Life insurance can be an essential financial planning tool. This important product can help to protect both loved ones and businesses from financial devastation upon the loss of an individual who is responsible for bringing in cash flow. It can also ensure that future financial plans remain in place and / or that debts can be paid off. Because life insurance has a myriad of different uses, it can be utilized by children as well as seniors, and nearly anyone in between.
In the past, obtaining quotes and information about life insurance policies and its uses was primarily done by meeting personally with a licensed insurance agent in his or her office. This meeting typically took up a great deal of time, and in many cases, left consumers feeling somewhat pressured into purchasing a policy.
Today, however, due to the tremendous ease and reach of the Internet, there is a lot of information regarding life insurance that can easily be obtained from the comfort of one’s own home computer. Seniors in particular may find this to be an extremely convenient way to shop for additional coverage should they need more life insurance for paying their anticipated final expenses, potential estate taxes, or a large debt payoff to ease the burden for survivors.
Types of Life Insurance Quotes
When shopping for coverage, there are many different types of life insurance quotes online for seniors that can be found. Typically, seniors will be able to run premium price quotes for both term and permanent life insurance policies, as well as the various versions of each.
With term life insurance, the senior will be getting pure death benefit protection. These policies run for a set number of years such as 10, 15, or 20 years. Depending on the age of the senior when he or she applies for coverage, they may be able to obtain a term life insurance plan that runs even longer in terms of duration. Because there is no cash value or investment component that is associated with term life insurance, the premiums are generally less than for a comparable amount of permanent life insurance coverage.
Permanent life insurance includes both death benefit protection and either cash value or investment builds up within the policy. The most basic type of permanent life insurance is whole life. With these policies, the policy holder will be able to accumulate cash value, usually via a fixed and guaranteed amount of interest.
The cash value is allowed to grow on a tax deferred basis, meaning that there are no taxes that are due each year on the growth inside of the policy, provided that the cash is not withdrawn. Should the policy holder need the cash, however, he or she may either withdraw or borrow it at a very low rate of interest. Although the cash is not required to be repaid, any unpaid deficit in the cash value will go against the death benefit if the insured dies with unpaid cash value balance.
How to Run Life Insurance Quotes Online
When ready to run life insurance quotes online for seniors, it is easy to compare premium rates on different policies. In most cases, an individual will usually need to enter just a few pieces of information. For example, if running a quote for term life insurance, the information that is needed will usually include the following:
- Date of birth
- Tobacco / Nicotine Use
- Amount of coverage
- Length of coverage
- Health class (i.e., Standard, Substandard, Preferred)
- State of residence
Once the information has been received, you will receive a detailed quote back – typically within just a few seconds. Oftentimes, you will also be able to see different premium modes that are available (monthly, quarterly, semi-annually, or annually), as well as whether or not the insurance company will require you to take a medical exam prior to approval for the coverage.
What to Do First
Oftentimes when running quotes for just one life insurance company, it is difficult to determine whether the premium quote is too high or on track with other comparable insurers in terms of the coverage that it provides. However, being able to directly compare many insurers’ premiums can help you to truly see the difference from one insurer to another.
Therefore, prior to running any life insurance quotes online for seniors, it is best to locate a company that works with multiple insurance carriers. This way, you will be able to compare many different premium quotes, as well as different policies, in order to determine which one is the best for your needs and your budget.
At LifeInsuranceforSeniors360 e work with many of the top rated senior life insurance companies in the industry, and we can help you to find the very best coverage for you at an affordable premium price. By offering easy and convenient side-by-side comparisons from the comfort of your own home, you can quickly determine which coverage will be the best for your specific goals.
In order to begin comparing quotes for the best senior term or permanent life insurance coverage, simply use the form on this page. If you have any questions regarding life insurance quotes, coverage, or policy types, please feel free to contact us directly, toll-free, at 888-229-7522 and we will be happy to assist you with any information that you may need.