Life insurance over 60 and 70 is far more affordable than in the past because better medical care is making longevity a reality.
Life insurance for over 50's, 60's and 70's is not seen in the same risk category as previously and there are reliable companies willing to offer policies to people in this age group. There are millions of people who admit they should buy a life insurance policy but are going without and many people with health challenges are paying more for life insurance than they should.
Elderly Life Insurance - What About Smokers?
Smokers will be penalized- if elderly life insurance applicants stop smoking for a period of at least one year, they are much more likely to get full coverage and also save a lot of money.
Life Insurance Over 60- Are Medical Exams Compulsory?
Insurance companies don't like taking risks- the more proof that an elderly life insurance applicant provides that he or she is in perfect health, the less risky it will be to the insurance company. Have the check up and tests. Supply as much information as possible- such as providing a family medical history- if longevity is part of one's family history, the chances of obtaining life insurance cover will be increased.
Some insurance companies will insure one for amounts of up to $30 000 or more without requiring medical exams.
Half-Truths on the Insurance Application - Who's Going to Know?
Never, ever be tempted to lie on the application, it may sound tempting to bend the truth a little in order to get a lower insurance premium, but remember- all could be lost when its pay-out time if the insurer finds out there are inaccuracies on the application. Ultimately, the beneficiaries will lose out when the insurer refuses to pay.
Term Life Insurance- Definition
Term life insurance is the cheapest way, in the short run, to buy a given amount of insurance. There is no cash value in term life insurance policies, the insurance company pays the death benefit to the beneficiary upon the death of the insured- its as simple as that.
This is the most cost effective way to get life insurance and it provides guaranteed level premiums (i.e. set monthly payments) and a specified amount of cover for a period of time- anything from one year or longer. There are life insurers who specialize in providing term life insurance for seniors over 60 or 70 years of age.
Life Insurance Over 60's- What is the Best Policy?
It is best to find a insurance company with guaranteed acceptance. Some companies offer guaranteed acceptance permanent life insurance with no exam necessary for people aged between 45-75.
Check the policy for the types of cover since some things such as accidental death will be restricted or require a waiting period. Companies that advertise instant acceptance usually have terms and conditions on the life insurance policy.
Paying premiums upfront once a year may save money – check carefully and compare quotes for monthly, quarterly and annually payments.
Rates may vary by up to 50% or more between companies. However, be sure to choose an Insurer that is rated “A” Excellent for financial strength.
Elderly Life Insurance- Shopping On-Line
Researching and comparison shopping on-line is an excellent way of taking advantage of sites that compare quotes from a wide range of insurers. On-line shopping for insurance in this way can mean a better rate. Also, the elderly life insurance applicant is not under pressure from an agent to commit and he or she can consider the options from the comfort of home.
Some elderly folk may not be too comfortable with the computer, or may prefer to discuss insurance matters face to face with a financial planner.
A guide to life insurance rates over 60 and 70 will give readers an idea of what insurance companies charge annually.
Related Articles for the over 60's and 70's that may Interest the Reader:
Dental health care can be very expensive. The article Affordable Dental Insurance Plans looks at inexpensive options available.
Source:
"50 Frequently Asked Questions for Seniors" - ADSA Financial Services
Fleur Hupston - Fleur Hupston is a professional freelance writer based in Botswana, Southern Africa. From this unique perspective, she writes travel ...
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