Best Life Insurance For Seniors Over 60
Like shopping for any sort of insurance, looking for life insurance is just as important. To be able to find an ideal policy which offers affordable prices, it is necessary to compare the various quotes that providers offer. Care must be exercised to ensure that the senior receives the insurance policy that best suits his or her needs.
The best life insurance for seniors over 60 will consider a lot more than the age of the individual. The overall need, which includes health and lifestyle, will be the focus of the most desired life insurance for the elderly. Credit score, driving record as well as heredity also impact the decision of the life insurance company. Any company that is desirous of offering the best life insurance for seniors over 60 should gather relevant information in order to make the package attractive.
Seniors will be presented with several companies that offer competitive life insurance rates and attractive features. No single life insurance policy will suit all seniors. With appropriate consultation, the senior should look for the company that gives them the best offer according to his or her particular situation. Special features of the best life insurance for seniors over 60 include, and are not limited to:
• Covering insurance expenses for burial and funeral as an option
• Ideal for clients likely to be sub-standard risk
• Offer of universal as well as term life insurance
• Offer of life insurance that does not require medical exam or questions
• Medical exam can be done within 6 months following the sign-up date, with the option of changing to traditional policy if the senior passes the medical exam
• Clients can be covered in less than 72 hours
• A third of the coverage is for term insurance and accidental death is covered by the remaining portion
• Seniors get insurance coverage even with complicated health or medical history
• Cheaper because of the limits placed on borrowing during lifetime
The best life insurance for seniors over 60 must have certain criteria. These include the following options:
• Coverage up to 120 years at competitive prices to assure death benefit
• Available nationwide to a minimum of 40 states, universal life insurance guaranteed and has no special requirements for eligibility
• Financially stable – able to pay when a claim is submitted
• Appropriate and/or affordable death benefit
• Access to a portion or percentage of the death benefit if the terminal illness is diagnosed. This can be used to aid in medical expenses and giving the insured some amount of comfort during the period of illness. While all or most insurance companies offer this option, the amount that the insured is allowed to access varies by each company.
When applying for life insurance, taking a medical exam and answering questions regarding medical history, is generally an easy decision for persons who are in relatively good health. This is because it is likely that not only will premiums be lowered, it is almost a guarantee that the application will be accepted. However, there are many seniors who do not look forward to the hassle that usually comes with completing a medical exam. In addition, coverage could be denied if the prospective applicant experienced a medical setback recently. As such, there is life insurance policy which offers coverage with no medical exam. It should be noted though, that the premiums will be higher to compensate the company for accepting the word of the senior that he or she is expected to live and pay for a while.
Persons shopping for the best life insurance for seniors over 60 must be on the lookout for policies that increase rates every 4-5 years. This could make living miserable after savings have been eaten away, forcing cancellation of the policy and leaving absolutely no benefits. It is important to carefully read every single word on the policy, especially from the fine print and request consultation, to ascertain the eventual cost of the policy over the entire projected lifetime and not merely the initial few years.