Are you over 75 and thinking about your financial portfolio? Life insurance for seniors over 75 is needed for your financial freedom & mental peach. It doesn’t matter how old you are if you have a life insurance you can live with peace and happiness. Life insurance over 75 might seem more expensive than life insurance over 70 or 65. When an individual is at age of 75, by natures s/he has to face some health issues, it could be major or minor.
Why Seniors Over 75 Need Life Insurance?
Life insurance for seniors over 75 may seem valueless if you don’t do deep research. For your financial state, it is important that you have a life insurance. The day to day life expense is increasing too fast. American family expenses on average $7000 per month. Can you image what will happen to your family after your death? As a responsible person, you must do something for your family’s financial security. Although it is late, you should have a life insurance over 75.
Beside of funeral expenses, the burial expense is also increasing too rapidly. Nowadays, hardly a burial package is available less than $10,000. Everyone wants to financially independent and don’t want to become a burden to the family. You may have a mortgage or other debts that you must pay or arrange everything so that your family can pay easily. Life insurance over 75 is helpful in this case because it will save your family from the burden of paying the debts.
What is Available for Seniors Over 75?
Both term & whole life insurance for seniors over 75 is available in the current market. You have to decide which type you need based on your requirements. Whole life insurance could be a good choice if you need large coverage but the premium rate is much higher here than term life insurance. Whole life insurance over 75 is pretty good because you don’t need to renew it. Most of the insurer doesn’t allow anyone over 89 years. So, if you choose a 20 years term life insurance you will not be able to renew it.
If you consider the premium rate, then term life insurance is much better. You can find a term life insurance for seniors over 75 about three times less than whole life insurance. If you are determined that you don’t need the insurance after 89 years of age then you must choose term life insurance.
Life Insurance Over 75 with Health Issues:
Having health issues at the age of 75 years is communal. Health state affect the life insurance premium a lot so you have to decide if you go for exam policy or no exam life insurance policy. No exam policy costs much higher; on the other hand if you have major health problem your application might be denied by the underwriter. If you are self-confident that you can show a reasonable health condition you can lessen the premium up to 50% definitely. So, evaluate your health condition first.
Coverage of $25,000 can be obtained by no exam whole life insurance for seniors over 75. If you need larger coverage you have to go through the medical exam procedure. You have another option if you don’t want to face medical exam, which is guaranteed acceptance life insurance. No question, no harassment, & no waiting period; simply purchase. It costs too high but acceptance is guaranteed. People with major health issues generally go for this.
So finally it is your time to take the decision. It is too late to purchase a life insurance but you can do it now. If you bought a life insurance when you were 30 or 40 you would get a much better policy. No more thinking, request for free quotes right now as many as you can. Compare the quotes and find the one that suits you best. There is no alternative of finding a life insurance without comparing quotes. If you still have a problem don’t hesitate to contact us.