionally underwritten whole life policy.

How to Shop for the Best Whole Life Insurance Policies for Seniors

When shopping for whole life insurance policies for seniors, going to just one single insurance company will not typically be your best option. This is because you will be locked in to only the policies, the underwriting criteria, and the premium quotes that are offered by just that one carrier. Rather, just like any other type of important purchase that you make in your life, it is important to shop around and compare when you buy life insurance - because what is offered through different insurers could be vastly different in terms of the coverage that is available to you, as well as the price that is charged.

What many people do not realize is that even though most life insurers will have at least some type of procedure through which they will rate their applicants for coverage, the factors by which they do so are not all identical. Therefore, should you apply through one insurer and be offered a policy with a Substandard class rating - or worse yet, be declined for coverage - it may still be possible to apply with another carrier and be approved, even with the very same health and personal information on the application.

Rather than running around from one insurer to another in trying to locate the best coverage and premium rates for yourself, the process of shopping for the best whole life policies for seniors can be made much more simple by working with a company or an agency that already has access to multiple insurance carriers. By going about it this way, the company will already have done the shopping for you - and in many instances, the agency that you work with will be able to point you in the right direction as to which of the carriers are more apt to take on applicants who are seniors. This alone can save you a great deal of time - and frustration - throughout the application process.

If you are a senior, and you're ready to start shopping for whole life insurance coverage, we can help. We work with many of the top life insurance carriers in the industry, and we can assist you with obtaining all of the important information that you need for making an informed purchase decision. We make it easy, as this can be done via your computer, and without having to meet in person with a life insurance agent. In fact, if you're ready to begin, just simply <Click Here Now> in order to get started.

Should you find that you have any additional questions along the way, please feel free to call. Our experts can assist you with determining the answers that you need so that you feel confident moving forward. We can be reached directly by phone, toll-free, by dialing 877-235-9299.

We understand that the purchase of life insurance may be somewhat overwhelming. You may have some fears as you move forward that your age or health may hold you back. But the good news is that there are many options available today for seniors who wish to obtain life insurance coverage. So, contact us today - we're here to help.