The following is a guest article from Lauren Cohen on the topic of seniors life insurance.
You are never too old to purchase life insurance. Having insurance will take the burden and stress off your family when you pass away. In past years, it was sometimes difficult for an older person to qualify for life insurance; however, today, more and more companies are offering insurance policies to seniors.
One of the best options for seniors is to purchase a senior term life insurance policy. Children can purchase this type of life insurance on parents. Most insurance companies do not offer a policy longer than 10 to 15 years, so a whole life insurance policy would not be practical.
Term life insurance is a temporary insurance policy that will expire after a certain number of years. It will cover funeral expenses, burial expenses, hospital bills and any other debt that you owe.
Many insurance companies offer guaranteed acceptance life insurance. You can get whole or term life insurance, and no medical exam is required. You are automatically approved, and no questions are asked. It is a little more expensive; however, if you have health issues, this type of policy might be right for you. Guaranteed life insurance policies usually do not offer more than $25,000 in death benefits unless you are willing to pay a high price to increase your coverage. You need to make sure that you read the fine print because some companies will not pay if you die within the first few years of purchasing the policy.
Some companies also offer whole life insurance policies for seniors. Whole life insurance provides both death benefits and cash values. This type of policy for seniors is much like guaranteed because no medical exam is required. All you need to do is fill out a simple application, and you will receive the policy in a few days. Because you are considered a risk, these policies are more expensive; however, affordable policies can be found.
Single pay life insurance is another type of insurance offered to seniors. The cash value increases at a much quicker rate than normal policies. You can purchase a single premium whole life insurance policy that offers a fixed interest rate, or you can purchase a single premium variable life insurance policy. With a variable life insurance policy, you get to decide how you want the money to be managed.
The amount of coverage with single pay life insurance policies are decided based on your age and health. If emergency expenses arise, many companies will allow you to withdraw the money. Your beneficiaries will receive tax-free death benefits, and probate will be avoided. The funds will be distributed to your family immediately after your death, so there is no wait time.
Because of your age and other possible health issues, senior life insurance policies are more expensive. It is important that you compare multiple companies to get the best rate. You need to obtain quotes from several different companies; therefore, simply fill out the quote form on Mozdex.com and you can receive an estimate on what you will pay for life insurance.
Even though senior life insurance policies are more expensive, there are ways that you can obtain cheap life insurance. You can get lower premiums if you do not smoke or use tobacco products. You also need to be drug free. Because drinking alcohol is harmful to your health, premiums will be higher. In addition, keep your weight and cholesterol level under control. If you are in good health and avoid risky activities, ask for a medical exam, and you might be offered lower rates.
Senior life insurance policies are typically offered for people over the age of 50. If you are a senior and need to purchase life insurance, research your options, so you will make an informed decision.
Funeral and burial expenses can be very expensive, so life insurance will keep your family from having to cover the cost. It is not too late in life to buy life insurance, so research your options and find the best policy for your needs
Author Bio – Lauren Cohen of LifeInsurancePremium.net talks about the various types of life insurance and how to determine what is the right choice for your family.
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