Life Insurance for Seniors
As we watch our elders grow older, we should advise them to consider buying seniors life insurance. What does this imply? The idea is in fact very simple. Individuals, who have reached a certain age and wish not to leave burdens or unpaid expenses on their families after their death, could apply for a senior life insurance plan. By paying a certain amount of money per month, at the time of death, the money is returned to cover most of the remaining expenses to ease the financial situation of your loved ones.
Life insurance plans imply various sums, and you can purchase one between the ages of 50 through 85. The general view of the public is that you have to pass a harsh medical exam in order to qualify for senior life insurance. However, nowadays, life insurance companies have developed no-exam senior life insurance policies which. The only catch is that to qualify, generally you have to be under the age of 75, and of course, the amount of the policy is limited. Also, some companies carry a maximum payout benefits during the first several years, but afterwards they offer 100% coverage.
Looking at the statistics, seniors apply for an average policy of about $35,000. The higher the amount desired, the longer the wait for that policy to be approved. Also, depending on the medical history and age of the applicant, it may be a bit more difficult to get life insurance (e.g.: a 78 year old who has a heart condition). Not impossible, but more difficult – more research from your insurance agent is implied.
As a senior, you and your loved ones can benefit from a life insurance policy. Be sure to ask a lot of questions and have your mind set on a certain policy. You can compare elderly life insurance rates right here on our website, or call us and speak to a licensed life insurance agent today!