If thoughts of your mortality are catching up with you lately, you’re probably thinking about one key question:
How can I provide for my family when I’m gone?
The term "life insurance" might pop into mind as an obvious solution. However, if you don’t yet own a policy, the thought of buying one can induce a headache if you’re a senior citizen.
It’s true that the younger you are, the less you pay for either a term or whole life policy. There are some insurance companies that cater specifically to senior citizens, but they’re not always the best deal in town. Sometimes, mainstream insurance agencies like H2M insurance can provide a policy that makes more sense for your individual circumstances. Here’s what you need to know to get yourself an effective policy as a senior that won’t clean out your retirement savings.
Are You Healthy?
Before being able to buy a policy, those who want life insurance are required to prove that they’re in good health. For older individuals, a full medical exam on the insurer’s terms is typically required.
However, some policies don’t require you to undergo an exam. also, if you are generally in good health, this factor may determine the terms of your policy more than your age alone. Human life expectancy increases with every medical and technological advancement, and this is also a determining factor in how much your policy costs.
How Much Insurance Do You Need?
the one positive about shopping for life insurance as a senior is that you need less of it than you did when you were younger. Calculate your costs and your debts.
- Is your house paid off yet?
- Do you have any dependents to take care of?
- How close are you to retiring?
IF your home is paid off and you have no direct dependents, you can easily purchase a smaller policy and still have enough coverage to help out your loved ones if you’re gone. It’s worth weighing your needs against the cost of living in Winder, GA when determining your coverage needs as well.
Do you need help choosing a senior-friendly life insurance policy? Connect with an agent from H2M Insurance to discuss your options. He or she will answer any questions you have before you’re ready to purchase your policy in Winder, GA.