A Simple Guide to find affordable Life Insurance for Seniors Over 70

One of the greatest misconceptions about life insurance is that it is a luxury that only the young working adults can afford. Of course this narrative has been helped by increasing focus by insurers on bringing on board younger customers and trying to retain them.

For most senior citizens the issue of cost is a great concern because some insurers don’t have tailor made insurance coverage for their elderly customers. If are a senior citizen you can shop around and be identify a life insurance policy specifically designed for you. If you have been struggling to identify the best insurance coverage at an advanced age keep reading.

**Importance of Life Insurance in Old Age ** If you are a senior citizen it is important to appreciate that life insurance is not just for the young people. In fact a casual glance at your needs as you grow older reveals that you need more cover than you had thought before. It is important to cater for your family even when you are not around.

Over the years you must have seen families break apart when the parents leave them in a financial mess. This is a situation that can easily be avoided through affordable life insurance for seniors over 70. With the right insurance coverage your family is protected in case of your death. Some of the expenses that can be catered using such a policy include:

• Payment of estate taxes • Protect the family financially •       Maximizing retirement income • Provide income replacement

Finding the Right Life Insurance Coverage for seniors It is true that age is a determinant factor when it comes to pricing of insurance policies but this should not be a deterrent because the benefits of life insurance outweigh all the costs. Life insurance for seniors is unique in many ways.

When searching life insurance for seniors over 70 some of the factors to consider include:

1. Amount of coverage: To determine this consider your pending probate costs, unpaid debts, medical bills, financial gifts to the family members among others.
2. Using a qualified insurance agent: These agents are certified and licensed to work in this industry and they help demystify the complex process of buying life insurance. They also help you find the best rates from a reputable insurer.
3. Type of insurance: There are different life insurance options available to seniors including whole life coverage, final expense coverage, term coverage, universal coverage among others. There are also simplified life insurance packages which don’t require a medical exam.

Lenny Robbins has spent his entire business career in financial services.  He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer.  In 1991 he founded LifeNet Insurance Solutions which specializes in life insurancefor seniors and baby boomers.

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