Buying life insurance builds up confidence about your financial standing as your beneficiaries receive a large sum after your death. This amount helps them to pay for your final expenses, cost of memorial services and also for meeting medical bills and repaying unpaid loans. Some people think that it is not possible to get your life insured at the age of 75; but in reality it is not so. It may be difficult, but not impossible, to procure life insurance for seniors over 75. With the continuous rise in the old aged population in the country, there are many Elderly life insurance plans that cover 75+ people.
Getting life insurance for seniors over 75 years
Life insurance for persons over 75 is no doubt costlier; but buying this you can enjoy many benefits. Many senior citizens lead an active life and there is practically nothing that can bar you from buying a whole life or term life insurance if you maintain reasonably good health. Also, in view of the steady rise in the over-aged population, many insurance companies provide different types of life insurance plans for the aged. The problem starts when you have below average health conditions and in such cases the insurance providers sometime apply certain conditions like imposing a waiting period for receiving full benefit. To ascertain the actual status of your health they may also get you medically checked.
Plans you can buy
Plenty of options are available for life insurance for seniors over 75. Like other age segments, people over 75 years can procure term life insurance, or whole life insurance or graded life insurance. Each of these have their pros and cons and while buying one must pay due consideration to all aspects.
- Term life insurance: As the name suggests, it remains valid for the specific term. While you have to less when compared to whole life, it becomes invalid after the expiry of the term and brings you back to square one. In view growing longevity of the people you are most likely to outlive a ten years term life insurance. But, buying insurance at 85 is very difficult and for this reason it is not the best option.
- Whole life insurance: This remains valid throughout your entire life span and ceases to be effective only when you die. Although this is more expensive than term life insurance, it is a prudent choice considering the validity.
- Graded life insurance policy: In case you happen to maintain a low health condition and find yourself uninsurable, you may opt for this option. This is a guaranteed life insurance option that is offered after medical checkup. There is a waiting period of 2 or 3 years that varies with insurer. If you die within this period, your beneficiaries will not be entitled to full death benefit. Once you outlive this period, it is same as whole life policy.
Why 75+ people buy life insurance?
Seniors over 75 buy life insurance for many reasons. There are people who love to keep something for their loved ones and only for this reason; they buy life insurance for seniors over 75. There are others who buy life insurance to make provision for their final expenses and memorial services. Some others buy life insurance to give guarantee to the final institutions that loans will be repaid. People, who are actively in their business and want the business to continue after their death, also buy insurance.
How to buy?
The thumb rule for buying insurance is that you should never buy anything that you do not require. One can take the help of insurance agents for finding the best offers available. Otherwise, one should search internet for finding the insurances companies that provide life insurance for seniors over 75 in the locality and obtain quotation from at least 4 to 5 companies. These quotations should be compared on like-to-like basis for making the best informative decision. You should also consider their reputation, experience, financial standing, transparency and infrastructure. While buying a life insurance one should also go through the terms and conditions of the policy very carefully and should never be defaulter in paying premium.
People now live quite long. Buying life insurance is a great option for people who reached 75 years. Once the policy is in power, you can enjoy renewal.