3 BEST Life Insurance Seniors over 70
The reason many people do not purchase life insurance in their 70’s is because they don’t realize they can qualify for it.
However, once they speak with someone who lets them know this is a real option, they can begin to see the many uses of a life insurance for seniors over 70 policy.
The reasons for purchasing life insurance for seniors over 70 are very different, but some common trends start to emerge in this market.
Anytime you start to think about life insurance, your mind probably associates with final expenses such as a funeral or cremation.
This is the most common reason why people purchase life insurance for seniors over 70.
Even more common is the children of their grown parents who are taking these policies out.
The most common reason we are approached by people looking for life insurance over 70 is for final expenses.
This could include burial, cremation, and medical expenses.
Life insurance is important because most people don’t have enough money saved up to pass over to a funeral home in the event of a loved one’s death.
Life insurance is a responsible decision which helps to ensure you will not leave a financial burden to those you love the most.
Grown children begin to realize when their parent passes away they will most likely be met with the financial part of burying their parent.
This is a very morbid subject, but it is a smart thing to plan this part of your finances.
Most people do not have enough money sitting in the bank which would be used for funeral expenses, and it sometimes ends up putting people in debt, which is truly tragic.
3 BEST Life Insurance Seniors over 70
SIMPLIFIED ISSUE WHOLE LIFE INSURANCE
This product is a No Exam Whole Life Insurance policy with whole life insurance benefits, one of which is that it accumulates value over the life of the policy. It is a permanent policy, not a term policy.
The premium amount and face amount remain level for as long as the premium is paid as due and on time.
While it is a whole life policy, the policy main objective is to provide life insurance protection, not to accumulate value, even though it does accumulate some value.
Consequently, the value it accumulates is not nearly as much as the value a traditional whole life policy accumulates.
You can qualify for Simplified Issue Life Insurance by answering a limited number of health questions (no medical exam required) and making payments based on the amount of funding needed to obtain the amount of coverage that you require.
GRADED BENEFIT WHOLE LIFE INSURANCE FOR SENIORS
For individuals who are not in perfect health, Graded Benefit Life Insurance may be the answer.
You can’t get turned down because there are no medical questions, no medical examinations and no medical tests.
Your protection is permanent and your premiums are guaranteed to remain level.
There are limitations, however, on benefits paid the first two or three years of the policy.
In most cases benefits in connection with claims made the first two or three years of the policy are limited to return of premiums paid plus interest.
Thereafter, benefits are paid up to the face amount of the policy, assuming, of course, that premiums have been paid in-full and on time. Issue ages are usually up to age 80 and in amounts up to $50,000.
FINAL EXPENSE LIFE INSURANCE for SENIORS OVER 70
A Final Expense Life Insurance policy (also referred to as Burial Expense) is designed to help provide affordable protection that pays benefits directly to the person you choose (your beneficiary) to take care of your outstanding medical bills, unexpected expenses and other debt you may leave behind. Having a whole life insurance policy in place can be a very loving and considerate thing to do for your loved ones. Planning ahead is smart especially when loved ones are concerned.
In recent years more and more people have realized a need to plan for the payment of a multitude of expenses associated with one’s passing. If money is not available when needed, these expenses may create a financial crisis for remaining family members and loved ones.
A Final Expense Life Insurance policy is typically a whole life policy that can be used to pay for your Final Expenses. It remains level, meaning that neither the face amount of the policy nor the premium change for as long as the premiums are paid as due.
Life Insurance for Seniors over 70 No Medical Exam
If you have been turned down for life insurance because of health-related issues, we may be able to help you obtain the best coverage available for your specific situation. Medical problems such as high blood pressure, heart disease, high cholesterol, diabetes, sleep apnea, high/weight situations, etc., may place you in a “rated” category, making it either impossible or very expensive to obtain life insurance.
Best Life Insurance for Seniors over 70 Quotes Online
Getting life insurance may have been on your pending list for some time. Act now! Get a free life insurance quote so that you start working towards having one item less to worry about.
Call us at 716-565-1300 or 813-964-7100
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