Life Insurance for Seniors over 70
If you are just starting out on your journey to purchase a life insurance plan, you will want to make sure that you choose a policy that will ensure that your surviving family members and dependents have the financial means to cover your final wishes and expenses after you pass away.
Even if you are not in perfect health and are growing older, you can rest assured that there are still life insurance policies available to match your needs and fit into your budget. Life Insurance for seniors over 70 is no different than most senior life insurance plans. What needs to be examined is over all health and lifestyle.
Whole Life Plans
Whole life insurance plans last for the rest of your life.
These policies are also known as burial insurance or final expense plans, and help to ensure that relatives and those responsible for paying for your funeral and burial costs have the financial means to do so without affecting their own families or incomes.
When applying for a whole life insurance policy, you are not required to submit to a medical examination by a licensed healthcare physician; in fact, the application is fairly straightforward and will only ask you simple Yes and No health questions.
Still, the provider will verify the information you place on the application. They do this via a Medical Information Bureau check and an prescription drug check. ; it is vital that you be completely upfront and honest so as not to harm your chances of purchasing a policy if you later get caught.
Your Health Matters
With that being said, although whole life plans may not require a physical exam, you will still need to take your current health into consideration when applying for a life insurance policy.
If you smoke, drink, are obese or suffering from heart disease, diabetes or other medical condition, the provider may put you in a higher risk class than someone who does not partake in harmful activities and is in relatively good health.
Similarly, the provider may look at other hobbies you may have such as skydiving, mountain climbing, scuba diving or racing cars. While not many senior citizens find the energy or desire to get their blood pumping, others relish in the thought of living on the wild side.
If you are living with a serious health impairment that the provider feels put you at a higher risk, you may be eligible for a Graded Life Insurance plan. These plans have limited death benefits for a period of time. However, keep in mind that because you are at a higher risk, you may need to pay a slightly increased premium in order to obtain the policy.
Here are some quotes for a Female, 71 year old senior, Non Smoker, Good general health, in TX, for $10,000 whole life plan.
Act Sooner Rather than Later
It would be rare to find an individual excited about planning for their death. However, doing so sooner rather than later helps you to lock in lower rates and gives your loved ones a peace of mind that your expenses, funeral costs, debts and other lingering matters will be handled securely and surely after you pass away.
There is little more devastating than attempting to handle grief during a difficult time than scrambling to find the unexpected finances to cover the final expenses after a sudden death or tragedy.
If you would like more information , or a quote, please contact me today at 512-963-5000 or fill out my quote request form.