Many highly rated life insurance providers specialize in offering both whole life and term life insurance for seniors. Unfortunately, many seniors do not fully comprehend that they actually can obtain affordable life insurance for seniors that do not fit into the commonly held misconceptions about older adults. In reality, affordable life insurance for seniors above 70 is often available without undergoing a medical exam.
It is important for seniors that understand that just because they are approaching the end of their lives does not mean that they should forego their life insurance policy. In fact, there are several ways that an individual can purchase affordable life insurance for seniors that will meet their needs and still leave them with peace of mind. Individuals can purchase life insurance policies that will meet specific needs and that are designed to help seniors avoid high expenses and medical bills that often come along with the aging process.
Seniors can purchase either term or whole life policies. The former allows a person to receive benefits for a predetermined period of time while the latter pays out benefits throughout one’s lifetime. These types of policies are usually most appropriate for younger people who have little interest in planning for their eventual demise. Term life policies pay a lump sum amount to the beneficiary in the event of the policy holder’s death. This sum is tax-free once it has been accumulated. Most people choose whole life policies to ensure that no final expense life insurance is paid out before the purchaser dies.
There are many factors that affect the price of final expense life insurance for seniors. The most common factor is medical information. Most life insurers require potential policy holders to undergo medical exams to determine the level of health that they possess. If a person has out-of-the-way health concerns that are not deemed to be medically related, the price of the policy will generally be much higher. Also, if the person has had recent health issues, the cost of the policy will be much higher as well.
Potential policy holders may also have to consider their relationship with other individuals. Relatives who live far away from a senior citizen may experience financial difficulty should the senior citizen pass away. Some life insurance companies also offer guaranteed issue policies, which means that the risk of paying out too much money on premiums is eliminated. This is good news for many senior citizens who desire to ensure that they will be able to leave their loved ones with sufficient financial stability.
Another important factor that influences the cost of life insurance policies for seniors is the gender and age of the person applying for coverage. Females generally require a lower premium than males because of their lower overall health risks. A 25-year-old female does not pose nearly as much of a risk to the insurance company as a 75-year-old female does. Many insurance companies prefer to insure a male over a female as a result, therefore offering an affordable exam policy to senior citizens and allowing them to get the best rates possible.
Another important aspect of life insurance for seniors is the amount of coverage required. Seniors must always look at their total lifetime medical bills in order to determine how much coverage they need. The older that a person gets, the greater the amount of medical bills that they will incur throughout their lives. Many people do not realize that once they reach a certain amount of age, they automatically receive lower life insurance rates until they reach the age of 75. Additionally, some companies offer a discount if the applicant is willing to put forth more effort in maintaining their health, such as regularly exercising.
Although it can prove to be difficult for some seniors to understand why they are having trouble finding affordable life insurance for seniors, it is imperative for everyone to understand the basics of getting coverage. First, make sure that the policy provides enough coverage for your health conditions, as well as a personal investment in your future. Next, be sure to check into the premiums, deductibles, and co-pays, as well as the maximum benefits that you will be receiving.