If you’ve ever looked into buying life insurance before, you likely know that insurance providers base their rates on an individual’s assessed level of risk. Whenever a person applies for an insurance policy, the insurance company evaluates their age, health, lifestyle and other factors to determine their risk of dying. For this reason, people often assume low cost life insurance for seniors is a myth, that it doesn’t exist. In fact, there are some low cost options available for people in their golden years. You just have to know where to look.

There are many reasons a senior would want to buy a life insurance policy; they could worry that their spouse will be unable to subsist on retirement savings after they’re gone; they could wish to leave something behind as an estate for their family; or, perhaps, they did not have the money to afford a life insurance policy when they were younger and are only now able to purchase the coverage they’ve always wanted.

No matter the reason, those people looking for low cost life insurance for seniors should consider purchasing a term life insurance policy. Because term life costs less than permanent policies and they aren’t likely to need a policy that provides protection for more than 30 years, term life could be the perfect solution for someone over the age of 50 or even 60.

Term life allows the policy holder to decide on the number of years for which they will be covered by insurance. This could be a term as short as 5 years or even as long as 30. Term life policies still require that the applicant take a medical exam unless they decide to pay extra for a policy without an exam. Even if a senior’s health and age mean that they have to pay more for their policy than a 40-year-old would, the lower cost of term life should still offset this expense, making it still a less expensive option.

To learn more about low cost life insurance for seniors, speak to industry experts at TermLife-Insurance.com. These agents have the skill and industry ties necessary to help you save time and money in your search for life insurance.