Reader’s Question:

I’m looking to help my mom get life insurance coverage here in Pennsylvania. She’s in her mid-50s already. How can I help her get an affordable life insurance policy?

Denise

Bethlehem, PA

Since your mom is still in her early senior years, she may still be able to get relatively affordable life insurance. However, you and your mom would need to do some legwork in order to get the best possible rates and a good life insurance for seniors. Here are some tips:

1. Do Your Homework – Know what kind of life insurance works for your mom. Why is she taking out a life policy? Does she need coverage for a specific period of time only (Term life) or does she prefer lifetime coverage (Whole life.)

2. Skip the Insurance Agent/ Broker – Thanks to life insurance comparison websites it only takes minutes for you to get the latest rate quotes today. You can compare prices coming from many different insurers within minutes. Not only does it save time but also money since you don’t have to shoulder commissions fees.

3. Buy Higher Coverage – A higher coverage amount might actually cost you less in the long run. So if given an option between a $240K policy to a $250 policy, choosing the latter would actually give better rates.

4. Reap the Benefits of Being Healthy – Your mom can cut considerable costs if she doesn’t smoke and is leading a healthy lifestyle.

5. Go with a Specialist – Check out insurers specializing on life insurance for seniors. They would typically offer more competitive rates compared to general-coverage insurance companies.

6. Annual Payment Options – Paying in annual or even semi-annual sums can cut your total life insurance costs by as much as 20%.

7. Use Rating Agencies – Moodys, J.D Powers and A.M. Best are some of the best consumer rating agencies around. Through them you can find out the best-overall life insurers around.