For Senior Citizens, buying Life Insurance policy post 60 is one of the biggest challenges. Insurance Companies are known to be wary of Senior citizens due to the risk involved. However, recent development in Medicare policies has changed this scenario.

Those above the age of 60, and without Seniors Life Insurance policy can get one without going through many hassles. Despite the age and possible existing medical conditions, you are eligible for a full life insurance coverage. However, there are few tips to ensure you don’t get a raw deal.

1.Buying the right policy 

Given the age and existing medical conditions, one really cannot pinpoint what could go wrong. You will need a catch-all policy that takes care of most of the probable complications if not everything. You can opt for a coverage plan that matches with your specific conditions and lifestyle choices. 

While there are Seniors Life Insurance policies that do not require a medical exam, however, such policies have high premiums. You need to evaluate what fits your requirements. 

2. Ask about Riders and Rate-lock on policies

Seniors Life Insurance policies vary on various counts. But in general, the premium cost for the ideal policy is always higher. But that’s not the only way you can ensure good insurance coverage. You can also opt for Riders on your policies. Many Seniors Life Insurance policies give you an option to add riders to your main policy. This means you can add a special rider for critical illness to a low premium policy and yet get the same benefit without paying the high premium. 

On the other hand, many low premium policies do not have a rate lock clause, which means over a period of time they premium can increase making the policy unaffordable. This could result in your lapsing on your insurance policy. 

3. Always go for a reliable insurance agent

A good agent will tell you about the pros and cons of every Seniors Life Insurance policy available out there for you. Depending upon your specific situation, you may be eligible for some additional benefits. All this get lost in the fine print. A good agent would inform you of these special circumstances benefits. 

Opt for someone who will have a broker’s license, and who can offer a wide range of options across various insurance companies. The end goal is to get the best deal available for you.