Practical Ways Seniors Can Lower Their Life Insurance Premium Rates

From WikiMediation

(Difference between revisions)
Jump to: navigation, search
(Shop online for senior life insurance rates. Find the best life insurance quotes for seniors online or call 1-800-939-0710 now.)
 

Current revision as of 04:15, 17 December 2015

Certainly, life insurance for seniors does not come cheap due to many factors. Insurance companies categorize these people as high risk because they are near the end of their life, and most of them usually have medical conditions associated with old age such as heart disease, blood pressure, diabetes and overweight.

However, senior citizens can take various practical steps to minimize their risk and in turn lower their premium rates. Some of these steps include:

Go for term life policy

In general, whole life insurance is significantly expensive than term life policy. Whether it is your first time applying for a life policy or you simply want to review your policy, you should consider going for term life policy to save money. Even though it does not accumulate cash value, it is cheaper, and helps you meet your short-term goals.

Quit smoking and drinking

You certainly are aware that drinking and smoking increases your life insurance rates substantially. In fact, according to financial experts, seniors who drink or smoke pay 40% more for their life insurance premiums than people who do not. Hence, if you smoke or drink, and want to lower your premiums, consider quitting. The longer you have stayed without smoking or drinking, the lower your premiums will become.

Avoid extreme sports and hobbies

It is surprising how seniors are more active these days compared to past decades. They want to live their lives to the fullest before they pass on from this world, and there is no shortage of activities to engage in today.

Unfortunately, some of these activities may cause you to pay higher life insurance premiums because insurance companies classify them as high-risk activities. Some of these sports and hobbies include skiing, surfing, scuba diving, bungee jumping, parachuting, white water rafting, hot air ballooning, mountain climbing, rock climbing, car racing and powerboat racing. You will do well to stay away from such activities if you want to pay lower life insurance rates.

Know policy rules and do not cancel old ones

It is essential to understand the terms and conditions of your life insurance for seniors policy. Thoroughly review the policy and understand what it covers and what it does not cover.

Learn whether the coverage begins immediately or after a few years. In addition, if you have an old whole life policy, do not cancel it. You may have accrued enough cash value to turn it to a term life policy at no cost.

We provide the best info about Affordable Quotes for Senior Citizens. For further details please visit www.topseniorlifeinsurance.com.

Personal tools
WikiMediation Partners