Senior Life assurance - Affordable Life assurance For the Elderly With No curative Exam

Insurance - Senior Life assurance - Affordable Life assurance For the Elderly With No curative Exam

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Term life insurance policies are very beloved these days, and of course, they can furnish very principal protection at a low cost for many people. However, the problem with term life is that it expires just when the covered man would find it harder to find protection, after ten or twenty or thirty years, the term period of the policy expires. The ideas behind term, instead of whole life, is that by that time the insured man will have less obligations, and they will have adequate money saved to self insure.

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However, we find many senior citizens and retired people who have not had the good fortune to be free of obligations, and with adequate savings to cover their debts, final expenses, and other obligations. Also, by the time we reach maturity, we may also have advanced more condition problems. As if an advanced age were not enough, condition problems may make us very tough or expensive to insure at all!

However some life companies have advanced senior life, guaranteed life insurance, or final price life insurance programs to meet these needs. These are, basically whole life insurance policies. This means that the policy will stay in force as long as the policy is kept in force. A policy is usually kept in force by paying premiums, or by having the policy "paid up". Yes, many whole life policies can be paid up over a period of years, usually ten to twenty years. In this case, an insured man can relax, knowing they will have life insurance for their whole lives, and not just for a period of years.

These types of senior life insurance or final price policies come in two types that do not wish a healing exam. For a face value that usually ranges from ,500 to ,000, many senior life companies will offer uncomplicated issue and guaranteed issue policies. Because the face value is lower, and so the risk to insurance companies is lower, you can find some more relaxed requirements to gain affordable coverage for life insurance. Seniors can leave this money to a beneficiary, usually their spouse or children, to cover burial expenses, rule final debts, and leave some money as an estate.

Simple issue life insurance policies furnish immediate death benefits. They do as condition questions on the applications, but the great majority of seniors can qualify. They usually only declined applicants who have a terminal disease, or are in a nursing home. So smaller condition issues will not forestall an applicant from obtaining coverage. Since the coverage is immediate, as soon as the insured man is notified that their policy has been issued, they will be covered.

Guaranteed issue life insurance policies do not ask any condition questions at all! Instead they underwrite by delaying full coverage for a period of months, from 24 to 36, or 2 to 3 years. If the insured man passes away during this qualification period, they will refund all premiums with a specified interest rate. For an older private with serious condition issues, this is still a no-lose deal.

If you are an older person, or if you are implicated about paying final expenses for your parents, consider a senior life insurance policy. It will be much easier to pay an affordable monthly premiums than to come up with several thousand dollars for a burial and other expenses after the man dies.

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