Most l??ife?? insurance companies outside of group or work plans require an individual to go through an exam and application process to determine risk. Age plays a big role in the cost of insurance, especially senior life insurance, even for the healthiest individuals, so it is helpful to know what options exist.
In an ideal world, you buy life insurance when your kids are young or you’ve purchased your first home, and you need the coverage only for about 20 years. By the time your policy nears the end of its term, your kids are on their own, your house is mostly paid off, and you’ve accumulated enough money in retirement savings for your spouse to pay the bills if anything happened to you.
For many seniors, the best life insurance option is Guaranteed Universal Life. GUL is a sort of hybrid policy; it offers a guaranteed death benefit like whole life insurance, but with affordable premiums closer to those of term life. We consulted with life insurance experts about what makes an attractive GUL policy and sought out the best providers based on their guidance.
For many people, the idea of buying life insurance brings to mind the annoying insurance agent Ned Ryerson in the 1993 comedy “Groundhog Day.” “Do you have life insurance?” Ryerson asks the Bill Murray character, Phil Connors. “Because if you do, you could always use a little more. Am I right or am I right?”
There’s no doubt about it: the longer you wait to buy life insurance, the more expensive it gets. Even if you’re in top physical condition, a term life insurance policy bought at 60 will always be more expensive than it would have been at 30 or 40. But that doesn’t mean you have to go without.