Affordable Life Insurance for Senior citizens

Age and health are the main factors that influence the insurance rates. If you are a senior you have both of these factors working against you in getting a cheap life insurance policy. Getting an affordable life insurance becomes increasingly difficult with increase in age. For those requiring insurance at any cost life insurance no exam works best. With a life insurance no exam policy you will be guaranteed coverage but the drawbacks will be a lower amount of coverage at high premiums. As health deteriorates with age, you have more chances of being covered with such a no exam policy.

Term life insurance is one option that comes as an affordable one for seniors and also presents more chances of approval for them. Most seniors opt for term life insurance coverage for many reasons.

- Affordable Premiums
The main reason that elderly citizens go for term coverage is for its cheaper premiums compared to the premiums of other coverage options. While the permanent policies charge anywhere around $50 per month as premium payment for seniors, they can get an instant term life insurance for just $15 per month.

- No Savings
The permanent life policies offer a cash value feature where part of your premium goes towards that investment which you can invest or borrow or withdraw. Since senior citizens do not really care for such savings, they prefer a simple term policy at lower premiums.

- Flexible Term
A permanent life policy has no fixed period whereas a term policy can be chosen from 5 years to 30 years. There is no pressure to pay towards the policy for longer periods. You can choose to renew or not.

- Return on Premium
Unlike the early days when the term policy yielded nothing in return if you outlive the term of the policy, nowadays you have the Return on Premium rider, which you can opt to get back most of the premiums you paid in cash once the term is completed.

- Fixed Rates
The term insurance rates for seniors do not change. However the amount that qualifies for the Return on Premium changes.

- Lower Coverage Benefit
With term policies one can opt for lower death benefit amount. Options start from $10,000, which is lower, compared and more affordable compared to a permanent policy whose coverage starts at $50,000.

- Riskless
Compared to policies like variable life where the benefits face the risk of stock market fluctuations, a term policy has risk free coverage. You also don't incur sales charges as in the permanent policies.

Even though it is not that simple to find the ideal life coverage as a senior person, with the many online websites you can get instant term life insurance quotes. Since insurance for the elderly requires careful look into underwriting procedures it would be better for you to get insurance through a reputable and experienced insurance agent.

Usually people have several reasons to buy life coverage, but a senior person mainly looks to buy an affordable life insurance policy to cover for the funeral expenses. So in order to cater specifically to that need many insurers offer special burial insurance for seniors. Some of the features of the general burial life insurance are
1. Cash value buildup
2. Loan against cash value
3. Fixed death benefits
4. Fixed premiums
5. No requirement for medical exams
6. Faster settlement of claims
7. Lower coverage amounts (starting from $2000)

So basically as a senior person you might look to cover the following
1. Estate charges
2. Final debts
3. Funeral expenses

For any of your specific needs you will be able to find an exclusive coverage from various providers. Shopping around a bit online or with different agents will help you land a suitable policy. For your convenience various insurance and third party websites provide insurance calculators that can help you calculate the amount of coverage required or the premium that you can expect to pay for a policy that would be suitable for you. Remember that most companies get the same information from you but in turn offer different quotes and rates. Also being declared uninsurable by one provider doesn't mean that you will be branded the same by others.