Older people older than 65 years will have difficulty getting highly affordable life insurance. Their options are limited at most agencies won’t offer them high-value plans. Most of the options they have left are policies that won’t need a medical examination.
There are 3 over 60 life insurance policies which senior citizens can purchase:
1. Simplified Issue
Simplified issue works like a term life insurance plan: it offers temporary coverage for a predetermined period of time. Even so, unlike term life insurance, simplified issue does not need a medical examination. The whole underwriting process consists of a simple medical questionnaire.
The medical questionnaire that you will have to complete contains medical questions and you will have to answer “no” to all of them. By answering “no” you say that you do not suffer from terminal diseases or some other medical conditions. Smoking cigarettes does not disqualify you from acquiring a policy!
Simplified issue provides life coverage of over $100,000 and sometimes even $200,000. Since it does not require a medical examination, premiums are much more costly, but it offers a simplified underwriting process and it is usually issued in less than a day!
2. Final Expense
Finale expense life insurance is a plan meant to cover last expenses just like funeral expenses. This policy doesn’t require a medical examination and it has an age limit of 90 years. In order to be eligible for a plan, you will have to answer four simple questions.
The benefit offered is graded and it typically does not exceed $50,000. A graded benefit means that the company will not make a payout once you perish in the first two years after signing the insurance policy. It will only return the total amount paid in premiums.
3. Guaranteed Issue
Guaranteed issue is a plan that is available through employers and in some cases it can be bought directly from an agency. This policy will provide a small benefit at high premiums, but it will not ask any medical questions. The benefit is also graded. Guaranteed issue is the last resort people with a terminal disease have of getting life coverage!
In conclusion, there are three ways seniors over 65 years old can get life coverage! To get more information about life insurance and to compare quotes, click here!