Insurers are now offering plans beyond traditional guidelines, and seniors are not missing out in these benefits. Plans offer no medical exams and accelerated underwriting.
There is life insurance at the end of life offering seniors final expense plans. 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 2 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 the policy owner has that right.
Generally, these policies issued pay out between $10,000 and $50,000. Sometimes, you can 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 example, a ten or 15 year policy may be the option for someone who is 70 years old but not more than that.
These policies give you a free look period which is 30 days to examine and accept.
These are the types of subjects you want to discuss with a life insurance agent who understands the industry. Many ask if they really need to purchase life insurance. A good guideline to follow would be the following:
· 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 senior life insurance can be a good option. However, it might not be the best choice for those who are looking for a cheap life insurance option; in fact, guaranteed life insurance is one of the costlier options out there.