Senior Life Insurance As Seen On TV: Is It The Real Deal?

If you’ve ever turned on the television during the day, there’s a good chance you’ve seen an advertisement for senior life insurance. These commercials often feature comforting music, reassuring actors, and plenty of promises. If you are a senior, you may wonder if these advertisements are legitimate. In this article, we will review everything you need to know about senior life insurance, as seen on TV.

Challenges Of Getting Life Insurance As a Senior

Before we dive into more information regarding senior life insurance, as seen on TV, let’s dive into why getting life insurance as a senior is so challenging.

Premiums Rise As You Age

As you get older, the cost of life insurance premiums also increases. This is because insurance companies calculate your rates based on the risk of you passing away during the policy’s term. So when you reach your senior years, expect to pay more for coverage simply due to your age.

Fewer Policy Options The Older You Get

Many life insurance policies have age cutoffs, especially term insurance that covers you for a set number of years. This means the older you are, the fewer choices you’ll have when shopping for coverage. Companies limit selections for seniors to reduce their own risk.

Health Issues Can Cause Problems

Life insurance applications require medical examinations and access to your health records. This allows companies to understand pre-existing conditions and medications you currently take. Seniors tend to have more health problems, so getting approved for medical issues can be challenging. Or you may pay higher premiums due to being considered high-risk.

Cognitive Assessments 

Lastly, life insurance carriers may assess cognitive functions; if seniors fail these assessments, they could be declined. 

Answer To The Question Of Whether or Not Senior Life Insurance As Seen On TV Are Legitimate

Senior life insurance policies, as seen on TV, can be legitimate insurance options designed to fit the needs of seniors, especially for seniors looking for final expenses or burial insurance. However, it’s essential to dive deeply into these policies and read the fine print to see if it fits your needs. Here are the pros and cons of senior life insurance policies as seen on TV. 

Pros 

Here are the pros of getting a policy advertised on TV (in most cases) 

Accessibility 

These are highly accessible policies, and in most cases, seniors do not need a medical exam (at least that is what they advertise).

Simplicity 

The application process is straightforward and can be completed very quickly. This is great for seniors as they don’t want to spend a lot of time figuring out complicated paperwork or navigating through lengthy procedures.

Guaranteed Acceptance 

Last but not least is guaranteed acceptance. The policies (as seen on TV) say no one will be turned down for coverage based on their health status. This means that even seniors with pre-existing conditions or those who have had difficulty securing life insurance can get coverage.

Cons

Now, let’s go over the different cons.

Higher Premiums 

Because seniors who apply for these policies are guaranteed to get accepted, the premiums are often priced much higher than traditional life insurance policies that require medical exams. If you’re a senior who is considered relatively healthy, you may want to go a different route. 

Waiting Periods 

Although they say you will be accepted immediately, this isn’t always true. A common feature of many senior life insurance plans, especially those advertised with “guaranteed acceptance” or without the need for a medical examination, is the inclusion of a waiting period before the entire death benefit becomes available. This period often spans from one to two years. Should the insured person die within this timeframe, the policy may only offer a refund of the premiums paid, potentially with added interest, instead of the policy’s total value.

Advertisements Don’t Fully Disclose The In’s and Out’s Of The Policy

It’s important to understand that they are trying to sell you a policy. Because of this, they may not fully disclose all aspects of the policy, leading to potential misunderstandings down the road. Be sure to read the fine print and ask for a full disclosure of the policy terms and conditions before deciding. This will help ensure you are fully informed about what the policy covers, any exclusions, the premium costs, and other critical details that could affect your coverage and financial planning.

Limited Benefits for Pre-existing Conditions

While guaranteed approval policies do not refuse coverage for pre-existing conditions, the benefits payable for deaths related to these conditions may be limited, especially during the initial waiting period.

Why You Should Potentially Look Elsewhere For Senior Life Insurance 

If you’re somewhat healthy, you may want to look into other options for the following reasons. 

The first reason is cost. You should explore getting a policy that allows you to get medical exams because undergoing these exams can significantly lower your premiums. Insurers often offer better rates to individuals who can prove they are in good health through a medical exam, as it reduces the risk for the insurance company. Additionally, policies that require a medical exam typically provide higher coverage amounts, giving you more value for your money. 

Secondly, the option to customize an off-the-shelf-advertised policy is often limited. By looking into policies that involve a more traditional application process, including a medical exam, you gain the ability to tailor your coverage to fit your specific needs. 

Lastly, if you could get a policy with a guaranteed payout, it would be more beneficial than settling for one with a graded benefit, which, as we stated above, is a common thing amongst TV-advertised policies.

How To Find The Best Option For You 

If you’re interested in weighing your options, there are a couple of steps you should take. 

Assess Your Needs 

The first thing you want to do is figure out exactly what you want out of getting life insurance. For example, you might want to ensure that your family is financially secure after you’re gone, cover your children’s education expenses, pay off a mortgage, or simply provide for any final expenses, such as funeral costs.

Understand your Options 

The next step is to understand your options. This includes understanding the differences between term life insurance, which provides coverage for a set period of time; whole life insurance, which offers coverage for your entire life along with a cash value component; universal life insurance, which provides flexible premiums and death benefits; and variable life insurance, which includes investment options that can grow the cash value of your policy.

Compare Quotes 

Comparing quotes is important. However, it’s not always the lowest price that will give you the very best coverage or value. It’s essential to consider the policy features, the insurer’s financial stability, customer service reputation, and the flexibility of the policy to adapt to your changing needs over time. Look beyond the premium to evaluate the benefits each policy offers, such as the ease of filing claims, options for policy riders, and the potential for cash value growth in permanent policies. 

Let Liberty Financial Group Help You Get The Right Option For You 

Doing all the above is a lot of hard work. That is why you should let us, Liberty Financial Group, assist you in navigating the intricate landscape of senior life insurance. Our approach is focused on delivering personalized service to ensure you find the right insurance solution that meets both your needs and budget. With access to over 50 of the top insurance carriers in the nation, we are devoted to finding you the best coverage at the most competitive price.

Personalized Insurance Solutions

We recognize that insurance needs differ for everyone. We strive to provide tailored solutions whether you require life, long-term care, home, or auto coverage. By taking the time to understand your specific circumstances and priorities, we compose customized policies to suit your needs and budget. Our personal approach guides you through selecting the right protection unique to your circumstances.

Why Choose Us?

• Specialized Expertise: Our professional agents offer transparent, unbiased advice across all insurance types
• Flexibility: We’re not tied to one carrier, allowing us to be your advocate to find the best fit
• Savings: We’ve saved clients thousands by shopping rates and will do the same for you

Get Started Today

Contact us today to learn more about how we can help you find the insurance coverage you deserve. Whether you’re looking for immediate coverage or just exploring your options, our team is ready to provide you with the support and guidance you need. Connect with us at Liberty Financial Group, and let us take the hard work out of finding the right insurance option for you.