For seniors who are reaching the age of 90, finding the best life insurance policies will become more difficult because there are limitations. Still, in some cases it is possible to get life insurance coverage that will suit your needs.
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Limitations of Life Insurance for Seniors over 90:
Generally speaking, most life insurance companies will not sell policies to those who have reached the age of 90. The simple reason is because insurance companies base their policies on risk factors. There are relatively few people who manage to reach and surpass the age of 90, so selling a new life insurance policy would be prohibitively expensive in most cases and simply not worth the risk to the insurance company.
In addition, many life insurance policies are often terminated at or before the age of 90 with certain exceptions. However, there are options still available for seniors who still want the financial protection that life insurance has to offer. Secure Senior Life Insurance understands the needs of having a life insurance at 90 and thus provides exceptional rates and benefits to them. Let’s take a look at the available types of life coverage in this age.
Guaranteed Life Insurance Policy
The most obvious course of action that most seniors can take is purchasing a guaranteed life insurance policy. This means that such a policy cannot be turned down for any reason. However, it is also true that the premiums can be very expensive and there will be limits on the benefits in terms of capping them at certain level such as $50,000. Plus, the full benefit is most often not available for the first two years of the policy. This will have to be taken into account when purchasing this type of life insurance.
No Medical Exam Policy
Generally speaking, this is a whole life insurance policy that has no medical exam, but does have medical questions which will help determine the premiums. It is a very costly policy, second only to guaranteed life insurance and it will often include graded benefits for the first two years as well. However, it is a less expensive choice that guaranteed life insurance and some companies will actually help seniors continue without additional charge if the premiums are fully paid and they have reached the age of 95.
This is a life insurance policy that only pays for the funeral expenses. Generally speaking, most policies of this type have benefits that range from $7,000 to $10,000 and are designed to take care of all funeral expenses. The advantage of funeral policy is that most insurance companies will cover seniors who are at or near the age of 90. However, there are strict limits to the benefits and it is best suited to simply cover the burial costs.
Term life insurance policies are generally not sold to seniors at or over the age of 90 because the risk to the insurance company having to pay on the policy is simply too great. However, there are effective options available for seniors over 90 who want the protection that life insurance provides. You’ll want to talk to an independent insurance agent who can help you make the best decision when it comes to your life insurance. We offer free online life quotes for seniors over 90 years and you must not miss this opportunity. You can save p to 70% when you compare rate with us.