When parents attain the age of 70 or above without a life insurance policy cover, some of them may think it is too late to get one. Fortunately, today you can get a life Insurance for elderly parents over 70 years quite easily. Be it for you who are at this age or for your parents who are in the golden age, a variety of options are available.
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Benefits of Life Insurance for Elderly Parents Over 70:
Signing up for a life insurance even when you are in your golden years is important depending on your specific needs and also for members of your family. If are an elderly parent and you wish to leave some money behind for your last expenses like burial, so that your demise doesn’t become a burden to your family, then taking a small burial expense insurance policy would greatly benefit you. If you are a senior who would wish that your business continues running even beyond your death, it will also be beneficial to consider small business insurance coverage.
Life insurance for elderly parents is also a way in which they can have something for their family to live on when they die. Like if you want an organized way to ensure wealth transfer then it would be great to consider a life insurance policy. These are among the benefits that elderly parents and their family will get from a life insurance policy. Regardless of the need for you, it is crucial that you take an affordable life insurance right now if you haven’t.
Factors that Influence Life Insurance for Elderly Parents:
Many life insurance providers find it quite risky to offer decent insurance packages to seniors who are over 70 years of age. This is because it is presumed that parents over 70 years old have very little time left to live. For this reason, there are a couple of factors that are considered in determining how much, in premiums will be paid for elderly life insurance and if at all the cover will be provided.
The health status of the elderly parents to be covered by the insurance policy is very vital in determining the premiums. If you have any health complications or have had them before you are likely to pay more than one who is said to be healthy. You may be required to sit for a medical examination to ascertain your current status health wise before you are given a specific life insurance cover.
Apart from general health status, habits that could pose a risk to your health such as smoking or drinking alcohol will also make the premiums to be slightly higher than a non-smoker. These people with such habits are considered as high risk candidates by the insurance companies. The activities that you are involved in frequently such as hiking, skiing or boat riding could also be a consideration in this process. It is understandable that seniors over 70 are very unlikely to be involved with such risky activities, thus current health condition and lifestyle would be two very important factors while determining the life insurance premium.
In this regard, it is very critical that you find a reliable insurance provider for elderly parents over 70 who will not seek to exploit their conditions. In selecting the right insurance provider, it is wise that you take time to compare a number of available quotes and their stated conditions. We are here to offer you the best life quotes available online. This will help you understand which provider fits your needs. Some life insurance providers do not require a medical exam to consider you, and in this you will be rarely denied an insurance cover. You might want to consider talking to a no medical exam life insurance provider who will just ask questions about your health and give you options of policies to select from.
There is one more suitable life insurance for parents over 70 years with pre-existing health conditions is guaranteed acceptance life policy where the policyholder will get coverage for every reason.
There is one more life policy which is very close to guaranteed policy, is simplified issue where you will be asked health questions but doesn’t require undergoing any medical exam.
Types of Insurance Policies for Elderly Parents Over 70:
There are quite a number of insurance policies available for seniors over 70 years. Two most common types of life insurance for elderly parents over 70 are term life insurance which is for a specific number of years or the whole life insurance policy which only matures upon death. Based on the age, health status and the reason, any of these policies can be subscribing to. For instance, it would be more realistic to choose a 20 year term insurance for a senior aged 70 than to choose a whole life insurance, based on life expectancy which is currently placed at 85. If you want an insurance to cover for your last expenses then consider the burial expense insurance policy.
The premiums in these policies also vary, e.g. a 70 year old male parent will pay between $117.69 and $405.13 per month for a 10 year term insurance policy depending on the insurance amount applied for, usually between $100 000 to $500 000 whereas for a 70 year old female parent will pay between $83.01 and $320.25 per month for the same policy.
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Affordable Life Policy for Parents:
Affordable life insurance for seniors over 70 has really come in handy in helping elderly parents live with no worries of burdening their families. It is so opportune that regardless of your age you may still get an affordable life insurance for yourself. It is equally important that every one and most especially elderly parents over 70 years get life insurance so as to ease the burden on their families in the vent that they pass on.