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.
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.
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 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.