Buy Only From The Trusted Companies
Make sure you buy your policy from a trusted company before you spend your hard earned money on a policy.
The sample rates from Mutual of Omaha were just one of the many companies that can offer you coverage. There are too many to list here because we have access to over 60 of the best life insurance companies.
This gives you the best chance at coverage at the lowest rate. Most of our companies are rated “A” and above from A.M. Best. They are one of the leading independent credit rating agency that grades life insurance carriers on their financial strength.
Just make sure the company that you go with is established with a good financial rating.
Read the Fine Print
Your agent should present you all of your options of coverage. You may have several types of policies to choose from at a range of prices.
You may have an expensive policy, but that doesn’t mean it provides better coverage.
The best deal will boil down to the cost of your policy and the policy’s fine print.
Make sure to ask your agent…
- Is your policy a Simplified Issue or Guaranteed Issue policy?
- Does your policy have a Graded Benefit?
- If there is Graded Benefit, what are the terms?
- How many years is the graded/waiting period?
- What are the terms for each year?
- When is the entire death benefit available?
Which Type Should I Buy?
To find the best policy at the best rate, work with an independent life insurance agent. They will help you find out if you can qualify for a less expensive Simplified Issue policy or if a Guaranteed Issue policy is your only option.
Your health is the biggest factor in getting the best deal. You agent will ask you the specific questions that the life insurance companies will want to know before offering you a policy. They’ll make sure you don’t waste your time applying with a company who may approve a more expensive policy or worse – deny you.
How do I pick the Best Company and Insurance Policy?
You should always use an independent life insurance agent before buying a policy. *hint hint Life Insurance Blog.
There are many reasons why. Most people are not sure of the number of companies, policy options and types available. You won’t know the qualifying questions for each carrier as each one is unique with their health questions.
You’ll end up spending hours on your own and you’ll still have no idea if you’re getting the best deal. Let an agent do the heavy lifting. Make sure your agent uses multiple carriers and is licensed in your state.
How do I apply for life insurance when over 80 years old?
Guess what? When you’re over 80 insurance applications are quick and simple. It’s way more convenient and faster compared to the type of policies you’d buy decades ago.
Here’s how most applications go:
- Prequalify: Your agent will ask you the health questions life insurance companies want to know.
- Complete: Choose the company, policy and input the application details.
- Finish: Wait for your approval and put the policy in force.
Of course there’s a little more to it than that, so let’s break down those 3 stages into more detail so you can see exactly how the life insurance application will go down.
Your health is unique and so are each company’s pre-qualifying health questions. Your agent will ask you the health questions that life insurance company’s will need to know before they approve your policy. If you can’t pass any of the health questions, we can alway pivot to a guaranteed issue policy. Once the best companies are found that you can qualify for we can move to the next stage.
The next stage involves selecting the best policy from all of your available options. We’ll provide you suggestions and advice, but the choice is ultimate yours. The application can be completed over the phone and online depending on the carrier.
Once everything is submitted you’ll sign your policy and we’ll wait on the approval. Your signature can be applied electronically or with voice signature. Again, it will depend on each company. Once your policy is approved, the company will deliver your policy to you.