Life Insurance for Seniors and the elderly
Life Insurance for Seniors and the elderly
What is considered senior life insurance. Well, in our many years of experience we have seen senior life insurance request come from individuals in age ranging from late 40′s to over a 100! Actually, most quotes are requested by the children of the seniors. Particularly, seniors over 70.
How easy is it to get life insurance once you are a senior? The truth is, it is a bit more difficult than getting life insurance for a 20 year old but the bottom line is the same whether you are in your 20s or 80′s. Are you healthy enough to qualify? And if you qualify, what plan can you get? For most people over 65, whole life tends to be the plan of choice. Particularly if they want to keep the process fast and simple. No exam whole life insurance is by far the easiest to apply and qualify for. Some companies will even just take a paper application, do a quick phone interview and that is it. You can get a final answer in as fast as 2 days! One limitation to these plans is the amount you can qualify for. The most we have seen with one company is ,000. The rates tend to be on the high side too. Which makes sense, since the insurance company is accepting more risks.
If you need life insurance in the 0′s of thousands, can you get it? Of course! Just be prepared for a longer wait (4 week average), more health and other questions, more background check and, of course, an exam by a nurse. The exam can include a blood profile, urine analysis, EKG…and sometimes even an MD exam. All that at the expense of the insurance company (that is one way to get a thorough exam for free – not so honest though!). The advantage of this plan for seniors is the potential for much better rates and higher available amounts – as high as ,000,000 in life insurance. Although most will not need that. Unless you are the owner of a large corporation. The average elderly life insurance we see is around…are you ready…a big…,000! That is it. Actually, at ,000, if you are in good health, a senior can get up to ,000 in no exam term life insurance is as fast as 3 days (max age 75).
Overall, if you are considered part of the older group, getting life insurance is not so complicated if you have the help you need. As we have always advised, ask a lot of questions, request brochure, policy samples and once you receive your policy, review it to make sure it is what you wanted. BEWARE, some clients have called us all upset because their parents were sold accident only life insurance instead of regular life insurance. Want to know about accident only life insurance. I guess you will have to read another one of our articles. Be well!
Philippe Deray – About the Author:
Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com
One of our focus is life insuranec for seniors.
With many years of experience in the insurance business, we have developed proprietary methods to help individuals with not so perfect health history , get affordable insurance. We offer term insurance, whole life and universl life insurance. We will make this process as simple as possible and get you an answer as fast as possible.
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