Most of the Americans are crazy for shopping holiday gifts, but only a few would consider getting life insurance policies although it is an essential element of the overall financial plan. Getting life insurance for senior citizens is a must; to have peace in mind. According to the Administration for community living under U.S. Department of Health and Human Services the number of the aged people is steadily rising with improved life expectancy. There were 44.7 million people who are over 65 years of age in 2013 and Buy 2060 it is expected to reach 98 millions. Most of the senior people do not require term life insurance seniors of millions of dollars worth. However, the seniors also like to buy term life insurance with a view to getting maximum coverage at an affordable cost. There are many insurance providers who offer such insurance to older people maintaining a fairly good health as per their age.
What is term life insurance seniors plan?
As implied by the name of the plan, term life insurance for seniors offers coverage for a fixed time span. After the tenure of the policy it no longer remains valid until and unless it is renewed for another time period. Beneficiaries of term insurance plans get the death benefit in case the senior member passes away during the time period of the policy. It is the best insurance to have death benefit at a low cost. The time period of such policies generally limited to 10 years but people in the fifties may have a term for 20 years. After the lapse of the policy it can be renewed for another term with new terms and conditions based on the health condition of the seniors.
Why term life insurance seniors are required?
Life insurance for a specific term is necessary for the senior citizens for various reasons. The main of these being replacement of income as after retirement the inflow of money suddenly falls. Also, the dependent spouse and the other family members may also suffer from financial crunch after passing away of the senior member. To avoid all such untoward situations and for also meeting the medical expenses, funeral costs and outstanding debts seniors’ term life insurance comes very handy.
Shopping the right plan
Shopping life insurance becomes an easy affair when you know your needs exactly. So, one should fix up the priorities first for obtaining quotes for term life insurance seniors from different insurance providers operating in the state and then compare those for getting the best fit with respect to cost and coverage. For doing these you must spare some time and judge the pros and cons of the various offers keeping in mind the unique challenges the seniors are likely to face. Some may have problem in finding a term policy because of their age and some may also have problem due to their poor health conditions.
It is always better to plan ahead for a senior insurance when you are in your fifties; because then you are likely to have a comparatively better health. Further, you are also likely to have a long term with low premium when looking for term life insurance.
There are many insurance providers who offer term life insurance for the aged over 70 years. So you have to find out such an insurer provider first and then look out for the followings.
- Contract details: You should do an in-depth study of the contractual provisions. There are some insurance providers who put ban on coverage value and maximum age limit. You must also know the medical examination requirements in details. Also, check if there is any premium waiver option in case of unfortunate disability and the increase in premium rates for renewal.
- Policy features: When getting a term insurance you should ensure that the insurance provider does not insist for medical examination in case you wish to transform the same into a permanent policy.
- Financial standing: The insurance provider chosen must have sound financial standing as the first and foremost point of getting insurance is to have the insurance provider with you when you need them most.
Factors that affect term life insurance seniors
Other than your age, your health conditions are the most deterministic conditions for qualifying for term life insurance when you are up in age. Besides, if you smoke and drink heavily on a regular basis or if you have the habit of taking part in any of the dangerous activities such as driving racing cars, doing sky diving, scuba diving etc you will be considered as risky proposition by the insurance providers.