The Unique Senior Life Insurance 2017
Buying a Senior Life Insurance, is making sure you are prepared financially, for whenever the unthinkable occurs. If you are considering relying on social security’s death benefit, think again; it’s only $255.
If you have $11,000 or more in savings, then you don’t need Senior Life insurance.
There is no medical exam required for Senior Life Insurance.
Most applicants are qualified after answering a health questionnaire. The face value of a senior life insurance is much smaller than traditional life insurance policies, which results in a lower premium.
Senior Whole Life Insurance
Senior whole life insurance typically has four key components:
- Lifelong Protection or death benefit
- Fixed premiums to be paid (Cost to be insured)
- Simplified issue or Guaranteed issue
- Cash value accumulation
Burial whole life insurance for seniors is permanent coverage, so it stays with you until the day you die.
Who should consider guaranteed issue life insurance?
Anyone who has a pre-existing medical condition that makes it impossible to qualify for ordinary life insurance should consider a guaranteed issue policy.
Guaranteed issue is the easiest life insurance to get because there is are medical exams, no health questions, and no background checks.
The only requirements are that you fit within the companies age brackets, pay the premiums, and reside in a state that the product is sold in.
Guaranteed issue has a Graded death benefit meaning it requires the policy be in force for 2 years if death is due to natural causes.
Simplified Issue Life Insurance
It is a simplified version of regular insurance which means that some medical questions will be asked. If your answers are deemed acceptable within the underwriting guidelines of the insurance company your coverage will be approved.
When applying for simplified issue life insurance you can expect the following questions:
- Do you smoke?
- Have you been diagnosed with a terminal illness?
- Have you ever been diagnosed with HIV or even AIDS?
- Where do you currently reside? If at home, do you receive around-the-clock care for any illnesses?
- Have you had a history of any illness or disease?
- Has there been a history of a particular illness or disease in your family?
With these questions, people often say that a ‘Yes’ to any of them means an automatic rejection but this isn’t necessarily the case. For example, you may still be accepted as a smoker but you will see an increase in the price of premiums. With this being said, guaranteed issue life insurance may be required if you answered ‘Yes’ to more than two of the questions above.
Cost of a Senior Life Insurance
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You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves.
Not having life insurance, regardless of your age, is one of the worst mistakes that you can make for your loved ones.
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