5 Secrets To Inexpensive Life Insurance For Seniors

life insurance

Life insurance for seniors doesn’t have to be expensive.

Just because you’ve been around the block a few times doesn’t mean that life insurance companies should take advantage of you. Am I right?

The good news is that if you are a senior, you can probably obtain life insurance for a lot less money than you think.

That’s because people are living longer and staying healthier than ever. Because the risks to insurance companies are lower, prices for term life have really dropped.

You might be surprised at just how inexpensive this coverage is these days. You can take the following 5 steps to drive prices down even lower:

1. Don't buy too much life insurance
Your life insurance needs change over time. Typically, as people age, they need less insurance. That’s because they usually have fewer financial obligations.

The kids are hopefully out of the nest. The house might be paid off (or close to it). Hopefully, your retirement investments have grown.

If any of these describe you, you probably need less insurance today than you did a few years back.

You can save a bundle by simply not overbuying. Having too much insurance is a mistake I see many people make.

Make sure you know how much life insurance you really need before you go shopping.

2. Working for a living
If you are still punching a clock, you might be able to participate in a group plan that your employer offers. If they don't offer such a plan, take the initiative and suggest that they set one up.

The boss can pass all the costs onto the staff if they want to. If so, it would be a wonderful employee benefit that is completely free to the employer.

If your employer does offer a plan, find out if you can maintain that policy once you separate from service. Many plans do offer that option.

A group plan is almost always going to be the least expensive option, so look into that alternative first.

3. Become a 'groupie'
Even if you aren’t still working, you might be able to join other groups that offer life insurance for seniors.

Contact groups that you are active in and find out if they offer a group life plan.

Look into other groups and consider joining if they provide such options.

AARP offers a plan that might be worth looking in to. Proceed with caution, though. Not every group plan is worthwhile.

You should always verify that the offer is attractive by comparing term life insurance quotes.

4. May the quotes begin
Different life insurance companies price age groups differently. It all boils down to underwriting.

This means that some life insurance companies will be more competitive and offer better prices than other companies.

You can take advantage of this by getting lots of quotes. The nice thing is that it doesn’t cost you a thing to get quotes, so take advantage of this resource.

5. Insurance of last resort — kinda
There are two kinds of life insurance policies that I normally don’t recommend: Whole life and guaranteed issue life insurance.

In cases where cheap term life insurance is not available, both of these might become options.

With whole life, you might be able to structure a policy that doesn’t build up much cash value. If you do that, you essentially buy yourself a term life policy.

Depending on your age and health condition, this approach might work.

As a last resort, consider guaranteed issue life insurance. This is a policy that most people can buy regardless of age or health. These companies take just about anyone – but the death benefits come with strings attached.

First, you can’t buy a great amount of coverage. Typically, you can buy $100,000 at most.

Additionally, you have to survive 2-3 years in order for the policy to take effect. Finally, the premiums are usually high.

As you can see, if you are a senior and need life insurance, you have options.

First, make sure that you really need insurance and, if so, get clear on how much you really need.

Next, try to get the coverage through your work or a group you can join.

Then, get plenty of quotes no matter what. This approach keeps everyone honest and will help you make an informed decision.

This article originally appeared on MCMHA.org and was syndicated by MediaFeed.org.

Colombian Life Insurers Posting Tepid Growth In Premiums

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a) Start dateb) Estimate for completionc) Initial investment estimate

For state-owned projects, initial information about the start date and estimates for completion and investment are taken from original signed contracts, along with addendums and annexes.

If original contracts cannot be obtained, information is taken from public documents, presentations, news articles from BNamericas archives, and external sources.

In cases where contracts are subject to approval by legislators, the start date is the date of the law or legislative approval.

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No attempt was made to adjust figures for inflation during the course of research or for consideration of the time value of money.

In the case of state-owned projects, validation is carried out where possible with either a member of the consortium, EPC contractor, a relevant state agency or advisors to either party.

Projects costs are measured in US dollars. Where project costs are measured in a local currency, amounts are converted to US dollars at the date of the relevant announcement, signature or report.

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Timing Status Condition Ahead of time 95% of original estimate or below (measured in months) On time 95% to 105% of original estimate Minor changes 105% to 120% of original estimate Medium changes 120% to 160% of original estimate Major changes Over 160% of original estimate Budget Status Condition Ahead of budget 95% of original budget estimate or below To budget 95% to 105% of original budget estimate Minor changes 105% to 120% of original budget estimate Medium changes 120% to 140% of original budget estimate Major changes Over 140% of original budget estimate Changes in Scope

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Anorak Raises £5M Series A For Its Life Insurance Advice Platform
Anorak Technologies, the U.K. startup building a life insurance advice platform, has raised £5 million in Series A funding. Notably, the round is led by previous backer Kamet Ventures, the tech incubator funded by insurance giant AXA. It brings the total raised by Anorak to £9 million.

In a call, co-founder and CEO David Vanek told me the startup’s mission is to build the world’s “smartest” automated life insurance advice platform. It wants to offer insurance advice at the most appropriate time and place in a person’s life, such as when buying a house or starting a family, and in turn open up life insurance cover to many more people.

As it stands, life insurance, such as accidental death cover, tends to be sold through financial advisors or brokers targeting high net worth individuals. That leaves swathes of people and their dependents without any cover at all.

Vanek says the additional capital will be used to “grow our tech, data, product and business development teams,” and to continue to invest in Anorak’s unique recommendation engine, which covers the profiling of users, analysing their risk, and connecting them to a suitable product.

The “insurtech” startup also plans to integrate with more partners in order to build out its distribution infrastructure for life insurance. This will span investment platforms, online mortgage brokers, money management apps, challenger banks, media groups, and gig economy platforms. To test these non-traditional B2B2C routes to market for life insurance advice, Anorak already has API integrations with Starling Bank, and the money management app Yolt.

So, for example, Starling customers can connect Anorak to their Starling account via the bank’s own API to provide Anorak with access to personal details and transaction data. This enables the life insurance advisor to begin building up a profile based on things like rent, mortgage, salary, outgoings etc., to provide accurate advice.

Anorak will also ask any remaining questions needed to fill out missing profiling data. It then outlines what is at risk in case of death or disability, the type of protection that might be needed (life, income protection, etc), how much, and for how long.

Finally, Anorak presents the three best-suited products (from all of the major life insurers) and provides quotes for each of them, as well as the option to apply and buy the product online through Anorak.

Moving forward, Vanek tells me that Anorak wants to expands its tech platform to advisors, such as mortgage brokers and wealths managers, who haven’t previously had tools to help them provide life insurance or accidental injury cover.

The resulting hybrid approach will enable customer journeys to start online and be finalised offline by an agent/adviser using the Anorak platform to access customer data and use the Anorak recommendation engine, or to start offline with advisers using the Anorak platform and continuing online with a dedicated customer portal so clients can visualise or adjust their insurance needs.

“Buying life insurance is not an impulse buy, it is complex, [and] some people will always want to be able to speak to an adviser,” he tells me. “We want to leverage Anorak technology to build a truly ‘channel agnostic’ protection advice.

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