BEST Life Insurance for Seniors over 70 (California)
BEST Life Insurance for Seniors over 70 (California)
Seniors over 70 are searching for life insurance coverage on a more permanent basis in order to pay burial costs and final expenses.
Since we have no way of knowing what exactly our future holds, a permanent whole life policy is the best way to go.
Once an applicant realizes that their affordable options are more limited as the years pass, the mindset shifts to looking for cheap whole life insurance for seniors.
Simplified Issue Life Insurance
With simplified issue plans, there is no medical exam but there are health questions, a prescription history check and possibly medical records. If you are an unhealthy person with a shaky track record of managing your conditions, you options will be much more limited. You will probably have to resort to a simplified issue.
There are simplified issue policies that are designed for senior citizens or people with some serious health issues.
They’re usually marketed as burial insurance, final expense insurance or funeral insurance.
These kinds of policies pay out usually less than $50,000 upon your death, (also known as a face amount.) “The vast majority of the population would easily qualify.
Guaranteed issue Life Insurance Policy
If you’re seeking a plan with absolutely no questions asked about your health and no health exam, look into guaranteed issue plans that don’t assess your health in any way. They literally issue the policy to everyone, no matter what.
Guaranteed issue policies vary, but typically provide a limited amount of death benefit for the first two years of the policy and then full death benefit thereafter. These are known as graded death benefit policies.
These plans are also an option for people with terminal illnesses.
Anyone with a terminal illness will not qualify for any life insurance that has any sort of underwriting. Their only option is guaranteed issue.
Life Insurance for Seniors over 70 California Free Quote
Final Expense or Simplified Issue Whole Life Insurance helps pay for final expenses upon death.
The average funeral costs are not what they were 10 years ago. The current cost for a funeral is $8000-$10,000 and that’s just the average.
These plans usually provide up to $25,000 to $30,000 in benefits and often do not require medical examinations.
However, issuance of a policy is often not guaranteed and may depend on answers to questions set forth in an application.
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