2018 Best Life Insurance for Seniors
The most common Life Insurance for Seniors is a Final Expense Life Insurance.
A typical Final expense insurance policy will provide up to $50,000 of insurance protection, with smaller coverage amounts available to cover things like cremation services.
Without the proper planning it can be a bill that is left to your loved ones to deal with while they are mourning their loss.
Final expense insurance is the best way to prepare for this.
The money is there even after you have passed, allowing for you to pay for these expenses while allowing your loved ones to be able to mourn without this added stress.
Like a normal whole life insurance policy, the policy is kept for the rest of a person’s life.
The death benefit is paid out to the specified beneficiary and is tax-free.
What is a Final Expense Life Insurance for Seniors?
Final expense insurance is generally associated with a permanent type of insurance policy like a whole life insurance policy.
Life Insurance for Seniors with health Problems
If you have very ill health and cannot qualify for an immediate or modified plan, some insurance companies will offer a small
face amount graded whole life or guaranteed issued life insurance plan.
Life Insurance for seniors
The reason that it is so difficult for seniors to find affordable life insurance is because the insurance companies see them as a greater risk compared to someone younger who has relatively good health.
The reason for this is simply life expectancy. The older you are, the closer you are to death and thus the more likely the insurance company is going to have to provide their benefit.
All of that being said, just because you are older does not mean you can’t enjoy the benefits of a life insurance policy.
Whether you are simply looking for burial insurance or if you are looking for a higher face amount policy, your insurance
agent will be able to help you find what you are looking for.
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