Finding an affordable Life Insurance for seniors might be the most frustrating task to accomplish. Elderly populations are growing faster than any other age group. The insurance companies want to charge you a lot more, in spite of your overall health, mainly because of the year you were born. It’s no secret the life insurance arena shifts when you hit age 50.
Typically, term life insurance for seniors will have a 10-year term, however, people in their 50s may find a 20-year term. Basic life insurance is clinically underwritten, meaning you’d need to take a medical exam to figure out the cost of your insurance coverage. We know that’s not going to work for some of you. Dependent upon your overall health, you may want to consider two types of policies that don’t require a medical exam: no exam insurance and guaranteed issue.
Which Types of Policies are Available
Term Life Insurance
With their decreased costs, term coverage is a very popular form of life insurance. They do tend to be a policy that younger individuals will get however if you are under the age of 60 then these policies can be quite beneficial. The greatest benefit to a term life policy is that you can usually receive the maximum amount of insurance coverage for the minimum monthly premiums. The fact is that if you’re not in good health you may have a harder time getting a term policy, or the premiums will end up being greater because of present health problems.
Whole Life Insurance
Whole life insurance for seniors will remain in effect throughout that person’s lifetime. Premiums happen to be considerably higher than term insurance, and the payouts may be higher. The coverage does accumulate a cash value. Honestly, this is possibly the worst option to go with because premiums are extremely high, and most aren’t interested in building a cash value at this age.
No Exam Life Insurance
No medical exam life insurance will not require you to take a medical exam to get accepted. All you have to do is answer a few straightforward questions to start the process. The most significant benefit to this plan is speed; the policy typically gets approved in 48 hrs. However, you still have to be relatively healthy.
Guaranteed Issue Life Insurance
While many who have been rejected for life insurance coverage may feel that they have no hope, there is a feasible alternative – with a guaranteed issue life insurance policy. These plans will not require you to take a clinical exam as part of the underwriting process. Furthermore, you aren’t required to complete a comprehensive medical questionnaire.
Therefore, those who have certain medical related ailments may still be able to be eligible for the life insurance coverage that they need. There are a few issues you’ll need to learn before deciding on this coverage. The first is that guaranteed life insurance for seniors typically has a waiting period of two to three years. This suggests, that if the insured were to die their beneficiaries would not receive the full payment. Rather they would get the amount in premiums that have already been paid. Second, these policies are usually more expensive than term insurance.