Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Term Life Insurance for Senior Citizens
Senior citizens are welcome to apply for term life insurance, and it can be a valuable asset, particularly in one's later years. It is wise to know the details before applying, as there can be a few pitfalls in the planning and it's important that you get it right.
You have four term life insurance options available to you:
- Term insurance that allows you to register for coverage without undergoing a medical examination. However, you should expect high premium rates.
- Level term insurance, as the name suggests, means premium prices are static for the entire policy term. The thing to watch for here is the fact that rates can dramatically increase when applying to renew the plan.
- Convertible term insurance which allows you to convert your plan into a permanent policy at any time. There is no need of any medical examination, but the premiums rates might increase.
- Decreasing term insurance which pays you a death benefit that lessens over a period of time, but the payments are generally the same.
As you can see that each of these term life insurance for senior citizens has its own pros and cons, it is now up to you to pick the one which you feel is the best for you. You will have to ask questions to be confident about the implications and to verify whether the policy will fulfill your requirements or not.
You need to keep notes on paper prior to speaking with someone regarding these different options. Discuss the details like that why you need coverage and what you expect to gain in the event of a claim. Seek a good foundation of knowledge about the policy and completely understand it in order to make a reasonable choice.
Be sure to enquire about the renewal requirements, you might have gotten a term or level term policy without a physical; nevertheless it may be required when the policy expires and efforts are made to renew it. Many companies also permit for only one life term policy to be allocated per senior, irrespective of who is the policy holder.
Make sure you ask the agent about the requirements when your policy is due for renewal. Several providers will only permit one plan per senior, so it's good to keep abreast of the requirements.
A couple of considerations comprise of intentions for various types of insurance plan. Term insurance, for instance, is generally reckoned as a good plan to make sure that burial expenses are entirely covered. Rising prices may cause a whole life policy to no longer be adequate for an enduring partner to live on and pay the funeral costs, and thus it becomes a serious consideration in assessing plans.
It is recommended to speak about this issue with family members or anyone who will be liable for handling the proceeds of the insurance plan when that time arrives.