Believe it or not, term life insurance can be affordable later in life. At IntelliQuote, we often speak to baby boomers who are surprised to learn that affordable term life insurance rates are still available to them. The life insurance industry has product options for the baby boomer population, offering term products that appeal to those in their “golden years.”
Why Carry Term Life Insurance?
Many baby boomers don’t plan to carry life insurance coverage after retirement. You’re free of all financial responsibilities at that point right? Unfortunately, that is not the case for most of us. Even if your family is grown, chances are you may have a spouse, children or grandchildren who depend upon you for some degree of financial support. How about outstanding debt? If you’re still making mortgage or car payments, ask yourself who would be left to settle your debt. Finally, it’s important to consider your retirement or pension income. Oftentimes, couples are heavily dependent on retirement income from one spouse. At the time of that person’s death, social security income and pension income may end, or be significantly reduced , leaving the surviving spouse in a difficult financial situation. If you, or your spouse, would face financial hardship in this situation, it is extremely important to have life insurance protection.
You have several options when it comes to coverage. If you’re looking for a simple and affordable policy, we encourage you to consider term life insurance. The right policy will provide the protection your family needs at a rate you can afford.
Comparing Term Life Insurance Policies
If you’re considering term life insurance protection, it’s important to compare your options carefully.
Avoid Annual Renewable Term Life Policies
Though the quoted rate will be extremely low on an annual renewable term life policy, premiums typically skyrocket in year two.
Compare Like Policies
Be sure you’re comparing policies that offer the same amount of coverage and length of term. This is the only way to complete an accurate side-by-side comparison.
There are plenty of variables when it comes to comparing life insurance. Don’t be afraid to ask questions.
At IntelliQuote, we are proud to be one of the largest online life insurance companies in the United States. We employ a team of the industry’s leading agents, each of whom is on hand to answer your questions and help you compare policies. In fact, your personal IntelliQuote advisor will be there for you through every step of the process. If you’re ready to compare policies, with no obligation, we encourage you to request a quote today!
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