HOW to get THE BEST Senior Life Insurance Policy
In your later years, you may look back into your life as a younger person, those of your loved ones or even your assets as you begin thinking about what legacy you have never achieved creating.
What you never realize is the fact that life insurance is one of the only ways to ensure that the hard work and toil are well preserved, and all the people you may have cherished are properly taken care of for all the years to come.
Life insurance for seniors exists. On the contrary, the real issue is to compare the prices of the available policies and find one that fits your requirements.
Types of Senior Life Insurance Policy
Many life insurance companies offer Life insurance plans for people to skip the medical exam.
The majority of Senior Life Insurance Policy does not require a medical exam regardless of age. This is called a simplified issue.
Most simplified issue life insurance applications will consist of a series of medical questions that determine your eligibility to qualify the the Life Insurance coverage. Death benefits range from $2,000 up to $100,000.
Senior Life Insurance Policies are whole life insurance policies which offers the guarantees you’ll prefer for a final expense product.
Whole life insurance is guaranteed for a lifetime as long as the premium is paid.
Since Senior Life Insurance Policy is typically purchased with a lower death benefit than normal life insurance, most people find the monthly premium very affordable and the policy will build cash value over time.
Issue ages are from age 40 to 90.
Best Senior Life Insurance Policy
If you are a healthy senior on a budget, consider simplified issue traditional life insurance, instead of a final expense plan. A traditional whole life product may have more underwriting questions and disqualifying conditions, but it may also offer an even lower premium.
Final expense policies now offer critical and chronic illness riders, terminal illness riders, and even term riders for spouses and children.
Best Senior Life Insurance Policy No Medical Exam
There are several uninsurable conditions that often disqualify clients for a traditional final expense plan but may qualify for a guaranteed issued senior life insurance, such as a heart attack or stroke within the last 12 months, cancer within the last two years, AIDS/HIV, Lou Gehrig’s Disease (ALS), congestive heart failure, oxygen use, residing in a nursing home, or not being able to perform all of the activities of daily living (ADLs).
If you do not have any of these major health conditions, but have other conditions (e.g., diabetes, Chronic Obstructive Pulmonary Disease without oxygen use, alcohol or drug use, or taking narcotic pain medications regularly) that may make an insurance carrier pause, you would probably make good candidate for graded or modified final expense coverage.
For graded and modified final expense plans, carriers reduce the death benefit for the first several years of the policy.
Best Free Online Quote Senior Life Insurance Policy
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