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?
Life Insurance for Seniors
It is often the case that senior citizens have trouble finding a life insurance policy that meets their requirements. Additionally the competitive nature of business does not help and many insurance agencies are starting to offer limited number of policies to seniors and retire to draw them in. Senior life insurance policies are limited in the options and benefits they offer, but then, they have been designed to cover someone who has decided to look for insurance late in life.
Senior life coverage policies are term life policies that are in effect for a specified amount of time for a specific price and they can be renewed at the end of the term as long as there are no changes in the policy holder’s health. Insurance policies can be for any range of coverage they want – from the bare minimum to cover funeral and burial expenses to a policy up to $100,000 that leaves money to the heirs. Unfortunately, senior life policies also tend to be very expensive when it comes to paying the premium and the higher the coverage desired, the more prohibitive this type of policy becomes.
These policies usually do not require a physical although the long application is still in force and the applicant will still have to answer questions regarding their lifestyle and health. This information is used by underwriters to determine the appropriate premiums that will be charged each month for the coverage. Funeral insurance policies can be bought regardless of the applicant’s age. It provides them an opportunity to leave behind sufficient amount of money for funeral than asking family members to pay out of their own pockets.
You should check all the options carefully. By using a reliable and reputable agency, you will be assured that the policy is not bogus. Some agents will actually sit down and explain every word in the policy to their customers so there is no mistake or misunderstands. Yes, some companies are unscrupulous and if you use a reputable agency, these rogues will eventually fold.
Educate yourself about senior life coverage options in order to find the best available plan. You should read each plan separately to clarify all the doubts. Remember to use the Internet as a tool only. It is very easy for predators to lay in wait to pounce on you and convince you to buy a policy that you really don’t want or understand.
You can gather all the information by visiting top insurance websites. They will probably have plenty of information on the policies as well as suggestions of life insurance agents that you can use and trust to take out your policy with. Plus, rely on the information given to you by your family. Always keep them in the loop no matter how hard it is to talk about.
Senior life coverage is a great way to pick up some extra money towards your funeral expenses. Always use a reliable source to gain information about the many options you have and purchase the policy from a reputable agent.