Senior citizens too need insurance coverage although it is more difficult for a senior citizen to get affordable term life insurance than for a younger person. Senior citizens require insurance for the following purposes:

– Pay for funeral expenses
– Pay all outstanding debts and estate costs
– Providing financial security to their family

While senior citizens may not have the worry of dependant children, they could have a partner who is equally old and will need the security of a life insurance to pay off outstanding debts and carry on with life.

Many insurance companies offer senior citizens attractive discounts. While some seniors may not have taken a policy until they were older, others could just attract higher rates on renewable term life insurance policies. Seniors too need affordable term life insurance for while they may not have outstanding debts or kids education to consider, they will be retired with not much income. Having a life insurance policy helps in settling the above mentioned debts if any.

While there are many affordable auto insurance and medical insurance policies available for senior citizens, it is more difficult to get affordable term life insurance. Searching the Internet is the best way to find who can offer the best rates. Use an online calculator to estimate costs of life insurance for different categories. Seniors who are not computer savvy can seek the help of their children or friends to find the best policies for their needs. Getting multiple quotes is critical to getting affordable term life insurance for that is the best way to evaluate rates and compare terms and conditions.

The insurance business has grown in leaps and bounds and with the number of private insurance companies on the rise, the services and products they offer are also better and more competitive. This is why it is possible for every citizen to be able to afford life insurance as long as they have a steady income and not too much expense so that they can pay premiums without default. Health, finance and occupation are the three main reasons why insurance rates can increase or decrease.

Those with a serious illness will find it difficult to get affordable term life insurance for insurance carriers are also in the business to make money. They will see those with a serious illness as a health risk and not be prepared to offer them low cost insurance. Some insurance companies are offering a separate category called life insurance no exam to those who wish to purchase an insurance policy without undergoing a medical exam.

There could be many reasons why a person does not wish to a medical exam. It could be they do not have the time to spend on lengthy medical tests or that they are afraid of needles. The most common reason why a person would opt for a life insurance no exam is that they have a medical problem or indulge in a lifestyle that could lead to critical illnesses in the future. Of course, no insurance company will offer a life insurance no exam policy to anyone with a critical illness. People who apply for this policy will have to answer questions about their current and past medical history.

Once the information is submitted and the application is processed, the insurance company can decide if you are eligible for a life insurance no exam policy. Lying about your medical condition could land you in trouble for insurance companies will be able to obtain your medical records. Of course the younger and healthier you are the better the chances of obtaining a life insurance no exam policy. If such is the case, you will be foolish to get one, for a policy without undergoing a medical test is much more expensive.

A life insurance no exam policy is meant for those who lead a indulgent lifestyle of smoking or drinking or in dangerous hobbies, do not wish to change and do not mind paying higher premiums. The premiums on these insurance policies are higher for the insurance company is taking a risk in insuring you. They know that when a person opts for this policy, they have some health issues and this is their way of protecting themselves. So, the best way to get low cost life insurance is when you are young and have a healthy lifestyle.

Author Bio: Article by David Livingston of EQuote.com, a website with the best cheap life insurance and cheap life insurance rates information in the country.

Category: Finances
Keywords: affordable term life insurance, life insurance no exam