Life Insurance for Seniors over 65
When considering planning for your financial future and the future of your family, you may begin to look into life insurance policies that will provide for your dependents and surviving family members in your absence.
Although you may be older and , if not in perfect health, there are still options in terms of purchasing life insurance policies to meet both your needs and your budget.
Consider Your Health
When you begin your search for the right insurance policy, you will first need to consider your current state of health. Life insurance plans for Seniors, do not require a medical exam. However, the carrier will check a Medical Information Bureau report ( MIB) , Pharmacy Check and some will check a DMV report.
Look at your risk factors that pertain to your health. Do you smoke? Do you drink alcohol regularly? Are you currently suffering from obesity or are overweight? Are you living with diabetes, heart disease or other serious medical condition? Additionally, the insurance provider may look at your hobbies or activities.
While you may not partake in race car driving, scuba diving or sky diving in your older age, many elderly folks enjoy these thrill-seeking hobbies as a way to stay in shape and keep their adrenaline pumping.
Graded Life Insurance Plans
The reality of the situation is that not every applicant who attempts to purchase a life insurance policy is in great health.
Although an insurance provider may determine that an applicant is not ill enough to be deemed uninsurable, you may have a condition that the provider believes to be too big of risk. In these cases, a graded life insurance policy, sometimes referred to as a Guaranteed Issue Life Insurance Plan, will allow you to pay a percentage of the death benefit until you reach the full benefit amount. Premiums are typically higher, however, as policyholders generally pose a greater risk to the insurance company.
Final Expense Life Insurance Plans
Also known as burial insurance , life insurance plans for seniors are designed to last the duration of your life. These plans do not require the applicant to undergo a medical exam, and the application usually consists of simple “yes” or “no” questions.
However, the insurance provider may ask you to verify the information you provide to ensure accuracy and to ensure that you are, in fact, the one applying for the policy.
While your children may purchase the policy for you, the insurance company must still know that you are aware of the policy and that you give your consent for them to do so.
Importance of Having a Plan
While few enjoy thinking about their own funerals and death, it is of the utmost importance that you consider purchasing a life insurance policy sooner rather than later.
Not only will you stand a better chance of locking in lower rates for a longer duration of time, but you will be able to give your dependents and loved ones the knowledge and assurance that your final expenses such as funeral costs and debts will be covered when you pass away.