The life insurance for seniors over 70 is undoubtedly a bit difficult to find out, but not impossible. Many insurance providers find it risky to offer a decent package to seniors over 70s as they might have very little time left in life. The life expectancy in the developed countries for instance in USA, is somewhere near 80 years. So, an average you should know that you have a few more years left before you’ll 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. 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 still find affordable premium which will easily carry your funeral and burial expense, paying estate taxes and repaying debt etc. This is definitely 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 health as well. Those who retire at 60 from tradition job are still active at doing something at the age of 70. 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 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 prevent their family from any financial hardship. The expenses of funeral are escalating day by day and it will definitely create problems for the family to arrange for the full amount 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.
When the Premiums would be higher for Seniors Over 70?
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. 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 pay premiums at least till the policy gets matured. In most cases, the maturity time period is about 2-3 years. But if the client dies within this period, there would be no death benefits expect the premiums will be refunded. So make sure you have 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 even you apply for no exam life insurance. If your health poses potential risk, then premium rate would be much higher than people with no health problem.
How to find an affordable life insurance for seniors over 70:
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 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. To compare and save on life insurance for seniors over 70, click here.
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 education cost of grandson or granddaughter. You can only achieve all these when you purchase 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 benefits would be offered. So, the final thought is, even at 70, you can obtain an affordable life insurance which can be a tiny bit expensive but worth it considering the financial hardship that a senior faces after retirement.