Life insurance for seniors or for the over seventies is not easy to obtain but it is possible. Another point about it is that those of senior years will have different requirements with regards to life insurance coverage.
Let us then examine the best life insurance for seniors, so that another group can be financially protected when some might have been sceptical that it was still possible.
We shall consider how easy it is to obtain life insurance for this age group and then look towards the kinds of protection still possible with it.
Will I Have to Pay Higher Premiums Over 70?
There is that fear from seniors that their age might be a barrier to obtaining life insurance. We have already dismissed that thought. Then many seniors think that they will have to pay significantly higher premiums for their age and pre-existing medical conditions. The fact is, there is still affordable life insurance out there. It is just a matter of finding an insurance company that focuses on senior age groups with a mind to creating an affordable policy in terms of its premium payments.
Do I Need a Medical Exam?
The good news is that just because someone is over seventy does not necessarily mean that they will require a medical examination. There are policies purchasable where this is not the case.
Cover Possible for Spouse and Children
Despite the barrier of senior years, there are life insurance policies available that provide financial protection for the spouse and children of an insured.
Life insurance policies can cover many things that are important to policyholders. The fact that death cover is included does mean that there is financial protection for the loved one left behind in terms of ending up with only one income.
A life insurance policy will also cover mortgages and final expenses. Many policyholders will be concerned that there might not be the spare money to pay for funeral costs. Then mortgages may need to be covered in terms of them ending up a debt that becomes difficult to repay without selling a home, as for some a home will contain many memories that they do not want to lose. This is more so when someone is no longer around that used to live there. We can protect the finances and that memory with life insurance.
Providing future cover for children is also possible because you can create an estate for them. The death benefits can last whole lifetimes.
Types of Life Insurance Cover Possible
A term life policy will guarantee that a stated death benefit is paid to the beneficiaries of the insured. This is where the insured person dies during a term that has been specified. The policy value is solely in the guaranteed death benefit.
Universal life insurance is life insurance that has a cash value to it. These policies are mainly sold in the US. It can be considered a form of permanent life insurance that also has an investment element to it. It is a way of saving as much as it is a peace of mind and protection for the families of the insured.
It is good to know that senior life insurance cover is possible and to know that companies focus on life insurance from a senior perspective in their mission to offer more competitive premiums. Then it is possible to still have senior cover without a medical exam in many instances. Also, to have the choice of cover between term or universal life.
This option of senior life insurance must be welcomed so that all groups are covered financially should something happen to the main earner of the income, no matter what their age.