What is Arizona Term Life Insurance for Seniors?
So what is Arizona Term Life Insurance for Seniors? Right from the beginning, it’s important to note that most seniors don’t get or even qualify for term life insurance. They usually choose to get whole life insurance. The reason is that Arizona term life insurance is going to be a policy that has an expiration date in terms of guarantees of price and guarantees of coverage. Term life insurance is called term because it has a time limit. That period of time can be anywhere from one year to 30 years, depending upon your age and your health. For seniors, it is typically a 10-year term.
If you’re a younger senior, you could get a 20-year term, sometimes even a 25-year term. If you’re in exceptional health, then perhaps you can get a 25-year term However you can’t be on a lot of prescription medicines, and also you must have an ideal build. We at Protect With Insurance can help with that. We’ve assisted a lot of seniors with term insurance, and that requires a fully underwritten process.
What Are the Pros and Cons of Arizona Term Life Insurance for Seniors?
Let’s go quickly through some pros and cons. First, term life insurance for seniors is a lot harder to get than whole life insurance. In general, term life insurance policies require much better health with very few or no prescription medicines.
Term life insurance policies require that you don’t have any moderate or major health conditions. It’s okay if you have diabetes. But they won’t accept you if you’re on insulin. It’s okay if you’re on blood pressure and cholesterol medications. Typically there’s a maximum of three prescription medicines that you can be on, That includes inhalers and even eye drops.
So it’s very important to know this going into it. You want to have realistic expectations. If you’re taking four or more prescription medicines or if you’re on insulin, and if you are taking a blood thinner, then you probably are not going to get approved for the term policy. I still want you to reach out to us because we’ll do everything we can for you to see if we can get you approved.
How Will I Know if I Qualify for Term Life Insurance?
If we can get you into a term life insurance policy, we will. And if anyone can, we can. We shop a multitude of companies to get your qualified. Due to our wealth of experience, we know what their requirements are and how to get you approved. So please reach out to us if you want to term life insurance policy.
Now, aside from those prescription requirements, your physique doesn’t have to be perfect but it is taken into account. If you are on the heavier side, please tell us right away, text, or call us and let us know so that we can fit you with the company that’s going to have the best outcome for you.
Is Whole Life Insurance a Better Choice for me?
Now, sometimes people are too heavy based on their height in order to qualify for the term life insurance policy. Whereas with whole life insurance, it is more flexible and we can get you into a policy for that. Protect with Insurance can certainly help you. We have taken care of many policies for seniors. Our agents can help put them into a term life insurance policy, but again, most seniors prefer to get the whole life insurance policy.
Most seniors don’t want a policy that’s going to expire. They want something that’s going to keep going. The reason why most seniors do want term life insurance is that they want a larger coverage policy. They want a 100, 300, 500,000, or even a million-dollar policy. But the problem is that a term policy is a policy with a ticking clock.
The cost per thousand dollars of coverage is lower with a term policy than it is with the whole life insurance policy. Here’s an example. A $100,000 term policy is probably going to cost about the same. If you were talking about a 70-year-old and above, it’s going to be even more expensive.
A $30,000 Whole Life policy never expires. In addition, that whole life policy is going to build in cash value and it’s just never going to change.
What Insurance Companies Are the Best for Seniors?
A couple of the term life insurance companies that tend to be more helpful towards the seniors are American Amicable and Forests Financial. Both have amazing term programs for seniors up to the age of 75 and Foresters even goes up to age 80.
We only work with the best. Now if you’re past the age of 80 and you want to term life insurance policy again let us know and will help you.
The insurance companies that we work with have to be A-rated companies. They not only have to take care of the needs of our clients but their pricing has to be reasonable. As of right now, age 80 is our maximum age as far as accessing these high rated, lower-priced companies. But if you are over 81, stay tuned because we are always adding new companies that you may qualify for.
So please reach out to us no matter your situation. We’d love to take care of you. Right now we can get you into whole life policies all the way up to the age of 89. So even if you are looking for a parent that’s in their nineties, give us a call.
We enjoy helping you out, so don’t hesitate to call.