Term life insurance for seniors can be a tricky subject. Term life insurance is a product that is mostly designed to provide individuals with extra protection while they are still working. Most seniors who are looking for term life insurance no longer work, and because they are much older, there are some important differences in how senior term life insurance works.
Term Life Insurance Rates for Seniors
One of the most important differences when it comes to senior term life insurance is the rates. Because seniors are older and no longer working, most insurance companies will demand a health exam before offering coverage, and the premium rate will also be higher because there is a greater risk the insurance company will have to pay on the policy. As a result it can be hard to find inexpensive term life insurance for seniors. However, if you are in good health, it is possible to find an insurance product that meets your needs. Many people like to focus on specialist products, like AARP term life insurance, when they are looking for the best term life insurance for seniors
Term Life insurance for Seniors over 80
Another important thing to note is that the laws are different in each state. For example, in New York it is generally illegal to offer term life insurance for seniors over 80. This may seem frustrating, but it is designed to prevent companies from exploiting seniors with insurance products they do not need or that have a high risk of abuse or litigation. As a result, if you are shopping for term life insurance for seniors over 75, make sure to check the local laws and regulations where you live to ensure that you have access to these products. However, if you do your research, you will likely find the term life insurance policy that is right for you, no matter your age!