For seniors, life insurance is the best way to make sure your final expenses are paid for and your family is not left with a burden. If you’re over 65 and in need of life insurance of final expense life insurance, there are a number of insurance companies that accommodate you.
The most important thing is finding the right one.
Nowadays the insurance industry offers coverage without the hassles of medical records, physicals, or lab work. To protect the insurance company, no exam life insurance premiums are more expensive because risk is assumed to be higher. A simplified issue life insurance policy might be appropriate for those who don’t want the hassle, and or are substandard to begin with.
Naturally, since life insurance has a lot to do with your overall health, the best rates are typically offered to seniors who pass a medical exam. However, it is also possible to obtain affordable life insurance without a medical exam, but the limits on these policies can become more restrictive as you get older. Generally speaking, though, you have two different options when it comes to life insurance:
Term life insurance – Life insurance which provides coverage for a pre-determined amount of time and premiums can be fixed for that period.
Whole life insurance – Life insurance that typically covers an individual until his or her death.
Who to avoid and why: Life Insurance for Seniors can be a tricky endeavor. Unfortunately some companies provide misleading information. Companies like NYLAARP and Globe Life iNusrance sell products that are not very competitive and offer limited benefits or increasing premiums. NYLAARP offers a few different products that need to be exposed. A consumer should always ask about guaranteed level period as they sells policies that increase in premiums. Also make sure the death benefit is level and not graded or modified which could be mean an insured would not be covered in the first few years from natural death. Globe Life Insurance or Global Life offers misleading
advertising for coverage for one dollar, then the policy they sell increases in premium every five years. The agent tells you their term plans are good till ninety-five but what they don’t tell you is the cost increases twice a decade!
Where should you go for senior life insurance? If you’re in the market for life insurance, use an independent broker! An independent broker has your best interest at heart as they help shop and compare rates. Mintco Financial Team of Independent Advisors is able to quote you over 50 different life insurance companies, which assures you are always getting the best deal for your insurance solution. An independent broker is also knowledgeable of many different products and companies to help educate you, so you know exactly what you’re buying.
Call us today and get your policy delivered to you within a matter of days:
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Mintco Financial has been helping seniors with alzheimers, wheelchair, multiple sclerosis, cancer, parkisons get small policies to cover their final expenses. At Mintco Financial you speak direct to a person, no computers, no waiting on the other line. Quick and easy. The way it should be.