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Identifying an attractive whole life insurance for seniors

Older adults may have different needs when it comes to life insurance. Some seniors may want to consider permanent life insurance — such as a whole life insurance policy — as they compare life insurance options.

Whole life insurance for seniors

How do the potential life insurance needs of older adults differ from those of younger people? Some of the biggest differences may involve the amount of coverage needed, the duration of coverage needed and the rates that can be acquired.

Life insurance coverage amount

There are several reasons why seniors may not need as much life insurance as a younger applicant.

  • Dependents
    A younger person may be in the early stages of parenthood and have small children at home who will remain financially dependent for a number of years to come. A younger individual might purchase life insurance to help protect their child’s current way of life as well as potential future expenses, such as education costs.

  • An older adult may be less likely to have kids in need of financial protection. If your children have reached adulthood and are financially independent, you may not need to purchase as much life insurance coverage as a young parent might.

  • Income replacement
    Someone in their twenties may have 40 years worth of income that might need to be replaced if they pass away. A senior adult who has reached or is near the end of their working career may not have as many years of income to consider protecting. Duration of coverage is an important factor to consider when evaluating life insurance options.

  • Mortgage protection
    Life insurance can be used to help ensure beneficiaries have the financial resources they need to continue making mortgage payments after a household income earner passes away. Surviving spouses and children can use the policy death benefits to help make mortgage payments and continue living in the home.

  • A homeowner in the beginning stages of a mortgage will likely have a larger balance to consider protecting than an older person who may have paid off their mortgage or may be close to doing so.

  • Retirement savings
    Younger people are often in the early stages of building their retirement savings. Therefore, they may have a greater need for a high coverage amount in order to help their beneficiaries make up for the loss of income and potential savings.

An older adult may be more likely to have retirement savings in place along with additional assets, such as a 401(k) or other investments.

Life insurance premium rates

If you are an older adult applying for a life insurance policy, you may be asked to undergo the insurance underwriting process for certain policies. This can involve answering a series of health questions and submitting to a medical exam.

When seniors apply for life insurance, the underwriting process can sometimes be an obstacle. An older adult may suffer from age-related health issues that can result in an insurance company charging them increased premiums for their life insurance policy or in some cases determining that no coverage can be provided.

Guaranteed issue whole life insurance

Guaranteed issue whole life insurance is a type of policy that many seniors may want to consider. A guaranteed issue policy does not require an applicant to take a physical exam, and policy premium rates are not dependent upon one’s health. Applicants between the ages of 50 and 85 can be guaranteed approval for this type of permanent life insurance coverage from AIG Life Insurers, regardless of their health.

Coverage is subject to receipt of payment and verification of identity as required by law and is effective upon receipt of policy.

Guaranteed issue whole life insurance coverage amounts tend to be smaller than those of more traditional life insurance policies. This can help keep rates low while still offering a coverage amount that may meet a senior’s specific needs.

Speak with an AIG-appointed life insurance agent today by calling 888-428-8870 for help to find an attractive whole life insurance for seniors.

Policies issued by: American General Life Insurance Company (AGL), Policy Forms: ICC15-15532, 15532, 15532-5, 15532-10. Rider Numbers: ICC15-15200, ICC15-15201, 15200, 15200-10, 15200-35, 15201, 15201-9, 15201-10 and 15201-35. Issuing company AGL is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). AGL does not solicit business in the state of New York. Products may not be available in all states and product features and rates may vary by state. Guarantees are backed by the claims-paying ability of the issuing insurance company. ©2018 AIG. All Rights Reserved.


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