Everyone should have a life insurance despite their age. If you’re no longer young, that doesn’t mean that you cannot purchase a life insurance for seniors because you’ll be pleased to hear that in most of these cases, the insurance premiums are very attractive.
Many plans offer nowadays reasonable rates for their life insurance policies for seniors.
Until recently the insurance companies were avoiding the elderly but now everything has changed. Life insurance companies everywhere are required by the state to prove guaranteed coverage for people over the age 63.
Usually the term is very short for these policies and the limited death benefit is only paid for the first couple of years. After you die, your beneficiaries will receive the full price for insurance but that’s only after the first two years.
Before this period, the policies pay the total of your monthly payments along with the interest. On the financial market, this type of life insurance is also known as the “deferred life”.
In case of accidental death (for example: car accident) the beneficiaries receive the full amount once the first payment is made. This is the only exception with deferred life and it’s very appreciated among the seniors.
Starting from only $15 per month, a senior can buy a life insurance even if the death benefit is quite low. The coverage for typical deferred life insurance policies can go from $5,000 to $100,000.
But for most seniors $5,000 beats nothing. For guaranteed life insurance, physical medical exam is not necessary and that makes this type of senior life insurance policy very popular.
On the Internet you can find many affordable senior life insurances. It’s recommended that you visit as many websites as possible and make a choice only after you compare their plans and prices.
Unfortunately, seniors over the age of 85 are not allowed to sign up for any inexpensive life insurance including the deferred term life insurance. Let’s hope that rules will change considering the fact that nowadays people live longer than 10 years ago.
Life insurance for seniors is a viable option for everyone offering great prices and plans. Do a little research and buy the plan that’s perfect for your needs and budget.