For those over the age of 65 who are trying to find additional coverage to protect their families, one of the most popular options is guaranteed acceptance life insurance. Unfortunately, many seniors are under the impression that after passing a certain age they can no longer get life insurance or the rates may be too high for them to pay.
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The truth is that getting life insurance depends on a number of factors with age only being one of them. While it is true that the older you get, the more restrictions there are on the type and affordability of the life insurance available. The fact is that there are still options that seniors can take advantage of it in order to protect their families from the financial burdens of them passing away unexpectedly.
However, it is important that you understand what types of insurance that are available for you on the market. One of the more interesting options is guaranteed life insurance for seniors. While it may seem rather far-fetched that there is life insurance with guaranteed attached for those above 65, this is a valid policy that many people are currently taking advantage.
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What is ‘Guaranteed Acceptance Life Insurance’?
A guaranteed acceptance life insurance policy for seniors generally ranges for those 60 to 90 years of age and is the type of policy that cannot be refused. This is because it does not ask any questions to the policyholder for the approval, not even about health. Whatever your current situation of health might be, this life insurance policy must be granted.
A drawback you might not know yet…
However, there is a catch in that the policy has a two-year waiting period which means that the policy holder will have to survive and pay on the policy for at least two years from the date it was initially purchased before the death benefit will be granted under certain conditions. If the policy holder dies or commit suicide within the two-year period, the benefit will not be paid. However, there may be circumstanced depending on the policy in which the benefit could be paid in that time period. Get more information here on guaranteed plan without a waiting period.
Reasons to Get a Guaranteed Plan for Seniors:
There are a number of reasons why guaranteed life insurance for seniors is an attractive option. Of course, the most obvious reason is when traditional life insurance is beyond their reach due to pre-existing health problems. Of course, the catch is that such pre-existing issues are not terminal or create conditions which would cause a “natural” death as defined by the policy.
Another reason to choose this is when you are not comfortable in answering health questions. Depending on other forms of coverage and financial security, this type of life insurance could be the right fir for your needs.
Requirements and Qualifications:
The policy requirements for this form of life insurance with guarantee are generally few and far between because this is a no questions asked type of policy. You will need to check the policy offered by the individual company to see if there are basic terms to the life insurance such as being of a certain age, the type of monthly premiums required and the conditions of the death benefit as well.
What Details Do I Need to Provide?
Again, there are generally very few details that are needed to ensure that you can obtain this type of policy. What can be stated is that you should determine if this is the type of policy that is best suited for your needs. This means that you should check out other types of life insurance policies as well such as term policy to see if they offer better rates or conditions that the best suited for what you desire.
Generally speaking, a younger person in good health with few, if any bad habits can obtain life insurance at lower rates with other types of policies simply because they represent a certain risk. Purchasing a guaranteed acceptance life insurance for seniors does carry the expectation that something may be wrong with your health or perhaps that your lifestyle exposes you to more dangers which would be of concern in choosing other types of policies.
Benefits of Guaranteed Accepted Life Policy:
There many benefits and advantages that this type of policy brings to you and your family, especially for those who have been suffering from a number of different health issues in recent years.
State of Health: If your health is not the best, then this type of policy is arguably the best for the needs of you and your family. Naturally, you must abide by the death benefit clause which exists for the first two years of the policy in order for the benefits to be paid. However, once that has passed then this plan with guarantee become much more valuable.
Additional Coverage: Many seniors use this type of life insurance in order to gain additional coverage so that their family is not left with the burden of unpaid debt, medical and funeral expenses.
Peace of Mind: For those who need additional coverage, this may be the right policy that is guaranteed and free of the hassles that many other life insurance policies come with, especially for seniors. For many, this type of policy is the last resort that has worked quite well in providing the coverage needed for their family and business associates in covering certain types of expenses.
Get Free Quotes at No Time:
Overall, if you are searching for guaranteed acceptance life insurance for seniors, then you have come to the right place. The services on this website can provide you with the means to purchase excellent, high quality guaranteed life insurance without the annoying questions and with straight, clear terms that can be of great benefit to your peace of mind and your families’ financial security.
Request multiple free life quotes with us and compare your rate. You’ll be glad you did.