How do I know when a senior doesn’t need life insurance?
Life Insurance is for everyone who wants or needs it. There are many great reasons that some seniors need and want life insurance. Purchasing life insurance for seniors might not always make sense though. Here are a few questions to help you make that determination.
- Are the funeral expenses already paid for?
- Is anyone financially dependent on them?
- Do they have any financial obligations?
- Do they have enough in savings for their elderly years?
- Do they have any financial obligations?
Senior Life Insurance:
Questions and Answers
Mintco Financial put together
some frequently asked
questions about Senior Life Insurance.
No one would want to leave their family in a financial mess would they? That’s why Mintco Financial shops for you among many carriers and will provide you an insurance plan that has been designed to help you protect your family from the financial burden of your funeral and other unforeseen costs, if you were to unexpectedly pass away.
You can select a death benefit option that suits your needs and budget, from a $5,000 to $50,000+ insurance benefit.
This is one concern most frequently mentioned by seniors about life insurance. First, your age and even your health should never be an obstacle to getting the coverage you need. There are many good policies you can get at any age or state of health.
There are many companies willing to provide coverage up to 89 years old and different policy types that are both readily available and priced to fit nearly everyone’s pocketbook. This is one concern you can remove from your list now – you CAN get life insurance.
Simplified issue life insurance is a policy that doesn’t require a medical exam. This type of coverage is usually marketed to senior citizens who have limited options for life insurance coverage. However, people of all ages can apply for life insurance without a medical exam. If you do have serious medical conditions or chronic diseases, you can still be denied coverage. However, you have to answer a few health questions to get this coverage and you should never lie because that’s considered insurance fraud and isn’t the right way to handle such an important matter for your family.
If you need more than $500,000 in coverage, simplified issue life insurance might not be right for you. There are many other life insurance policies that have much more affordable prices for coverage over this amount, just give us a call at 813-964-7100 and we will help you.
Every person in this world gets older and we have our own expiration dates. The only thing that we need to be sure of is when we do pass away that we do not leave our families burdened financially. So, this is where Life Insurance comes in. Life insurance can be very important for every senior who is nearing life’s end. If you are a senior looking to have a lasting memory to make sure your loved ones will never have to struggle with your final days, then you should apply now for a life insurance policy. There is one type of life insurance policy that claims no health examinations, and you will qualify regardless of your health complications. So far, for those seniors who are dealing with health issues, this is an important option to consider if unable to get back to full strength medically any time soon.
If you use tobacco, we will still be able to find you a very affordable final expense policy. Your monthly premiums will only be a few dollars more than non-tobacco users.
Yes, final expense insurance is a whole life policy. It accumulates a cash value slowly over time, much like a savings account.
Although, it does have a cash value, these policies were designed with an emphasis on death benefits to pay for funerals, not for cash value or investment purposes.
At the present time, the average cost of a funeral is $7,000, and is predicted to increase to $12,000 by 2025.
In addition to the cost of a funeral, here are a few other items to consider when determining the amount of coverage you need:
– Probate costs.
– Unpaid debts.
– Outstanding medical bills.
– Financial gifts for children or grandchildren.
– Educational gifts.
Life Insurance Seniors over 80
The cost of funerals is significant and is not the last thing you want to leave to your loved ones.
It is for this reason that many elderly people are purchasing plans to cover all the expenses and fees that come with the passing of a person’s life.
Funeral or burial insurance may be the most financially effective type of life coverage for senior life insurance options, especially for seniors over 80.
No Medical Exam and fast approval.
Term Life Insurance for
Seniors over 60
If you’re looking for inexpensive life insurance over 60, permanent life insurance may be a better choice.
When you get to your 60’s, term life insurance premiums start to become higher.
It’s still a good deal considering the years the life insurance company is covering.
But maybe you want protection until the day you die.
If you buy 20 years of coverage at 62 – you are uninsured by 82 years of age.
Life Insurance Seniors
over 70 – 75
Usually, a Whole Life Insurance is better suited for people over 70 as this is coverage that is good for their entire life.
Some types of senior’s life insurance are guaranteed issue.
Life Insurance for
Seniors over 60
There are plenty of life insurance options for seniors over 60 meaning you and your loved ones can have peace of mind as you start to look forward to retirement.
So, what do you need to know if you’re looking to get life insurance for the first time or switch to a different policy if you’re in your 60s or above?
There are many companies that can help you in the same and can offer you the best and affordable plans with several helpful benefits and features.
Smaller amounts of a Life Insurance called “final expense or Burial Insurance” whole life insurance are available without any medical questions or exams (up to ~$20,000–50,000).
The caveat in the fine print, however, is that the insured must survive beyond 2+ years to receive the full death benefit.
Otherwise, a typical reimbursement rate would be all your premiums returned + interest.
Life insurance is not “one size fits all”.
The right plan for you is determined after a process of interaction that ends up with something that is highly customized for you.