You have been working over 40 years in your job and you have now finally retired. The upcoming golden years are for you to spend time with your grandchildren, travel, and do the things you want to do. In your teenage, the last thing that you probably wanted to do was to buy life insurance. Getting life insurance in your senior years can be little tricky as you are not the man you used to be in your 20s; you might have some high-risk conditions, cholesterol, diabetes, or may be affected by some kind of a disease. All these factors come into play, including your age, as far as how much life insurance is going to cost. One thing the customers don’t realize is that all life insurance companies look at you just a little bit differently on the basis of your job, medical background, how much insurance coverage you seek, and how long you need it for. Such factors determine how much life insurance is going to cost when you purchase it.
Benefits of life insurance
Purchasing life insurance can fulfill many of your needs, especially for seniors. The very first purpose is to help out your spouse or your kids in survival, paying rent, mortgage, and other daily expenses. It can be used for your final expenses such as funeral and burial costs. The fund can be used to pay off the educational expenditure of your children. You can even donate the fund to your desired charity. One major reason for seniors preferring life insurance is to settle property taxes. This tax is levied during the transfer of property on death, and in some cases, the tax value can exceed half of the entire property value. At this time, having a life insurance policy on hand will be of great help to pay off your burden when you don’t receive a penny in hand as an income and help the loved ones to get a larger percentage of the property.
How to choose the right insurance policy for you
How to choose the right insurance policy will be the biggest question when you plan to purchase life insurance. Therefore, it is important to analyze the duration and the amount of coverage needed before deciding on a specific insurance plan. There are basically two types of insurance: the term life insurance and permanent life insurance. Regardless of both coverages being selected, it is mandatory for seniors to answer a few health-related questions put over to them on the application for a life insurance policy. Certain insurance companies may require producing medical exam papers to determine whether there are adverse health issues that will deem you from applying.
Many seniors prefer the final expense of life insurance, which provides quick benefit payments so that the beneficiaries can get the insured money to pay the final expenses including funeral services and burial or cremation. Final expense policies provide a face amount from $1,000 to $50,000, which is tax-free in most of the companies. The major advantage of this policy is that you can purchase one of these regardless of your health conditions because they do not require a medical exam. Here are some of the handpicked insurance companies that would provide great life insurance for seniors.
North American Company for Life and Health Insurance
The North American Company for Life and Health Insurance provides a death benefit amount as low as $25,000, which is rare in the low-level criteria and to seniors over age 85. The fund received from their death benefit rider can also be used to treat illnesses that are not necessarily lethal. Additionally, it is important to know that the North American company does not require a medical exam to qualify for the application.
Assurity life insurance company
Assurity life insurance company is a mutual insurance company, which means that it is owned by its policyholders. It provides coverage for disabilities and issues insurance products for individuals, businesses, and annuities. When you purchase a life insurance from Assurity, it provides coverage from day one of your enrollment. You can save up to $50,000 before you could turn 65, but if you are to apply after your 60s, you can only earn the max of $25,000. They require you to answer few questions related to health before the policy undertaking.
Banner life insurance
For seniors who are stricken with a severe illness and seek for cheap life insurance, Banner will be the savior of your life. Banner has been producing standard table rate classes for the past few years, making it convenient for the middle class and poor for acquiring the most competitive life insurance rates. Banner offers both term and universal life insurance. The banner continues to be the forerunner in terms of underwriting and pricing for those who are unhealthy.
Lincoln Financial Life Insurance
Lincoln financial life insurance is also known as The Lincoln National Life Insurance Company. It excels at being the most affordable life insurance company. Seniors of 70 years and above are given more liberal underwriting requirements in the matter of a health exam for life insurance. Clients who are drug addicts or test positive for nicotine usage can still receive the standard rate class. Moreover, the client has to admit tobacco usage on the application. The client can qualify for the best rates if the nicotine test proves to be negative.