The life insurance for seniors over 70 is undoubtedly a bit difficult to find out, but not impossible. Many insurance providers find it dodgy to offer a package to seniors over 70s as they might have very little time left in life. The life expectancy in the developed countries such as USA, UK, Australia or Canada is somewhere near 80 years. So, you know that an average you have a few more years left before you pass away. Although no one can guarantee on what age you will die. But according to average life expectancy, it can be said that you have probably passed the best time to apply for a life insurance if you are over 70. But it’s never too late until insurers keep offering decent price for you age. Yes, at the age of over 70, you can still find affordable premium which can easily bear your funeral and burial expense, paying estate taxes and repaying debt etc.
The life expectancy of people has increased in the last few years due to significant improvement over medical science. The people are becoming educated and conscious about health as well. Those who retire at 60, still active at doing something at the age of 70. But even though the body does not support as much as it used to at the age of 30s or 40s. The health starts deteriorating and you lose the hope of living. The anxiety about death and about the family’s financial situation after death often peep 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 in burden after death. They would like to be a part of policy which will prevent their family from any financial hardship. Not only this, if you buy a policy after a lot of thoughts it should carry the final expense and other costs in last few years of life. The expenses of funeral are escalating day by day and it will definitely create problems for the family to bear it on the day of demise. So, you should not make any more delay.
How to find an affordable life insurance for seniors over 70:
The premium rate will definitely be expensive at the age of 70 or over. Actually you might be confused about whether to underwrite for a term or a whole life insurance. At this age, the premium of both of type of insurance will be more or less same. Some insurance providers want to make sure that the client will live for at least two years and then they start paying out. 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 to be accepted for a coverage. You might be asked to sit for a medical exam or a few questions about health would be enough. If your health poses potential risk, then premium rate would be higher as usual.
It can be a tedious work to find a coverage for people over 70s. To prevent this step, you may take help from an independent broker who is associated with different insurance companies. 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 your age in the hope for a reduced premium. The best coverage is only possible to find out if you provide all the valid information regarding yourself.
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, be respected even after passing away. Beside all these, try to leave a legacy for the next generation for their welfare. You may carry the education cost of grandson or granddaughter. You can only achieve all these when you own a senior life insurance. This is why the time is one of the most important factors. The more time you spend with a policy, the more death benefits would be. But it is never too late until you are committed to to buy a policy.