Need life insurance since I’m now raising my grandkids (parents recently passed away.) Would I have to pay too much on life insurance coverage here in Texas? I’m 60 years old.

Fred

Hosuton, TX

Good question. At your age it is still possible to locate relatively affordable senior life insurance coverage. Here are some tips to help you save money by getting the right life insurance policy there in Texas:

Know What Suits You

Understand your goals and reasons in purchasing coverage. You probably just want life cover until your grandchildren are old enough to take care of themselves. A term life insurance policy would be an excellent option. Rates are relatively cheap for the significant amount of death benefits (face value) you can get. You can buy 10-year, 20-year, or even 30-year coverage depending on what suits you.

Be Your Own Agent / Broker

Eliminate the costs of commission by shopping for life insurance coverage on your own. That is definitely possible these days thanks to the Internet.

Buying Higher Coverage is a Good Idea

Most insurers can cut your total annual payments down if you choose the next highest coverage tier. For example: a $240K coverage could cost you $275 a year, while a $250K coverage would cost $260 annually.

Discounts and Annual Payments

Always ask about discount options. You may get discounts for being part of a club or organization, or for being a retired military serviceman. Also, making yearly payments instead of monthly can cut off 10%-20% off on your total senior life insurance expenses as well.

Live a Healthier Lifestyle

It’s never too late to live a healthier life (e.g. quit smoking, regular exercise, etc.) This is also a good way to keep your life insurance rates affordable.

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