Are you a senior citizen in need of a life insurance policy? Trying to figure out how to get the coverage you need without taking too big of a slice out of your savings and/or retirement accounts?
By now, you've probably figured out that finding affordable life insurance after a certain age can become rather pricy. But don't let that stop you. Here are three ways that may be able to help you get the coverage you need for funeral and final expense life insurance without going broke.
Opt-in for group coverage at workIf you are still working, check with your employer to see what type of group life insurance plan is available to you. It may not be much, but if you're looking for final expense coverage, this could be the ticket. Moreover, these types of life insurance policies typically don't require any medical exam or underwriting, and can be ridiculously inexpensive.
Get a lot of quotesInsurance companies are all different. Based on your age, health, and other factors, one company may see you as more of a risk compared to another. Don't let one life insurance company's sky-high rates prevent you getting the coverage you need. Get a variety of quotes from reputable companies and compare rates apples to apples.
Consider senior organizations
Certain advocacy organizations such as the American Association of Retired Persons (AARP) and the Association of Mature American Citizens (AMAC), provide their senior members with access to a variety of insurance types, including life. Many offer no medical exam life insurance policies.
Whether you purchase a new policy from your employer, an agent, or through one of the many senior organizations, be sure to read the fine print and know the type of policy you're buying. If you're not sure about certain policy types or are confused about insurance terminology, then find out who you need to speak with to get the clarification you need.