Mandy

Amarillo Texas

Insurance companies understand that some people have very little permanent plans to none at all. Berating yourself over the absence of a substantial coverage will not help at all. The right decision is to find an insurer that can provide you with some form of coverage. There is this type of elderly life insurance that is specifically designed to cover final expenses.

The face value is between $2,500 to $25,000, which is not much to leave your children but more than enough to cover for final expenses. If you simply don’t want to be a burden on your final rest, this kind of policy is more than enough. This does not even require a medical exam because of how low is the face amount. So long as your health problem is just hypertension and not something terminal, you will like get an approval. You can even pay for this monthly, using only a small fraction of your pension.

There is also another type of elderly life insurance wherein you could get a higher face amount so that aside from covering the final expenses, there will still be some left as money for your children or grandchildren. This kind of coverage for elderly life insurance is guaranteed. Anyone can apply for this, young and old, sick and healthy. The difference is, there is a contestable period or a qualification period. Meaning, the full coverage will not take effect while the insured has not survived that give time period. This is usually between two to three years. If you are still around after that, the, you get full coverage of your policy.

If you want, get a simple elderly life insurance while waiting for the guaranteed policy to be approved. This way, you get a lot of coverage and become less worried about the future.

Peter

Amarillo TX

Peter,

Even if your age is 65, you can still avail a senior term life insurance. However, there are processes that you have to go through first to confirm your insurability such as medical exams and filling up of questionnaires. These processes are needed in order to determine the amount of premiums for your term life insurance. All you have to do is submit certain requirements and the life insurance company will decide whether you’re qualified on any policy for a senior term life insurance.

Certain policies of many life insurance companies vary from one another. Some life insurance companies would approve your application for a 20-year senior term life insurance if you are healthy. However, if you have a family history of diseases like cancer or diabetes, that same term may be reduced to only 10 years. This is primarily because seniors over the age of 50, people are more prone to illnesses that could possibly increase insurance risks. But, this fact does not imply that you will no longer be able to get a senior term life insurance. However, a person’s age is a factor in assessing the amount of premium that you’ll be paying. And if you want more guidance regarding a suitable senior term life insurance for you, try inquiring with your local agent in Dallas. Good luck Peter!