Life Insurance for Seniors over 65 in 2017
There are many reasons to purchase life insurance in your 65’s.
What your goal is will help determine your first choice of policy.
Some examples are:
•Final expense protection- you want a small permanent policy to cover funeral expenses. A whole life final expense policy is most likely your best option.
•Protect a spouse- the most comprehensive coverage would be a permanent policy- probably a universal life with no cash accumulation. These policies require full underwriting, so the next question would be your health. Can you qualify? And then can it fit your budget?
•Protect a special needs child- the same as protecting a spouse. You want a policy that will last your lifetime if you can get it.
•Estate Tax Protection- you would want a permanent policy. No cash accumulation needed. It’s particularly helpful to cover inheritance taxes so your heirs don’t need to come up with the cash.
•Mortgage or debt protection- a term policy might be sufficient. It depends on your exact situation.
•You need coverage for a specific time period- that one’s easy- term life is your least expensive option.
Guaranteed and Simplified Issue Life Insurance
- Guaranteed issue policies ask no medical questions, while simplified issue policies ask a few questions generally designed to determine if the applicant is terminally ill or has a disease such as HIV, AIDS or cancer, which will disqualify the applicant.
- Guaranteed whole life policies generally have a two- or three-year “graded benefit” period. If the insured dies during that period, the policy pays the beneficiary only the premiums paid plus a small increment, usually 25 percent.
- Simplified issue generally doesn’t have a graded benefit period, but is also much more costly than the equivalent amount of traditional whole life insurance.
- The best thing to do if your health is not up to par. Is to get yourself a guaranteed life issue policy.
- If you don’t like to get stuck in the arm with needles to draw blood and you don’t want to pee in a cup then the best for you is to go for an insurance policy that doesn’t have a medical exam.
Apply for Life Insurance for Seniors over 65
Shopping around is very important when buying life insurance whether you’re 20 or 80.
There are always options out there for everyone of all sorts of lifestyles and health.
But the truth is, it can be very time consuming just looking through reviews and ratings of different type of insurance companies.
You can cut your time in half just by speaking to an independent licensed agent, and the good news is that Mintco Financial is an independent life insurance brokerage and are here to widen your choices and clear the path for you to receive the best coverage!
We work with over 60 top rated companies and many specialize in plans with seniors, let us help you save money because time is money!life insurance for seniors
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