Are there any particular life insurance providers for seniors that have lower premiums for the pittsburgh area
Thursday, September 2nd, 2010 at
3:54 pm
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About Life Insurance
Of all types of Insurance that people need and get, it seems that there is more confusion about Life Insurance than any other kind of insurance. So many questions come up as to this subject and it is difficult to know the answers.
Some of the questions people have are whether or not they need life insurance in the first place, how much insurance they should purchase, as well as which kind of policy they should get.
The main reason people purchase life insurance in the first place is to replace the income of that the person who is insured in case of their death. That way, the person who is the beneficiary on the policy, like their husband or wife, will not be left without any type of income that they have depended on. If you have children that depend upon your income for support, you should consider getting life insurance.
If you are a younger person, say from age 25 to around 35 or if you are single and without any children, then you probably don't need any life insurance. However, if you are single parent or a stay at home parent, you might want to consider getting a policy.
A stay at home parent could believe that it isn't really
important to get life insurance, as they don't earn an income, but if you think about the huge expense that it would be if they had to hire someone to do all of the tasks they do now, it would be considerable. Or if you had a special needs family member at home, living with you, it would cost a lot of money to hire a person to to the daily errands, cooking, cleaning and so on that you now do for that person.
Life insurance for a stay at home parent would allow the family to hire people in the event of your death to continue doing all of those daily tasks that you were formerly doing for the family members.
You would calculate the amount needed for a life insurance policy based on the amount of money you earn now and what is needed to replace that income in the event of your death.
What are the types of life insurance?
There is Term Life Insurance. This kind of a policy is for a certain set term or period of time. You pay monthly toward the coverage and at the end of the term, you do not collect any sum of money, but you are fully covered in case of death for the duration of that term.
Whole Life Insurance is different. A Whole Life policy is when you are fully insured for the entire period of your life.
The money paid into this policy is placed in an investment fund and usually the premium remains the same in the beginning but usually is increased after the first few years.
This kind of policy is more expensive but the benefit is that there is a payout.
You need to carefully calculate the sum insured. You should calculate your assets and debts value and also compare your annual income and expenses. Then find out how much amount your family will need to have so they do not face a financial crisis if something should happen to you.
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try zander insurance. you can apply from the web. free quotes online.
You might want to check with the American Association of Retired Persons, AARP, is for seniors 50 & over and they have some fantastic benefits for their members including a life insurance program which is underwritten by New York Life Insurance–website address for their life insurance program is https://www.nylaarp.com/index.asp & the main website for AARP is http://www.aarp.org/ Membership is only $12.50 per year and I understand the rates for life insurance and some of their other benefits are great.
Also check with independent agents in your area that might have other programs for senior citizens and/or consider the input of a Certified Financial Planner that can sit down individually with you (or your family member) to go over your individual goals, tax situation, etc–sometimes insurance is not necessarily the best option and a good CFP that has your best interests in mind will be able to recommend the best options for you.
Good Luck
http://www.advantageoneinsurance.com will let you compare insurance rates for seniors in Pennsylvania.
For more insurance options you might try
http://www.2insure4less.com
There are a number of companies available for seniors depending on purpose of coverage, health of insured, and amount of coverage desired.
Pa based: http://www.LifeInsuranceAdvisors.com
There are several life insurance companies that offer affordabable protection for seniors.
However, it depends on your specific health, age, and the type and amount of life insurance protection you want.
In the Pittsburgh area you could contact an independent insurance agent through the yellow pages who could give you quotes from several life insurers.
Or, you could use a free life insurance quote service online with no obligation.
Another option is Globe Life that offers up to $30,000 for people age 78 and under, with no medical exam required.
Either way you go, make sure to consider your needs, your budget, what you can afford, what the financial strength rating is for the life insurance company, and what exclusions in the policy may apply to you.
Some policies for seniors offer graded benefits for the first two years. That means you really don’t have the entire face amount of protection until you have owned the policy for 1 or 2 years.
Make sure you understand your policy before you buy.
The best way to find the lower premiums for seniors in the Pittsburgh area would be to compare quotes from several A rated life insurance companies to find which offer the most affordable rates that meet your needs and fit your budget.
I hope that helps! Best of luck to you.
Lower premiums than WHAT? Life insurance for seniors costs MORE than life insurance for a 20 year old. It’s all about the odds.
Check with these guys: http://www.kellyinsurancegroup.com/ and tell Jeff mb said hello. He’s in the ‘burgh, and can get you a variety of quotes.