Hello everybody. This is Chad McMahan with protect with insurance. This is another life insurance video, and this one is on life insurance for seniors on social security. So most of our clients are seniors and, 95% of seniors. Are on fixed income with just social security and nothing else. And so most of these, these clients are obviously getting policies.
They’re able to find a way to make it work. Okay. and in some cases, these clients are able to get exactly what they want. In some cases, these clients are able to get more insurance than what they thought they could get. And in some cases, these clients need to come down off of the amount insurance they want it so that it becomes affordable.
So in many cases, we’re going to be looking at whole life insurance. You know, that’s typical insurance policy that you’d get for burial insurance policy, a final expense policy, a cremation funeral, covering a few bills, things like that. And the reason why these clients, these seniors are getting whole life I’d rather than a term life insurance policy is because term expires at the end of the term.
Or you have the option with some of those term policies to pay significantly more money at the end of the term, if you keep the policy and generally speaking, that’s something we discourage to our clients because it’s very, very difficult and impossible for most of our senior clients to afford that increase in cost.
Cause it’s not like it’s going to be 20% more in cost. It’s typically eight times the cost, 15 times the cost of what it was before, when a term gets to the end. Of its term period, and typically terms are anywhere from one year to 30 years. And you may think, okay, well, wow. If I could get a 30 year term at age 65 for 70, well, that I’m, I’m good.
And that’s true if that’s how it really worked, but as you get older, the amount, the length of the term we’ll get shorter, shorter, shorter. And so when you’re 70, 75, just as an example, you’re probably looking at a 10 year term. That’s about it. And there’s a pretty good chance. You’re going to outlive that.
Which again, full circle. This is why a lot of people go with whole life policies. So that being said, typically, it’s, it’s going to be all across the board. It depends upon your health depends upon your exact age. And I hate to say it, but it does depend and upon your gender as well in most States, women do get a better rate, a lower cost per age than men do.
And that’s because statistically women live longer. So good job, ladies, whatever you’re doing, keep doing it. but guys, statistically live right about five years shorter than that when women do so we, we get hit a little bit on the cost. So, so what you’re going to want in order to bring your costs down as much as possible and give us this to all the seniors out there.
Yeah. You’re going to want to shop a whole bunch of these whole life insurance companies. Companies that are good, that are a rated and the easy way for you to accomplish that. It can be a relief, stressful ordeal and a time consuming ordeal to do that. So the best way to do it is to connect with an agency, a life insurance agency that is independent.
That is not a captive agency. It’s independent access as all the companies for you. And then they shop it. You get the same price through them as if you went directly to the company. There’s no extra charge for that kind of thing. so it’s, it’s a good, please reach out to us. You can email firstname.lastname@example.org.
You can call us at (928) 323-0933. Let us know if there’s more information you’d like to see. And these videos and these blogs look through our website. We have tons of information that hopefully is helpful to you. Alright. Stay safe out there.