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Life Insurance in 2016! Find out about Benefits and Best Deals! Guidelines and Easy Ways to get the Best Policy for Seniors!
A few years ago life insurance for seniors seemed unusual and even unnecessary. Nowadays, insurance policies for seniors are the most popular ones and they are becoming even more necessary. The older we are the more we think about what we will leave behind if something should happen to us.
When you are a senior, the most important coverage that you are looking for is the one that will easily support your family and dependents in the hardest days.
Besides taking care of your loved ones financially, there are other benefits when it comes to life insurance for seniors.
Life Insurance for Seniors in 2016:
Studies show that the majority of seniors give up on life insurance because of their expectations when it comes to the price of the premium. Even though many people overestimate the cost of the policy for seniors, life insurance in mature years is still more popular than for people in their younger years.
Despite the necessity and great amount of deals offered for seniors, many people give up on life insurance as they believe that it is too late to get any decent coverage at their age. Some of them get disappointed finding the poor amount of policies offered by the insurance companies when it comes to Life Insurance for people over certain years, especially life insurance over 80 is something that is very rare.
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Is Life Insurance Necessary? – What are The Benefits of Life Insurance for Seniors?
Life insurance for seniors in many cases could be flexible when it comes to choosing how much and how long to pay the premium and the amount of the insurance coverage itself. Also, insurance offers you peace of mind if something should happen to you. If you get life insurance you will be ready and prepared for any unexpected situation, and your loved ones will be protected.
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When it comes to benefits, we are reminding you of the most common situations and moments in life when getting the life insurance policy makes sense.
If you are employed
If your economic situation is uncertain and you know that savings are not enough, getting life insurance when you are employed will protect your spouse from income deprivation in case something should happen to you. In this case, term life insurance could compensate for it.
If you have debts to repay
If you have debts to pay, life insurance is suitable for seniors in your situation. When you get term life policy, you will not overpay because your policy will expire as soon as your payments are about to end. If you also take the amount just enough to cover the debt, you can be sure you got the best possible deal!
If your child is disabled
If you have a disabled child who depends on you and requires an ongoing medical care, cash value insurance is the best choice. Life insurance that builds the cash value will always have your back in case you need the money in an emergency.
If you plan to provide for a charitable legacy
If you’re planning to leave a legacy for charity, purchasing life insurance that is equivalent of your desired regular donation could benefit you and the charitable organization, if is done right.
If you are planning an Estate
When it comes to securing your family, if your objective is liquidity, life insurance coverage for seniors could help you with that. Except covering your final expenses if something should happen to you, your life insurance policy could also be used to pay for state estate/inheritance and federal taxes and provide an immediate cash for your children.
If you want to invest
If you want to invest without taking a risk, you can always use your life insurance policy as a profitable investment. The cash value that will increase with time will also be tax-free.
My Insurance Options
Coverage options amounts differ from company to company, as well as the benefits do. They range from $10,000 to $500,000, depending on the coverage you are looking for. Term life insurance is usually the cheapest. However, this life insurance for seniors does not build cash value and could be paid out only if something should happen to you prior to the end of the term.
Statistics say that more than 90% of seniors over 70 suffer from one or more health problems that could seriously affect the price of the life insurance premium. Therefore, searching for affordable life insurance that requires going through medical exam might be a waste of time and money in this situation. If your health is poor for somebody your age, start looking for life insurance without a medical exam. Although this policy is usually more expensive than any traditional life insurance policy, it is still guaranteed. This means that you will be able to get the coverage with suitable monthly premium, without actually having to go through medical exams.
When it comes to your lifestyle, no insurer will love the idea of having clients that are smoking or drinking. People with such bad habits are more likely to have cancer or other dangerous and often incurable diseases. If you are one of those people you will have to deal with a higher premium.
If you are looking for life insurance for seniors, you have more options at your disposal, such as whole life insurance, variable life, and universal life insurance.
How Much to Purchase?
Determining the right amount of coverage is one of the most important steps when it comes to life insurance for seniors. For many seniors, the most important coverage is the one that will easily support their funeral and burial expenses. However, if the senior is the one who brings food to the table, then more coverage may be needed for the family to absorb the financial shock if something should happen to the head of the family. Plus, there may be an intention to leave behind a certain legacy in order to help someone financially with the school or new home.
All of the factors in your current situation should be taken into account when deciding on life insurance coverage and choosing the best deal. The best action that seniors can take is to inform themselves as much as possible about relevant information such as costs and options that are available to them in their current situation. Many seniors put off these decisions until the last moment, and let the desirable deals slip out of their hands and their financial range.
In the end, the value of having decent and affordable life insurance should be decided on as soon as possible, until good deals are available. If life insurance is the most affordable solution in your case, then it is advisable to act fast and lock in the best price.
What can Affect Senior Life Insurance Premium?
A lot of factors can affect the cost of your life insurance premium, and your health and age are only two of them.
No matter the life insurance you are applying for, you will have to answer a series of health related questions, your family’s medical history, height, weight and other metrics. Depending on the insurance company you choose, a medical exam will be also required.
How to Find Affordable Life Insurance?
The best way to find affordable life insurance for seniors is to research and compare the packages offered by different life insurance companies. There are a lot of policy options available to choose from, and what you should do is to focus on your current situation and look for an insurance policy that meets your needs.
There are many options out there, but make sure you review the policy by the terms that fit your needs and make sure you understand them good. Keep in mind the coverage varies depending on the company and the way they underwrite things. Therefore, it is important to choose the one that will not see you as high risk as others may.
Do not purchase the first good deal that turns up. Remember that there are a great number of insurance companies that offer a high range of deals that suit to different profiles and requirements, and your best interest is to check each one of them to determine what is most suitable for you in your current situation.
One of the fastest and most effective ways to find life insurance is to get free quotes online. There are a lot of life insurance companies that will offer you their quotes, so make sure you compare them in order to find the best possible deal.
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