People think life insurance is not a compulsory matter but when a person is 65 or over 65; it becomes important to consider life insurance for family’s financial security. Life insurance for seniors over 65 is needed because you must think about the financial security of your family.
You can live a happy life even if you don’t have any life insurance. But what will happen to your family after your death? You must think about this and it is a must if you have children dependent on you.
When you are at the age of 65, probably you have just retired from the job. You may have money in your bank that you can use to pass a happy life. But your family will be in great problem after your demise. Life insurance over 65 helps you to secure your family from any kind of financial crisis.
It is the right time you should purchase a life insurance because if you become older the path of purchasing a life insurance will become narrower.
Have you ever thought about the funeral expense of your family? A US family spends around $9K per month for funeral expenses, and it is increasing day by day. If you have debts you must confirm that your family can pay the money after your death.
Planning for a profitable life insurance policy at the age of 65 is important and if you do late you will not find any suitable policy. Life insurance at 65 is not really hard to get. There are many good packages with a low premium and large coverage.
When you are over 65, it is certain that you are facing health problems, major or minor. Having some common health issues such as high blood pressure, diabetics, a heart problem is a certain case at this stage of life. You may have also faced physical surgery in recent years. You can read our articles about life insurance for diabetics for more information.
Only a decent health state can bring you a decent life insurance policy. Health state and insurance premium are both closely related. If you are facing a serious physical problem you can’t get the policy that a physically fit person can get. If you are sure that you can’t show a decent health state to the insurer then it is better to go for no exam life insurance which is completely hassled free.
No exam policy or guaranteed acceptance policy costs higher than usual policies. You may have to pay a higher premium but you can get a policy for sure. There are some factors that can affect the policy badly, such as tobacco habit, bad credit history etc.
Choosing life insurance type is another important face for your financial security. There are basically two types of life insurance; term life insurance & whole life insurance. Term life insurance over 65 is issued for a specific period of time and whole life insurance for as long as you are alive.
Choosing the type depends on your demand. If you are looking for too large coverage then you must go for whole life insurance but make sure that it doesn’t have any term like if you die before two or three years you won’t get any benefits. Read the terms and conditions of the policy carefully before signing.
There are lots of life insurance policies available for elderly people. Seniors over 75 or more face lots of difficulties but you can get easily. Apply for free quotes online, do some research by comparing the quotes and you will get the policy you need.