Defining And Understanding The Senior Citizens Life Insurance
It is common to come across advertisements as well as discussions for getting senior citizen life insurance. Many a time, it may leave you confused what exactly is it and how different is it from other types of life insurance.
As you become older, your needs for life insurance change. Generally, by this time in your life, your children are grown and have families of their own, you’re carrying less debt, and getting ready to enjoy your retirement years. The fact is, the type of coverage and the policy amount you need at age 35 can be very different than when you reach milestones ages 60, 70, and older.
‘Senior citizen life insurance’ may be used to describe policies such as burial or final expense life insurance which are often purchased by people in old age to cover funeral costs, as well as other final life expenses when they die. Both term and permanent life insurance policies are available. However, with a term policy, you may run into some age limitations. For example, an insurer may only offer you life insurance up to a certain age. If you reach this cut-off age limit for a term policy, you may still be able to get a small permanent life insurance policy such as whole or universal life.
Life insurance for senior citizens’ policy benefit limits will vary between life insurance companies but are generally lower than traditional policies. This is because they’re meant to cover a specific purpose – your final expenses – not to replace your income. They typically range anywhere from a few thousand dollars or more, again, depending on what the insurer offers.
Qualifying For Coverage
As with most life insurance plans, there is generally some form of underwriting to qualify you for coverage and to determine your premium. Final expense life insurance policies are typically offered two ways – either simplified or guaranteed issue. What you need to know is that both of these policies will require that you complete some type of a medical questionnaire/application, even if you aren’t required to have a medical exam.
Life insurance over age 80 or before age 80 is an excellent way for seniors to protect their families from becoming financially burdened with the end of life expenses, providing financial protection and peace of mind for all ages. However, it may not be necessary if you:
- Have the available funds set aside for your final expenses
- You have long-term care insurance
- Have made pre-paid arrangements with a funeral home
Most of the insurance companies offer easy issue life insurance procedures to not bother senior citizens. Buying life insurance is one of the best choices for every citizen. You never want to be a burden for anyone of your family member so it is a wise call. Give a financially tension free life to your family after you, buy a senior citizen life insurance policy now from a reliable company.
