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Life Insurance Policy for Seniors

January 25, 2013

How Old Is Too Old to Purchase Life Insurance Policy?

life insurance Policy

No one wants to admit they are getting old and nothing will bring home the point “you are getting old” faster than looking into purchasing a life insurance policy at a more…ahem…mature age.

Typically, there is a correlation between age and premium rates; the older you are, the higher your life insurance rates will be. However, don’t give up the search just yet; you might be surprised at the options available. Whether or not you can get life insurance at an older age depends on your insurability and your insurability depends a good deal on your health.

Term life insurance Policy often gets a bad rap, but it can be a vehicle for securing you and your family’s future. Even if you are in your 70s, term life insurance policies are available. Term life is fairly easy to get. It can be fast as well, since this form of insurance sometimes does not require a medical exam or an insurability review.

Examples of estimated coverage and premium amounts for a rate class of “preferred best”:

– For a Male age 70, $50,000 10 yr. term policy is roughly $60 monthly

– For a Male age 75, $50,000 10 yr. term policy is roughly $90 monthly

For those who are 81 years of age or older, there could be a policy for you as well. Life insurance Policy becomes very expensive after age 80, but there is another option, final expense life insurance.

Final expense insurance is basically whole life with a maximum face value. However, with this form remember that as you age, the face value of the policy you can purchase will decrease.

As a general rule, underwriters are less strict with final expense policies than they are for term life insurance policies.

You might be asking yourself, “Why should I even get life insurance at this point in my life?” Think about your life, your lifestyle and your loved ones. What if you die, what would happen to your spouse? Or your children, or even your grandchildren? Term life insurance can help you alleviate those worries.

The money that your beneficiaries would gain could be used for living expenses, education for grandchildren, even your funeral and burial expenses (by the way have you looked at the average cost of a funeral lately?) Not only will this benefit your loved ones, it offers peace of mind to you as you enter the golden years. Imagine helping your loved ones even after you are gone. That alone can be a powerful reason to look into life insurance.

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