Life Insurance for Seniors
In the past, many insurance companies shied away from giving life insurance cover to senior citizens, terming them as high-risk clients. The senior citizens are high-risk clients because the insurance companies assume they are likely to die or fall sick in the foreseeable future. To date, some insurance companies decline to offer their life insurance services to senior citizens. Read more here about life insurance.
Currently, there are many life insurance plans that senior citizens can choose from. This are contingent on their health, financial capability, and their age. Some medical conditions may cause the insurance premiums to be high since the insurance firms assume that they are an indication that the customer is likely to die in the foreseeable future. In addition, the more advanced the client is in age the more likely they will be charged higher premiums. Take a look at the information about the senior life insurance.
The high premiums do not deter the senior citizens or their loved ones to seek for life insurance covers for them. The life insurance covers and the benefits vary from one insurance company to another. Therefore, the prospective client should ensure they carry out some research to establish which firms offer the package that is most affordable and valuable to them. Some life insurance covers provide death and funeral expenses at the demise of the insured. In addition, to a lump sum amount paid to the beneficiaries at the demise of the insured, some policies also covered terminal diseases that may affect the health of the policyholder. These benefits encourage many seniors to sign up for life insurance policies.
There are many life insurance policy plans that a prospective client can choose from. Some prospective customers usually prohibit insurance firms from carrying out a medical test on them to determine the status of their health. In this case, the insurance company can exclude medical examination from their policy but will require them to pay a much higher premium than those that agree to the examination. Two policies can cover such clients, this is the guaranteed issue and simplified issue life insurance policies. In the guaranteed issue, the client gets a cover without undergoing a medical examination or being asked any questions pertaining to their health. In the simplified issue, the client does not take medical examinations but agree to answer queries pertaining to their health. Learn more details about life insurance at https://www.huffingtonpost.com/jason-alderman/life-insurance-101_b_1133878.html.
The senior citizens may choose to acquire the permanent or term life policies. The permanent life policy guarantees the policyholder of a lifelong cover. This policy also guarantees that the loved ones of the policyholder will receive benefits when they pass on. The term life policy covers the holder for a specified period. After the specified time the life policy expires. Although the term life policy is cheaper than the permanent policy, it is risky.