Are you over 75 and thinking about your financial portfolio? Life insurance for seniors over 75 is needed for your financial freedom & mental peace. It doesn’t matter how old you are -if you have a life insurance you can live in peace and happiness.
However, let us remind you that being 75 years in age, there can be some road bumps in your way of getting the full term insurance plan. As such, the 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.
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In this article, we will address the life insurance needs, possibilities and opportunities for seniors who have touched the age number of 75 years.
Life insurance 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 are around $7000 per month on average. This means there is a lot of financial pressure on an average American to make the ends meet and give a quality life to their loved ones.
Can you imagine 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.
Let us elaborate some of the reasons that cause people over 75 years of age to invest in life insurance policies:
Besides funeral expenses, the burial expense is also increasing too rapidly. Nowadays, hardly a burial package is available less than $10,000. People always want to stay financially independent because they don’t want to become a burden to the family.
Especially when it comes to the senior citizens, the feeling of being a “burden” to their own children is very common. They spend their lives playing the role of being a “provider” in the family which they want to sustain for their whole life. Buying life insurance policy helps them in retaining their pride even after their death. Burial and funeral expenses get covered in the life insurance scheme.
There may be some pending mortgage or other debts that must be paid! Elderly people have a keen desire to arrange for everything so that their family can pay easily for them. The debts can be in various forms such as pending medical bills, piled up home rent, monthly loan installments etc.
For a senior citizen, the sources of income get limited too. Life insurance over 75 is helpful in this case because it will save your family from the burden of paying the debts. Also, you will play the role of a significant contributing member of the society that will help you in living a confident and contented life.
As people grow in age, they want to share their experiences and love with the younger generation. Their desire to give gifts to their younger children mostly gets suppressed due to lack of funds and fear of future.
If you own a life insurance policy, you feel secure for the future. This will help you in keeping aside a relevant sum of money for buying gifts for your children from time to time. Also, you can always put aside a crucial part of your insurance lump sum to be given away to charity or cause after your death.
It is one of the crucial most reasons for the senior citizens to buy a life insurance policy. They want to get life insurance to secure the future of their dependent loved ones after their own death. The post-death benefits from the life insurance policy claim help the dependent survivors to lead a life of comfort and self-reliance.
Now since we have discussed the need for senior citizens to have life insurance policy, let us discuss what options are available for seniors over 75 in the life insurance field.
Both term & whole life insurance at 75 is available in the current market. You have to decide which one 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 insurers don’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.
However, there are other options for people who have specific reasons to buy life insurance policies.
If you are suffering from health issues, it may not be easy for you to get any standard life insurance policy. In this case, you can choose no medical exam, no waiting period life insurance. As the name specifies, you will not have to go through the hassle of medical exams and running around the insurance company office as there is no need for any documentation.
Although the price for such insurance policies is higher for elderly people, it is a convenient and feasible option. You will not be asked any questions about your health or family records and it is a guaranteed issue- which is the biggest advantage. It saves time and efforts too. The higher cost is the only major disadvantage of such insurance schemes.
Another option with slightly lower prices than ‘no medical exam’ is to buy “simplified issue policy”.
You need to qualify for ‘simplified issue policy’ by filling up a medical questionnaire. There is no exam other than this questionnaire. Although the premiums are lower than the guaranteed issue they are higher than the standard policy premiums.
If you have specific needs such as you want to arrange only for the burial expenses, then you can buy another policy which specifies the demand- “final expense insurance” or “burial expense insurance policy”.
This policy enables the senior citizens to leave behind their profound legacy for their loved ones. This allows you to specify the choices of your funeral from flowers to casket. Being alive you can plan for your cremation in a certain way and lay down the terms to your children.
Rising funeral expenses due to high pricing often prompt the senior citizens to cut down their desires for their final adieu. ‘Final expense policy’ enables them to fulfill their last wish and thus gives a sense of contentment while being alive.
Having health issues at the age of 75 years is common. The state of health affects the life insurance premium a lot so you have to decide if you go for an exam policy or no exam life insurance policy. ‘No medical exam policy’ costs much higher. On the other hand, if you have major health problem your application may get denied by the underwriter.
If you are self-confident that you can show a reasonable health condition you can lessen the premium by up to 50% definitely. So, evaluate your health condition first.
Coverage of $25,000 can be obtained by no exam whole life insurance 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 a medical exam, which is guaranteed acceptance life insurance as we discussed above. 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 would have 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.
The best way is to collect information from all the relevant sources around you and do the homework. You can sit back and decide which insurance policy suits best to your needs and pockets.
Being a senior citizen you have to make sure that you save enough for your medical bills and other redundant expenses as the sources of income get limited at this age. If that is not the criterion with you, go ahead and buy a policy with maximum benefits.
Use the Internet to Your Aid
The Internet has become a great medium for imparting useful information in any dimension. You can sit back at home and search through various insurance company websites. It will give you wholesome information with a transparent approach to each and every policy and pertaining clauses. Seek help from the forums on various sites that solve the queries of people about insurance policies. These forums are really helpful in finding meaningful answers as people with personal experiences in the same field answer them for you.
Give a Call to the Insurance Agent
Once you have finalized 2-3 options for buying an insurance policy, give a call to a local insurance agent. Insurance agents are the representative of the companies to help the customers in buying insurance policies. You can take personal consultation and seek their help in doing the documentation work on your behalf.
In order to simplify the process for you, here is a brief outline of the steps that are involved in purchasing life insurance:
Get the Quote
As we have mentioned above, you can use the internet or help of an insurance agent to get a quote for your insurance policy. As soon as you get the quote you can apply for the policy. Seek help through online or personal assistance wherever you feel stuck. Even phone counseling option is made available by insurance companies for facilitating the customers. The telephonic helpline numbers can be availed from their phones. We offer FREE quotes service that you should definitely try.
Get Your Medical Examination Done, If Necessary
If you are buying no medical exam policy then you may not have to go through this step. However, if you are applying for a standard life insurance plan then you need to get your medical examination done after filing an application for insurance. Collect your reports in time and give them to the insurance company in the prescribed format.
It takes 4-5 weeks before the approval comes. In between, you can check with your insurance agent about the policy procession.
Time to Pay the Premium
As soon as the policy gets approved, you will get notified by the company sources. As the policy becomes effective, now is the time to pay the first premium of the policy.
There are various reasons that make the senior citizens at the age of 75 to buy a life insurance policy. The options are available to meet their requirements in the best possible manner. People can apply for these policies through standard forms available on their websites or company offices. The only thing one should have is the clarity of the clauses and terms that they want to get under cover.
According to their requirements, they can set aside a budget and buy from the available options. Internet and registered offices are the best sources of information. Compare the quotes and find the one that suits you best. There is no alternative to finding a life insurance without comparing quotes. If you still have problems don’t hesitate to contact us.