You're 70 or older and want to get some life insurance. Where do you go? What kind of policy do you get? What do you need to do to get coverage? These are all good questions, and ones we hear all the time. Today I will address the different types of policies available at your age and the basic requirements to qualify.
If you are looking for yourself or your parent (or other relative) this is the place to start. Learn about the three different types of life insurance policies for seniors over 70. You will need Several factors will help determine which of these policies can best meet your needs.
- How is your health?
- Are you willing to take an exam?
- How much coverage do you want?
- Can I qualify for all three different policies?
Now you know that when you look for life insurance for seniors over 70 you have three different types of policies to choose from. The first step is to determine about how much coverage you want. Then you will know which policies are a possibility. Then it's time to talk to an agent. You can't get quotes for these policies by yourself. You must find an agent to help. Click here for more information on getting the best quotes.
Remember although there are three policy options, each company is a little bit different in how they underwrite. That small difference can make a big difference in the cost of your policy. Again your agent will help you find the best policy and the best company for your personal situation. Talk to an expert and get the facts to help you make the most informed decision for yourself or your loved one.
Hi this is Lenny Robbins at LifeNet Insurance Solutions and today I'd like to speak about senior life insurance specifically for those seniors over 70 years old. We usually get several calls a week from either seniors over 70 or children of seniors over 70 looking for smaller amounts of coverage, up to and including about twenty five thousand dollars.
What we try to do is educate as to what the alternatives are. Briefly they are this, first of all there is what's called final expense coverage. This is anywhere from two thousand dollars to forty thousand dollars worth of coverage. It is whole life insurance. It is done without a physical. It is done with a series of questions. If you answer no to all of the questions, basically you have been approved by the carrier and the policy will start.
There is also universal life which starts at about twenty five thousand dollars. This does have a physical, however, if the insured is reasonably healthy the amount of coverage on a universal policy for twenty five thousand dollars will be about the same payment as a whole life policy for fifteen thousand dollars. It behooves the individuals to look at both types of policies and see which makes more sense for them.
For those that cannot qualify for coverage, typically people with serious health illnesses or dementia of any type, they will not qualify for any coverage. What they need to purchase is called a guaranteed issue policy. Anyone can qualify for this policy. There are no health questions. However the policy, during its first two years, if the insured passes away, then the premiums plus interest go back to the owner of the policy. After two years the full death benefit is paid.
If you have any questions about what might be appropriate for either you or a parent, please give me a call and I'd be happy to go through it with you. There are many carriers that do both kinds of coverage and our aim would be to find the least expensive for you that made sense in your situation.
I'm Lenny Robbins at LifeNet Insurance Solutions. Please give me a call if you like at (800) 698-7033. Thanks very much for listening and watching. Goodbye.