FREE Life Insurance Quotes For Seniors
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Senior Life Insurance – You Can Get Coverage!
Senior Life Insurance – Risk grows with age, making life insurance more difficult to acquire. But due to the demand by the increasing population of retirees, companies are starting to provide life insurance for seniors. Find out about the benefits of applying for a senior life insurance.
Too often, people always pass up the opportunity to get a life insurance policy while they are at the right age. People often find an excuse, and look for other uses for their money at the moment.
This is a dangerous thought to harbor. No one can make sure that they are always safe, and it is important to have a safety net. Life insurance policies are never for our own benefit, they are also for our loved ones. And as this realization dawns on individuals, it is often too late. Traditional life insurance policies in some companies are offered only up to a certain age. Fortunately, individuals who have had a change of heart can now avail of a policy fit for their age.
Senior life insurance is a type of insurance policy that is available for people over 55. The policy ensures that the individual’s family is provided for with the security they need at the event of the policy holder’s death. Unlike a regular life insurance, seniors life insurance is available for people in their retiring age.
With this policy, it is never too late for individuals to invest on their peace of mind and the livelihood of their loved ones upon their death.
Why You Need Senior Life Insurance
Knowing what your family needs to pay for in the event of your loss is an important factor you should think about once you hit the retiring age. In addition, a lot of traditional life insurances cannot meet the needs of most families once a bread earner passes away. Some of the problems your family may incur include estate taxes and inheritance taxes. Problems like mortgages and debts may also creep up in the future.
You can help them cope from this extra burden by making sure that they have somewhere to draw into to pay for these incurrences. By getting a life insurance now, while you’re healthy and still capable of assisting them, you’re increasing their chances of getting through these additional worries.
Senior life insurance is important because this can save families from financial woes and tax charges they can incur after an individual’s death. With its coverage, the family you leave behind can have a greater chance of planning your estate and pay for expenses for medical upkeep, funeral and burial. The death benefits can also help your family pay off some of the debts incurred in your lifetime.
A senior life insurance can bolster an individual’s life insurance. Although Senior Life Insurance policies also have benefits for the policy holder and his or her family, they may not be enough to provide for their needs in the long run. Financial debts and the loss of a bread earner can mean a life of hardship for your family. This type of insurance policy is an investment in the name of your loved ones’ futures.
Requirements for Senior Life Insurance
A lot of states require seniors to have life insurance. Most life insurance policies are available to individuals when they reach 60. Some insurance companies even give approvals for applicants who are in their 80s. But the older the applicant, the higher premium he or she is asked to pay. Determining the exact life insurance quotes for seniors ultimately rests on his or her current state of health.
Seniors who want to get life insurance are required to undergo tests to determine their current state of health. These tests are similar to the medical exams required for traditional Senior Life Insurance policy applicants: seniors need to provide their personal and family medical history, a list of medications they use, their blood pressure and cholesterol levels in addition to their height, weight, and gender.
Individuals who have a good health history will not find the tests difficult to pass compared to individuals who have suffered certain medical conditions. But the latter group could still apply for a life insurance. However, as policies contain less health concerns, the premiums increase. As the likelihood of risk increases, the senior life insurance becomes more expensive to purchase and maintain.
Types of Senior Life Insurance
There are a lot of insurance types for seniors. Affordable life insurance for seniors is available depending on the policy type:
Term Life Insurance – This policy is the most basic for seniors, and is geared towards individuals who are more interested in providing financial security over investment for their family. Seniors who still have a fixed source of income are well suited to this policy, as this policy needs to be renewed depending on the terms.
Whole Life Insurance – This policy has a fixed coverage that an individual can carry on for the rest of his or her life. The advantage of this policy is that individuals are not required to renew and will not have to go through another medical exam. This policy is also geared for individuals who want to leave an investment, which means paying a higher premium.
Single-Pay Insurance – In this policy, individuals can leave tax free death benefits to their families. However, it requires seniors to pay the premium at one time. Because of this, this policy is more suited to people who already have a huge amount set aside. By doing so, the value can significantly increase at a short time.
Guaranteed Acceptance Life Insurance – This policy is geared for individuals who do not want to undergo a medical examination. As a result, this type of insurance may be more expensive, and has a stricter withholding policy. Families can reap the full death benefits of the policy holder in the event of an accident during the term or if the policy holder survives the term. However, if the policy holder dies a natural death during the period, death benefits may be limited. Senior Life Insurance