3 life insurance factors seniors should consider this November

While the ongoing open enrollment season is broadly associated with health insurance, many may find it to be an appropriate incentive to review insurance policies in general, too. And that can be a particularly savvy move for seniors, many of whom are feeling the squeeze in today’s economy with rising inflation and still elevated borrowing costs. With limited budgets unable to accommodate these rising costs, it may feel counterintuitive to add another monthly insurance premium to the list.

But life insurance for seniors can be valuable, for a variety of reasons. And it doesn’t necessarily need to be exorbitantly priced, either. And, if you can save on your Medicare supplemental or long-term care insurance costs now, you may be able to use those savings toward a life insurance plan that protects you and your loved ones.

Still, it makes sense to take the time to review your needs, budgets and goals. There are some timely considerations to account for this November, too, that can better inform your next steps in the life insurance application process. Below, we’ll break down three to consider this month.

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3 life insurance factors seniors should consider this November

To better decide on the value of a life insurance policy secured now, seniors should take the time to consider these three timely factors:

Inflation and cost-of-living expenses are reducing your savings

Inflation rose in September after ticking up in August and is now a full percentage point above the Federal Reserve’s targeted 2% goal. That means that cost-of-living expenses are rising, too, and likely reducing the savings you had for your golden years and your beneficiaries in the event of your death. And even if both of those factors reverse course, the money you had to spend to keep pace will still be gone. 

Against this backdrop, then, and the reality that saving money is even harder post-retirement than it was while working full-time, a life insurance policy could provide a viable solution. For less than $100 per month, you may even qualify for a six-figure payout. So take the time to understand your current situation and then look for a life insurance company that can help address it.

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Waiting until 2026 could result in higher premiums

We’re less than 10 weeks away from a new year. And, with 2026, will come new important calendar dates and older age. Waiting until then could also mean higher premiums for a life insurance policy, especially if it means being recategorized into a higher-risk age bracket. Waiting to secure a policy in 2026 could be an expensive mistake worth avoiding, especially if you can find a valuable, cost-effective policy this November. 

While prices can and will change based on provider and the type of life insurance in question, in general, you’ll typically be offered more robust coverage options and lower costs, if you apply when you’re 65 versus 70, or 75 instead of 80. So, if you know you need the insurance and can afford the premiums associated with it, it may make sense to start shopping for providers right now.

There are multiple, low-cost options worth exploring

There’s no uniform, one-size-fits-all life insurance policy. And that’s a good thing. Because of the various options, ranging from term and whole to no-exam and final expense life insurance, seniors have multiple, low-cost options to explore this month and in the months ahead. Don’t get stuck with just regular term life insurance, then, when a whole life insurance policy can provide better, longer protection. 

But don’t rush into that, either, without knowing what you need the policy for and how much you can afford, as both no-exam and final expense life insurance policies may better fit your budget and goals. Remember, though, that no matter the type, all insurance policies tend to cost more and limit coverage the longer you wait to apply, so try to avoid overanalysis here, too.

The bottom line

Insurance types need to be evaluated and purchased strategically, and that’s especially true for life insurance policies for seniors. By evaluating these three considerations this November, applicants can better improve their chances of choosing the right life insurance type for their budget and for their long-term goals. Consider speaking with a financial advisor or representative from a top life insurance company, then, who can answer any questions you may have and help you build a tailored insurance policy.