Friday, November 25, 2016

Life Insurance for Seniors



A lot of people dread shopping for life insurance. After all, it can be confusing to choose between the various types of coverage that are out there, and most people don't really like the idea of thinking about their own death. 

However, this can cause a lot of people to put off buying the coverage that they need, which leads to seniors getting older without life insurance. 

If you have found yourself in this situation, or if you are an adult child who is concerned about your senior parent's lack of coverage, you might be wondering what to do next. 

Luckily, though, there are plenty of options for life insurance for senior citizens.

It's Never Too Late to Buy Life Insurance


Since some insurance companies do not offer coverage for seniors over a certain age, some senior citizens fear that it's too late to buy life insurance. 


Even though there might be fewer options for seniors, especially older ones, it is definitely still possible to secure coverage. 



In fact, you might be surprised by how many options are out there for senior citizens.

Life Insurance Options for seniors


There are multiple types of life insurance to choose from, and each option has its benefits. 
Looking at your different options can help you choose the right coverage for yourself or your senior parent.

Term Life Insurance


Term life insurance is a very popular choice for younger adults, and it is an option for some seniors. 


However, it generally is not the most popular choice for older adults. This is because term life policies often come with higher levels of coverage, which means that insurance companies can be a whole lot stricter about approving applications.

For younger seniors who do not have any health issues, a term life policy might be a good option. 


However, it is important to remember that if you outlive your policy, it can be tough to secure another policy at a reasonable rate. For older seniors or those who have health issues, however, it can be tough to get accepted for one of these policies. 

Plus, many seniors do not need that much coverage anyway, so it might be a more expensive coverage option than what is required.

Whole Life Insurance


Just as for younger adults, whole life insurance can be a good option because the policy can build up a cash value over time. 


However, again, like for younger adults, whole life policies can be quite expensive. Seniors may also be required to undergo a health exam and may have to provide answers to health-related questions, and those who have health issues might not get accepted or might have to pay a higher premium. 

For seniors who are looking for more coverage, such as those who want to ensure that they leave behind a nice cash sum for their beneficiary, this can be a good option. 

However, it is important for seniors who are thinking about buying a whole life insurance policy to be prepared to pay higher premium amounts.

Burial Insurance


Many senior citizens find that burial insurance is the best option. This is true for a few reasons. First of all, there are various types of burial policies. 


Some will pay out the full coverage amount as soon as the insured passes away, without any waiting periods. These policies often require seniors to answer health-related questions. 



The insurance companies often aren't as strict on these policies and are not too concerned about minor health conditions.

For those with more serious health issues, there are guaranteed acceptance policies. This means that anyone can be approved. However, these policies often come with a waiting period. 


For example, if the insured passes away within the first year of the policy, only the amount that was paid in will be paid to the beneficiary. Then, the next year, a percentage of the coverage amount might be paid. 

After a certain time period, such as three years, the full coverage amount will be paid.

Burial policies generally only come with smaller coverage amounts, but they can be a more affordable option that is easier to qualify for than many other life insurance policies. 


Because of this, burial insurance -- which is also known as funeral insurance -- is a very popular choice for senior citizens.

To learn more, visit seniorlifeinsuranceplans.com.


4 comments:

  1. It's good to know there are options available for older insurance buyers. Everybody should have access to that when they have the money ready. Thanks again for the post.

    ReplyDelete
  2. You know A basic type of senior insurance that is used to pay for final funeral services and merchandise expenses. This insurance policy usually covers people until they reach the age of 100. Hope that help to other this information. Keep posting here. Cheers

    ReplyDelete
  3. Whole life insurance is preferred most of the times by seniors. However, this is a costly plan. Seniors can consider term life insurance which is comparatively cheaper than whole plans.

    Linda R.
    Editor
    http://seniorslifeinsurancefinder.com

    ReplyDelete
  4. It can be pretty difficult getting seniors past underwriting.

    ReplyDelete

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