Are you over 70 and without any life insurance coverage? It’s never too late to purchase one today! Many seniors give up on life insurance for seniors over 70 as they believe that it is too late to get any decent coverage at this age. Some of them get disappointed finding the poor amount of policies offered by the insurance companies. However, the truth is that this kind of life insurance doesn’t have to be expensive and it could be covering much more than you were hoping for, it is just little difficult to find. Therefore, there is a big chance to get affordable life insurance when you compare the prices, get quotes here.
Importance of Life Insurance for Seniors Over 70
The National Association of Memorial Administrators has published a report in which is mentioned that average funeral expenses in America are over $7000 or more. And if we add a mortgage to that, taxation or any other debts that have to be covered if something should happen to you, then we realize how important it is to have a savings account.
If you are one of those people that haven’t been putting money aside over the years, life insurance is what you should be looking for.
If you purchase a life insurance, your loved ones will be protected and you can be sure that they will be able to financially cover all the expenses needed, such as funeral and burial expense, estate taxes, education expense and etc. Life insurance could be a great investment if you haven’t been thinking about life insurance before.
Facts that Increase Premium
As mentioned before, life insurance for seniors over 70 is a bit tricky to find. The main reason is that insurance providers think that it risky to offer an affordable policy to people in this age. This is not a surprise if we say that according to WorldBank data, life expectancy in the USA in 2014 was approximately 79 years for both men and women. Even though we never know when something may happen to us, we could all agree that the best time to apply for a life insurance is probably long gone. However, you are still in better condition than seniors over 80, so grab the policy as soon as possible.
Get it as Early as Possible
When you are young and in good health, you will get the best and the most affordable deals on the market. So when you are looking life insurance and you are over 70, things usually get more complicated and policies are more expensive. However, as long as there are decent offers for people seeking for life insurance coverage, it will never be late to protect yourself and your family especially if you are over 70. Why is that?
When you are over 70 years old, the most important coverage that you are looking for is those that will easily support your funeral and burial expenses. Therefore, many insurers will offer great deals for people looking for this kind of protection. Sometimes you may even find coverage big enough to cover estate taxes or repay some small debts that may be left behind.
The life expectancy of people has increased in the last few decades, thanks to improvement in medical science. The people are now more educated and conscious about their health, which helps them stay healthy and active despite their age. However, the older we get the more we think about what we will leave behind if something should happen to us. We start to think more about our family and dependents, and what we can do in order to protect them financially.
Protect Your Family
If you leave your loved ones unprotected, financial hardship could create a whole lot of problems for the family. They will probably have to change the life they were leading before the debt. Therefore, if you want to make sure your family will be financially covered and protected from any debts that you may leave behind if something should happen to you, get your life insurance over 70 today!
When you have decent life insurance policy all your expenses will be quickly covered, especially final costs that are usually the primary coverage to every life insurance policy.
If your health is good for somebody your age and you can apply for traditional life insurance, you will have to choose between a term life and a whole life insurance. The term life insurance can be an excellent choice for those looking for a cheaper version of the policy.
Life Insurance and Bad Habits
When you are looking for life insurance, no matter the age, you mustn’t have any bad habits such as tobacco or alcohol. These habits could reduce your chances of getting a decent coverage, especially if you are a senior. No insurer will love the idea of having clients that are smoking or drinking, as it will eventually reduce their longevity and affect their overall health. Being in a situation like this will put you at high risk in insurer’s eyes, and you will have to deal with a higher premium if you get any offer in the first place.
People who smoke and drink are more likely to have cancer or other dangerous and often incurable diseases.
If you want to turn in your application, you might have to sit for a medical exam that will verify your current health status, and show if you have been smoking lately. The insurer will ask you few questions about your health, even if you apply for guaranteed acceptance life insurance. In most cases the bigger the risk, the higher the premium.
Life Insurance for Seniors Over 70 with No Medical Exam
Statistics say that more than 90% of Americans over 70 years old 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, you should start looking for life insurance without a medical exam. Although this policy might costs you much more than any traditional life insurance policy, it is still guaranteed. This means that you will be able to get coverage up to $399,999 with suitable monthly premium, without actually having to go through medical exams.
It looks like life insurance at 70 is not that hard to get when you are determined to purchase the policy without a medical exam. You are also free from any medical papers, or any detailed questions about your health.
Another interesting thing is the insurer might approve your request within 24 hours, depending on the company you choose. Isn’t that great? This way you don’t have to waste any more time searching for the perfect opportunity to secure your family. Guaranteed acceptance life insurance is a great choice for many people looking for a decent life insurance policy in this age.
Finding Affordable Life Insurance Over 70
The best way to find affordable life insurance is to get free online quotes from different insurers. Check our free quote service to get the most affordable quote. Here you can also find some of the main reasons why life insurance for seniors in this age shouldn’t be underestimated.
Before choosing the life insurance package for over 70, make sure you know two things. The first important thing is to read your papers good before you sign them. Make sure you understand the conditions mentioned in the papers too. The second important thing when it comes to buying a life insurance premium is to choose the policy that you will be able to obtain monthly. Many people make these mistakes when they hurry to get the best deal on the market. Therefore, make sure you know what you are buying and if you can actually pay for it. Choose your coverage wisely!
When you are looking for the best life insurance, you should be looking for one that you can obtain until the end of the policy.
As mentioned before, this kind of life insurance coverage is not that easy to find, therefore you should think about taking advice from an experienced insurance agent that will help you find the best deal depending on your current situation. If you have somebody who is experienced and has knowledge about market trend, this person could help you find what you are looking for, and at an affordable price.
The Key to Affordable Policy
The key to every affordable life insurance is that you should always be honest with the insurer, and answer all the questions truthfully. Don’t hide any pre-existing health condition and avoid providing any misleading personal details of yourself or your family’s health history. This is the only way to get the coverage. Therefore, provide your insurer with valid information and get as many quotes as you can in order to find the best available rate. To get instant quotes from top carriers, click here and save up to 75%.
At the end, try to find the life insurance policy that will match your needs and if it happens to be expensive, still think about it. If you don’t have any other way to protect your family, getting life insurance for people over 70 is a great choice for you.