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Senior Life Insurance Policy – 3 Things You Need To Know

by Admin on January 9, 2012


ack a few years ago while working as life insurance agent I would often times talk to seniors about their life insurance needs and in most cases they believed that because of their medical condition combined with their age that they wouldn’t have any chance at all of getting a policy. In fact, most times I informed them that they could get a policy as long as they set it up the right way. So in this article I’m going to share three things seniors can do to get a life insurance policy.

The Type Of Policy

The first thing a senior needs to consider is the type of policy they want to get, and today their are so many different types to choose from. You have term, whole life, universal life, and variable life. However the best type for seniors to get is the no medical exam term life insurance. These policies carry little in the way of fees unlike other policies such as whole life. In fact with other policies you’ll have to deal with extra fees such as surrender charges, cash value fees, and if you want a variable policy you’ll also have to deal with investment fees.

On top of that these policies don’ t require any exams such as blood test, saliva samples, and physicals. This make the work seniors will have to go though much easier to get a policy.

The Coverage

Now that we know that term life insurance for the elderly is the best way to go we need to consider the amount of coverage to get. To start did you know that as you get older the amount of coverage you will be able to obtain will decrease. In fact if you want to get a policy you’ll want to stick with $100,000 in coverage or less. However if you don’t carry any debts, unpaid bills, or financial obligations you may want to go with a policy that has only $25,000 in coverage and you could really cut cost down as a result.

The Term

Finally, the last thing you should do is consider the length of the term. A term life policy will last anywhere from 10 years to 30 years. However did you know that if you got a $100,000 ten year term life policy it could cost up to half as much as a 30 year term policy, even though you have the same amount of coverage. The reason for this is because with a shorter period of coverage the risk is far less, hence cutting the cost of what you’ll pay.

In the end the life insurance elderly people need should conform to the rules I’ve laid out above to have the best result of being accepted. To learn more contact your local insurance agent and have them run few quote given the tips I’ve showed you as see how much you could save.

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