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How To Get The Best Life Insurance Rates For Seniors?

The insurance market over the last two decades has opened up appreciably to offer attractive rates on life insurance policies for seniors. This was not the case before when insurers charged very high premiums for people in this niche age group. With a comprehensive life policy, seniors can now receive substantial coverage. The funds from the death benefits will help cover for funeral expenses, estate planning and will also enable the policyholder to leave behind a sizeable share of money for the beneficiaries to cover for mortgage, loans, grandkids college fund and other expenses.Life insurance rates for seniors The rates of any life policy increase, as you grow older. In many ways it is better to arrange for a comprehensive life insurance policy as soon as possible. As a result 65 year healthy senior will have to pay considerably higher rates than a 45-year-old healthy person. Yet there are still many attractive life packages available for seniors to choose from. For instance for a healthy non smoking male of 65 years with a height of 5’11 weighing 175 pounds, would have to probably pay anywhere between $180 to $340 on a monthly basis for a 15 year life package with $300,000 as death benefits. Similarly for a life package with $100,000 as death benefits, the premium rates for the senior may be anywhere between $60 to $125 on a monthly basis. Though these life insurance rates for seniors are on the higher side, they are worth it when you consider the number of benefits that come with it.Guaranteed life insurance for seniorsIf for some reason you have been denied a traditional life policy, you can then apply for a guaranteed life insurance. Quite often, insurance companies tend to deny individuals conventional insurance policies, if they find out the person is suffering from a life threatening medical condition. As a senior you can go in for a guaranteed life insurance and get accepted, as the policy does not require the applicant to go through any medical tests. Although it should be noted that the premium rates for this type of policy is generally higher than traditional life policies. Coverage benefits offered in this insurance can range anywhere between $5,000 to $50,000.Tips to help get the best life insurance rates for seniorsLook for multiple quotes on the Internet for companies that offer attractive life insurance policies for seniors. All you need to do is fill out some background information and zip code details on one of the insurance sites and you can instantaneously generate multiple quotes on life policies being sold in your locality. The quotes nowadays are also presented in a tabular form, which makes it easier for visitors to compare competing products with one another. Create a shortlist of policies that you feel are a perfect match for your profile and budget.Now study in detail the terms and conditions of the policies that are a part of your short list. Go to the individual company sites of all these life products and generate more accurate quotes this time around. This way you would have developed a better understanding of the life insurance policies that are on offer to you and the rates that you would have to pay to buy them.It is also a good idea to get in touch with an independent agent who can guide you towards the right life policy in the senior’s category. Armed with a thorough knowledge of the insurance industry they would even be able to recommend suitable alternatives by looking at your medical history. For instance, an insurance company would offer lower rates on life insurance for seniors who have their BP levels within a certain count. The agent would be aware of this clause and can make a suitable recommendation for you.Before signing on the dotted line, make it a point to be thorough with all the clauses that come with you life insurance package. If you have any doubts do not refrain from asking your agent for any clarification.