Life insurance for the elderly need not be pricey.
Similar to other types of insurance, life insurance benefits a diverse variety of individuals and demographics.
A big life insurance coverage could be purchased for a nominal monthly premium by young people. A coverage could help secure a homeowner’s house long beyond their death. And for parents with small children, a term plan could provide protection and stability for the entire family both during the policyholder’s lifetime and in the case of death.
However, elders are frequently left out of life insurance discussions. Life insurance is sometimes seen “not worth it” relative to the expense of acquiring a coverage by older persons. However, this perception of life insurance for seniors is typically related to a wide generalization and some misunderstandings.
As with any financial products, the advantages and disadvantages are connected to the individual’s unique circumstances and ambitions. Consequently, a senior’s life insurance coverage may be both cost-effective and helpful, especially when the following three factors are considered.
If you’re in the market for life insurance, acquire a free pricing quote online immediately so you know what to expect.
3 shocking facts to know about life insurance for elderly
If you’re a senior seeking life insurance – or a loved one considering a policy as a present – here are three startling things to know that can better inform your decision-making.
It does not have to be costly.
As previously said, senior life insurance is sometimes regarded as pricey relative to the quantity of coverage that may be provided. However, depending on a few variables, a policy need not be expensive. It is even attainable for less than $100 each month.
For example, a 64-year-old New York resident female can purchase a $150,000 10-year term life insurance policy from Haven Life for $70.11 per month. This is for a nonsmoker in good health who does not smoke. Haven Life offers a $150,000 10-year term life insurance policy for $98.74 per month to a 64-year-old male living in New York. This is also a quotation for a nonsmoker who is in good health.
If you do not require the above-mentioned amount of coverage, you may be able to obtain a policy for even less. However, the widespread assumption that senior life insurance is excessively expensive is false.
Obtain a free price estimate from Ladder to see what you may be eligible for.
You need not undergo a medical exam.
While it is generally true that a medical exam will result in a lower premium, you will not necessarily be denied coverage if you do not submit to one. In truth, several insurance companies offer no-exam life insurance policies to applicants who are unable or unable to undergo medical exams.
This could be an alternative for you if you don’t want to visit your doctor or if you’re concerned that a checkup would result in a greater bill. No-exam life insurance policies come in two forms: simplified issue life insurance (which, as the name implies, has a much simpler approval process) or guaranteed issue life insurance (which guarantees applicants coverage, albeit at higher rates and with a possible waiting period prior to the benefits kicking in) (which guarantees applicants coverage, albeit at higher rates and with a possible waiting period prior to the benefits kicking in).
Don’t panic, however, if you’re a senior worried that medical exam findings could exclude you from coverage. You can apply for a policy (and be approved) without it.
It can be used as currency
There is a common notion that life insurance is something you purchase and then forget about until your beneficiaries cash it out. However, just as there are policies for people who do not choose to undergo a medical check, there are also policies that allow you to access the cash value of your account while you are still alive.
Due of this feature, whole life insurance policies are typically more expensive. And it will take time to accumulate cash reserves before they can be accessed. However, if you are a senior beginning a policy, you will have time to save funds.
You can begin researching policies and providers of life insurance on this page or by using the table below.
The benefits of life insurance for seniors are relative to the senior in question. However, do not be mislead by expense (it need not be expensive) or probable disqualification (you are not required to have a medical exam). And if you wish to use it while you are still alive, you can set up a policy that enables cash withdrawals.
Get a free price estimate online immediately.