The life insurance for seniors over 70 is undoubtedly a bit difficult to find out, but not impossible. If you have just turned to 70, this article will help you to find a suitable policy. Many insurance providers find it risky to offer a decent package to seniors over 70s as such people might have very little time left in life. The life expectancy in the developed countries for instance in the USA, is somewhere near 80 years. Although no one can say anything about death, but according to average life expectancy, it can be said that you have probably passed the best time to apply for a life insurance. But it’s never too late until insurers keep offering decent prices for your age. Yes even at the age of over 70, you can find affordable premium which will easily carry out your funeral and burial expenses, paying estate taxes, repaying debt etc. This is definitely a good news for people over 70 who are looking for a decent life policy.
The life expectancy of people has increased in the last decade due to significant improvement over medical science. The people are now more educated and conscious about their health. Those who retire at 60 from traditional job are still active at doing something at the age of 70. The health starts deteriorating at this stage of life. The anxiety about death and about the family’s financial situation after death often peeps into the mind of seniors who are over 70 years old. They somehow prepare themselves to die. But a responsible person would not leave their family and dependents in burden after death. They would like to be a part of policy which will protect their family from any financial hardship. The expenses of funeral or burial even are escalating day by day and it will definitely create whole lot of problems for the family to arrange the full money on the day of demise. But if you have got a decent life policy already this should easily cover those expenses. Usually final expenses are basic coverage in a life insurance policy. This is why life insurance for seniors over 70 is so important but often unrealized by people.
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Types of Coverage and Factors that Increase Premium Rate:
The premium will definitely be on the higher side at the age of 70 or over. Actually you might be confused about whether to underwrite for a term life insurance or a whole life insurance. The term life insurance for seniors over 70 can be an excellent choice because it is little cheaper than others. We offer some great term life rates for our customers as well. There are guaranteed acceptance life insurance which asks the policy to be matured before a client is allowed to get death benefits. In most cases, the maturity period is about 2-3 years. But if the client dies before this period, there would be no death benefits except the premiums they paid. The return of premium life insurance will let them get back what they paid as premiums over the period of time. We have already discussed on return of premium life insurance and you can read it here.
You should read out all the rules and regulations before underwriting a policy. In this stage, the health of the client is very important. You must not have any bad habits such as tobacco or alcohol which will reduce the chances of getting a decent coverage. No insurance company loves clients having smoking or drinking habit which eventually reduces the longevity. These people are also prone to different types of dangerous and incurable diseases such as cancer. You might be asked to sit for a medical exam which verifies your current health status. It is almost certain that, few questions about health will be asked if you even apply for no exam life insurance. If your health poses potential risk, then premium rate would be much higher than those people with no health problem.
How to Find an Affordable Life Insurance for Seniors Over 70:
Now this is what everyone wants. They demand a premium which they can afford till the end of the policy. It can be a tedious work to find a life insurance for people over 70. To prevent this step, you may take help from an independent broker who is experienced and has knowledge about market trend. He would do the research for you and choose the best coverage and cost. The key thing is, you should not hide any pre-existing health condition or lower down your age in the quote form in a lessen price deal. The best coverage is only possible to find out if you provide all the valid information regarding your health. The suggestion is to shop around and take some time to apply for as many quotes as possible.
By choosing the right carrier and coverage you can ensure financial security of your family. You should buy a premium for the sake of mental satisfaction as well. Don’t be the burden of the family. Beside all these, try to leave a legacy for the next generation for their welfare. You may carry the partial or full education cost for your grandson or granddaughter. You can only achieve all these if you take the right decision at the right time. This is why the time is one of the most important factors. The more time you spend with a policy, the more benefits you will get from the insurers. So the final thought is life insurance for seniors over 70 is obtainable and whether you will get an affordable policy it largely depends on the health status of individual. Even if it becomes a bit expensive, you should try out for the sake of the family.