Adjusting or applying for one’s life insurance after the age of retirement can seem like an unlikely task, especially as taxes increase with age and the government demands privatized health insurance of its seniors. Just about anyone can plan for a comfy retirement with resources available such as this nifty Superannuation Calculator here, but no matter how financially prepared a senior may be, handling insurance can be daunting. As with any form of insurance, the best mentality is preparedness and forethought. But despite how financially burdensome many forms of insurance can be for senior citizens, attaining life coverage in one’s golden years is not only possible – it can be affordable.
Determine the kind of coverage you’ll need
There are various types of policies to keep in mind, and some of these aren’t as beneficial to retirees as they are made out to be. Many policies have a fairly affordable price and a “guaranteed” payout, but with many stipulations that exclude them ever having to reimburse you. A provider with these kinds of exclusions should be the last option you’d consider.
Permanent life insurance is often far too expensive to invest in at the age of retirement. This is not to be confused with whole life insurance, which is a possible option for healthy retirees, but accrues very little value. Group policies can be convenient, but are often littered with fine print to exclude paying out to applicants who are elderly or sickly. Some of the best options are in products specifically designed to address the needs of seniors, and these should be sought first. They are typically low in price and offer guaranteed results.
More quotes for more opportunities
Generally speaking, “insurance” and “free” are two words that are rarely ever used in the same sentence. This is one of those instances: If you’re searching for affordable life coverage, it’s crucial to get quotes from various insurance providers, because they’re free.
Every provider measures their price differently and you’ll be cheating yourself if you settle with the first appealing quote. It can be tempting to seek insurance by a family member or friend who might deal with life insurance, but remember that insurance firms determine cost according to the likelihood of having to cash out – not how much they trust or like someone.
Know your discounts
Depending on your provider and your circumstances, you can deduct a huge portion of how much you owe to your provider. Show your provider evidence that you care for your well-being and proactively seek discounts. Gym membership? Good driving record? Air bags in your car? Belong to any particular organizations with benefits? Many organizations offer discounts for life insurance. Check any organizations you belong to for such discounts, and seek out those organizations that publicly offer them. If you’re still working, ask your employer if there is a group plan through which you can gain some coverage.
Kick the habit
While elderliness can raise the price of life insurance, it’s far worse to be a chain-smoking daredevil. To make your life insurance feasibly priced, live a healthy lifestyle and prove that you’re taking the measures to live well. Check out the National Institute of Health for a whole library of healthy living habits for seniors. And don’t dare consider dishonesty when you apply for life insurance; that could result in a breach of your life insurance contract, through which the company may choose to raise your price or terminate your coverage (and deny benefits altogether.)
While insurance costs can be unfairly high for senior citizens, elderly life insurance seekers have the power to reduce how much they need to pay through healthy living practices and a keen eye for value.
About the author
Morgan Darrow is a real estate agent of more than a decade who enjoys writing financial and life planning advice. When not writing, she enjoys spending time with her fiancé, watching after her nieces, and attending theater. Follow her on Twitter @MVDarrow.