It’s important to have coverage that pays the full death benefit from day one. Therefore, you’ll want to consider a traditional life insurance policy and avoid a “senior” that has a limited death benefit in the first years.Financial predators often focus on seniors. They may try to get you to purchase unnecessary coverage. Be wary of anyone who tries to rush you into making a decision or discourages you from discussing a proposed policy with a family member or trusted advisor.
“Insist that quotes include year-by-year disclosure of costs, often referred to as detailed expense pages or policy accounting pages,” says Flagg. Work with an advisor who can benchmark a policy’s internal policy costs and actual historical performance against the company’s peers, just like you do for other assets in your portfolio, he says.
We did not include companies that sell all or mostly term life insurance products, nor companies that are direct writers, meaning they sell policies either directly to consumers or only through their own exclusive agents. These rankings indicate the competitiveness of the life insurance companies’ products for people between age 65 to 85, considering both new products currently available for sale as well as products issued in the past and still in-force.
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