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?
Importance of Term Life Insurance at 75
Majority of the Americans do not realize the importance of life insurance unless they pass the age of fifty (50). The reason behind is that not many of us think about it when we are young and chasing the dreams of our lives. We do not bother to pay attention that death is the ultimate destiny of our lives. After all, every young person feels that he or she is there to live forever.
There are many among us who enroll in term life insurance at 75. Most of the people have some sort of insurance when they were on their job, but in most of the cases it is not always there with us when we leave or change our job.
Unless we are earning a real pocketful there is little chance that we can save enough money to pay for the mortgage when we expire. Term life coverage at 75 is an answer to the unexpected expenses which can cause some serious damage, if timely actions are not taken. Some people take it to save their business interest along with that of their partners.
Is it possible to get affordable insurance at 75?
To get affordable rates, one can fill in the details on this website. Although, at the age of 75 the probability of death is far more but still there are insurance companies that are willing to provide coverage at an affordable rate. One cannot expect to get a policy at the rate at which people of 30 get enrolled in.
Another important point to consider here is that there are fewer needs for people at this age so the amount of coverage they require at this age is also less. A person at the age of 75 does not take insurance to cover for his or her children education so a policy with a few thousand dollars is sufficient enough. All a person needs to take care of at this age is to pay for the funeral and settle the debts.
Less Risk at Higher Age
Since the coverage is less for older people it encourages many insurance companies to provide coverage to this age group. Term life insurance is a favorite choice among younger people considering the smaller face value it offers. It has become a favorite product to sell for major companies too. In some cases, old people sell their insurance policy before they expire to a company that deals in life settlement.
This way, their family and relatives have enough cash to pay for the burial expenses. Another point to consider here is that companies look at the credit report of the applicant and in case of older people they get satisfactory results in majority of the cases. Insurance companies view older people as more responsible and as per an estimate they are better prospects.