Life insurance for seniors is a relatively new concept in the field of life insurance and coverage.
It has not only opened up the new horizons of business opportunities for the insurance firms but also provided the senior section of society with an investment outlet.
As stated, the concept of senior citizens’ life insurance is new in the market many people have their own sets of doubts pertaining to it.
In this article, we have simply tried to address the basic details that every senior citizen must know before purchasing life insurance.
5 Things You Should Know About Seniors Life Insurance
The Right Age to Qualify for Seniors Life Insurance Policy
Often people are seen inquiring about this –“what is the right age for a senior’s life insurance policy”.
To address this, in most countries the senior’s life insurance policy classifies above the age of 60 years.
However, depending on the work, retirement age, and other demographic factors in some of the countries it may be 65 as well.
If you want to avail the benefits of a seniors’ life insurance policy it is better to wait until you turn 60.
However, it must be known that “YOU CAN PURCHASE THE LIFE INSURANCE AT AN EARLY AGE AS WELL”.
For example, if you are 50 years of age and want to invest for your post-retirement life you can always buy some insurance policy that will give you benefits at that age.
Only the benefits you will start availing when you reach the age of senior citizen.
The plan may vary from company to company. You can inquire at the company website or find out from the life insurance agents who will give you details of the policy of your choice.
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Life Insurance for Seniors – Cheaper or Expensive?
To clearly understand this, we should know that when we grow into the age of retirement i.e. above 60-65 years we are on various risks of health and life.
The insurance companies try to reduce their risk quotient and thus have offered life insurance policies for seniors at a higher price as compared to other insurance policies.
However, there are ways to get cheaper life insurance policies as well. The best way is to compare the insurance plans offered by several companies and read the benefits and covers that are stated in their policy details.
Then you can refer to the company representative and let them know about the “covers” that you need.
You can specify what benefits you require and what needs to be removed. This will help you to reduce your expenses as you will pay for only what you need.
Can Life Insurance Be Availed if You Are Not in a Good Health Condition?
This is a very interesting opportunity for those who are not in good medical health condition but still want to avail the of life insurance policies.
Yes, you can avail “no medical exam, no waiting period” life insurance policy if you do not want to go through the procedure of medical check-up.
You will end up paying a higher amount for such insurance policy, but, it will be a hassle-free process and will be availed instantly without having to wait for a number of days.
You Can Avail Death and Burial Benefits from the Policy
As known life insurance is a cover for life. But other than that you can also avail yourself the life insurance policy to cover your funeral expenses too. In fact, this is the trend!
People who are buying life insurance policies for burial expenses are more relaxed and stress-free in their late years.
They live with the satisfaction that their loved ones will not have to bear the expenses of their burial and can arrange for the rituals wholeheartedly.
Some of the senior citizens even specify in their living will about how they want their funeral should be done! Thus, they can arrange for the funds and help their family to fulfill their last wish without any hindrance.
The Sooner You Start, the Better It Is
Although this implies for any life insurance policy in case of senior citizens it is more inevitable. Once you cross the threshold of being a “senior citizen” then it is better you should right away start investing in an insurance policy.
If you start investing in early years you can get its benefits in the later years for example –medical benefits for treatment, monetary loan borrowings for dire needs etc.
Also for the early birds, the amount of the monthly premium installments will be smaller as compared to the late beginners. You can start it by keeping aside a small amount of money from your monthly income or by cutting down on some expenses. This small beginning can help in a big way in the later stage of life.
Must Check: Can You Get Life Insurance After 80 Years of Age?
Last Words
Investment is always a wise and safe option for ascertaining your financial concerns. For senior citizens, the concept may be apprehensive to understand but this is a wonderful way to lead a stress-free life full of dignity and independence.