Non-traditional life insurance plans, offering no medical exam and instant decision underwriting, are open to seniors, not only the younger applicants. The life insurance industry is going into accelerated underwriting with fervor and seniors are not being left out in the cold.
Ten thousand Americans turn age 65 every day and because of failing health, do not feel that they have a chance at obtaining life insurance. But insurance companies are beginning to provide opportunities beyond traditional guidelines for seniors.
Highlights for seniors can include the following:
· Age availability from 25 to 85 years
· Instant decision underwriting
· No medical exam
· Simplified health questions
If an individual dies within the first two years from an accident, then he or she is liable to get full disbursement for the benefit. However, if natural causes leads to death of the insured person and that is within the policy’s inception within the first two years, then only a limited benefit would be disbursed. But once the policy is in force after two years, it cannot be cancelled by the insurance company, only by the policyowner.
Generally, these policies pay out between $10,000 and $50,000. You can also get coverage as low as $5,000. Remember if you are counting on death benefits from Social Security, you should only expect about $250.
Certain term lengths may not be available depending on your age for these accelerated underwriting plans. For example, a 10 or 15 year policy may be an option for someone who is 70, but not any older than that.
Accelerated underwriting policies give you a free look period which is 30 days to examine and accept, the same as a traditional life insurance plan.
Questions you want to answer before purchasing any life insurance product loosely follow the below suggestions:
· Your funeral expenses are already covered
· You have sufficient savings set aside for golden years
· Your children are not financially dependent on you
· You have no outstanding financial commitments
For seniors who are considered high-risk by other insurance companies, guaranteed life insurance can be a good option. Guaranteed Acceptance life insurance is not the same as an accelerated life insurance product.
However, if you need coverage and cannot qualify otherwise, this can be the best choice. Keeping in mind that the coverage limits are typically lower than underwritten plans and more costly.
Nonetheless, seniors are not to be left out of the accelerated underwriting bandwagon happening in the life insurance industry at the moment. No medical exam and instant underwriting decision plans are available to seniors, so don’t think that your age will disqualify you for these coveted products.
Our professional, friendly licensed agents are versed in the accelerated underwriting product line and will assist you over the phone at 1-800-556-9393 to tailor a quote specified to your individual health and lifestyle characteristics. Online applications are also available at LifeQuotes.com.