You Are Never Too Old for Life Insurance
Life insurance is available to everyone, even to “golden oldies” in the 65+year category. You are never too old for life insurance.
Seniors can even obtain life insurance without medical clearance.
That privilege, however, comes at a hefty monthly premium and has penalising exclusionary clauses such as non-payment of benefits within the first two to three years of the policy anniversary date.
Select carefully – You Are Never Too Old for Life Insurance
Consumers in the 65+ age category are advised to exercise caution when selecting an insurance company from which to buy life cover.
Purchasing life cover is made easy with all necessary information readily available on many websites.
Once a selection has been made, consumers should first seek the advice of a broker or financial advisor before signing on the dotted line.
What is available?
Term and whole life insurance policies are the two types available to senior citizens.
Term policy
As the name implies, a term policy is for an amount of time, usually from 10 years and upwards.
It has no investment value and no cash-out value once you reach the term of the policy.
Monthly premiums cost substantially less than other forms of insurance.
Whole Life policy
As the name implies, whole life covers the policyholder for a set amount of cash for the estate upon death.
This form of insurance has an investment value and for collateral to raise funds in times of need.
Check all exclusionary clauses and consult an advisor to obtain the best deal suited to individual lifestyles.
What You Require
The level of health requirements needed to qualify for life insurance varies from one company to the next, but here are some examples of general industry standards:
- Cholesterol levels
- Family tree health issues
- Blood pressure
- Height and weight
- Hypertension
- Cardiovascular disease
- Cancer
However, there are insurance companies that will grant senior citizens life cover without undergoing medical examinations but expect to pay hefty monthly premiums for that privilege.
Death benefit
Depending on the type of policy selected, there are life cover policies that include payment of funeral costs as part of the death payout benefit.
It has become popular with members of the older age group because it adds another stress-free level of comfort for their beneficiaries.
Pointers to remember
- Life insurance for senior citizens is usually for a certain number of years
- Some policies only pay into the estate some years after the death of the holder
- Consult a reputable insurance broker before making a final decision
Conclusion
No matter your age, you are never too old for life insurance, it is a vital asset to have.
Please complete the form on this page to get a FREE life insurance quote.
All info was correct at time of publishing