How To Find Life Insurance for the Elderly

Elderly couple in love

Some people plan for retirement and include life insurance to make sure their family has something to spend for things after their passing. These may be for the benefit of the beneficiaries, or just to have some money available to pay for expenses during and after the funeral. Getting an insurance plan is an option instead of just merely saving up for that eventuality. However, not every working individual purchases a life insurance plan and oftentimes one finds reasons to delay getting one until they are nearing the retirement age.

Most people past their 50’s have difficulty getting insurance coverage especially when they do not have previous insurance policies. But there are life insurance plans for the elderly that are specifically designed for their family’s future needs in the event of their death. They may have outstanding bills that need to be paid, property taxes and the like.

When looking for life insurance for the elderly, you can first check the net for information. There are several websites that provide quotations for life insurance so you have an idea of the price of yearly premiums. You can get quotations by answering several questions regarding your health and lifestyle. Usually, elders that are generally healthy get a cheaper premium compared to those who have pre existing conditions. But this is not a reason for less healthy folks not to get a life insurance. There are still life insurance plans that provide good benefits at reasonable premiums.

Consider the different types of life insurance policies and choose the one that fits your budget.

Term life insurance. This is the cheapest life insurance policy available, however, it does not build cash value, and once the term ends, you are no longer insured. If you pass away during the term, then you get the full benefit. Some elders convert their term life insurance to another type, usually whole life insurance, if possible, especially when the term is about to end and they are still strong and healthy.

Whole life insurance. This type of insurance provides permanent coverage, meaning after you have paid the entire monthly premium, and you are still healthy, the insurance policy is still in effect. It also accumulates a cash value that can benefit your family later on. The benefit that can be derived from a whole life insurance can pay for the average funeral and burial cost.

Guaranteed acceptance life insurance. This type of life insurance is permanent, and you are covered for as long as the premium is regularly paid. This is said to be the best option for elders with health issues, but may be more expensive than the other types. Other life insurance types do not accept applicants that have pre-existing conditions, which of course is ironic because they are the ones who need protection. With a guaranteed acceptance life insurance, your pre-existing conditions will only affect the price of the premiums, but still, you are given an option to buy a life insurance.


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