Life insurance is available for elderly persons up to age 85.
Elderly persons should not purchase term life insurance. Whole life in an amount suitable to pay for burial and funeral expenses is very affordable. A $10,000.00 policy can be purchased for under $100.00 per month and with a first day, full benefit. What this means is, if you pass away tomorrow after purchasing a senior life insurance policy, the full $10,000.00 will be paid to your beneficiary.
If you have significant health problems, such as a history of heart disease or kidney problems, you may not be eligible for a first day, full benefit policy. In this case, you will be offered a graded or modified death benefit policy. These types of special insurance policies do not pay the full death benefit for 2 to 3 years after the policy has been purchased. During the 2 or 3 year period, depending on the company your purchase your policy from, only a portion of the face value of the policy will be paid. In some cases, all premiums paid into the policy plus interest will be paid to the beneficiary.
Whole life coverage for seniors is best. The monthly premium is guaranteed to never increase, regardless of health or age. The face value is guaranteed to never decrease. The cash values are also guaranteed.
If you are elderly, you can compare life insurance quotes online with special websites that allow you to see the prices that different insurance companies charge for final expense insurance . These types of websites are available for your convenience.
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2 comments:
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Thanks for the tips ….
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