Senior Life Insurance for Over 70 years old
The age matters when you are
applying for a life insurance especially in terms of the premium. The older
people have to pay more than younger. If you buy a life insurance at less than
30, then the premium would be very less, possibly you can arrange a premium for
less than $100. So the amount is very affordable. Although with whole life
insurance the premium would be slightly higher than this. But the matter is
premium would not be increased till your death. The permanent life insurance
starts once and closes once the client dies. Within this period the premium
rate never changes. The term life insurance is based on a certain period. Once
the specific term is ended, you have to renew it. So, the premium cost will be
changed as well. At over 70, you probably go for permanent insurance. The
reason is if you buy a 30 year term insurance and you don’t die within this
period then your age will be over 100. Usually the insurance providers are not
interested to provide a package who is over 90s. So, you will definitely be in
a dilemma. Please note that if you die after a term life insurance period gets
over, then the insurer won’t pay you anything.
This is very important to show a sound health to get a reduced premium. But when you are over 70, some minor health complication is so common that you can’t avoid it. This is why many insurers offer guaranteed acceptance no medical test life insurance for the seniors and you should grab it. If you go for health test and found some diseases, then the premium rate would be extremely high. The bad habit also impacts on the premium rate. If you are having bad habits such as smoking or drinking, then it is more likely the premium would be on the higher side. So the suggestion is to quit such bad habits first and then apply for senior life insurance. Some insurers don’t care about minor health issues, they only take care when you had any major surgery in the recent past or got any chronic disease. So you should maintain a good health in order to get a cheaper premium. The process has to start very early in life. The insurer trusts those who obtain a good health and will live longer. Thus they emphasize on the health status of the client.
3 Best Ways to Save on Life Insurance:
1. Buy as early as possible: You can enjoy a lot of benefits if life insurance is purchased as soon as it’s needed. When you are at a young age, the premiums will be less and you could lock in the policy at a good rate to take advantage of life insurance savings if you develop medical/health problems later on.
2. Buy only the coverage that you need: A life insurance policy can provide lots of cash that you could invest and used as an income replacement. However, you don’t want to buy too much coverage at first as you will probably need a lot less when you get older. It could be a case where you have less expenses in the future after paying off the mortgage and sending your children to college. One of the ways to ensure that you have affordable life insurance is to buy a term life policy that you can scale back whenever you want. If the rates are overly high now for the coverage that you need, then buy what you are able to afford.
3. Shop around: Just as when you are buying other products, it is important for you to shop around not just to find inexpensive policies, but to enjoy life insurance discounts. You should get quotes from several different insurance companies and then do comparisons to see what you are getting for the money.
According to Secure Senior Life Insurance, the seniors over 70 years will need to apply for quotes from at least 3 different sources in order to compare them and get an affordable coverage.
It would also help if you talk to an objective and qualified professional agent. This can work to your advantage if you need fast life insurance coverage or have a medical condition. Persons with medical problems or those who are in need of life insurance are required to do a medical exam. Depending on your condition and the state that you are live in, this exam might not stop you from getting a regular policy at a much cheaper rate or a good discount on life insurance.
Source:
http://secureseniorlifeinsurance.com
http://www.iii.org/article/how-save-money-life-insurance
This is very important to show a sound health to get a reduced premium. But when you are over 70, some minor health complication is so common that you can’t avoid it. This is why many insurers offer guaranteed acceptance no medical test life insurance for the seniors and you should grab it. If you go for health test and found some diseases, then the premium rate would be extremely high. The bad habit also impacts on the premium rate. If you are having bad habits such as smoking or drinking, then it is more likely the premium would be on the higher side. So the suggestion is to quit such bad habits first and then apply for senior life insurance. Some insurers don’t care about minor health issues, they only take care when you had any major surgery in the recent past or got any chronic disease. So you should maintain a good health in order to get a cheaper premium. The process has to start very early in life. The insurer trusts those who obtain a good health and will live longer. Thus they emphasize on the health status of the client.
3 Best Ways to Save on Life Insurance:
1. Buy as early as possible: You can enjoy a lot of benefits if life insurance is purchased as soon as it’s needed. When you are at a young age, the premiums will be less and you could lock in the policy at a good rate to take advantage of life insurance savings if you develop medical/health problems later on.
2. Buy only the coverage that you need: A life insurance policy can provide lots of cash that you could invest and used as an income replacement. However, you don’t want to buy too much coverage at first as you will probably need a lot less when you get older. It could be a case where you have less expenses in the future after paying off the mortgage and sending your children to college. One of the ways to ensure that you have affordable life insurance is to buy a term life policy that you can scale back whenever you want. If the rates are overly high now for the coverage that you need, then buy what you are able to afford.
3. Shop around: Just as when you are buying other products, it is important for you to shop around not just to find inexpensive policies, but to enjoy life insurance discounts. You should get quotes from several different insurance companies and then do comparisons to see what you are getting for the money.
According to Secure Senior Life Insurance, the seniors over 70 years will need to apply for quotes from at least 3 different sources in order to compare them and get an affordable coverage.
It would also help if you talk to an objective and qualified professional agent. This can work to your advantage if you need fast life insurance coverage or have a medical condition. Persons with medical problems or those who are in need of life insurance are required to do a medical exam. Depending on your condition and the state that you are live in, this exam might not stop you from getting a regular policy at a much cheaper rate or a good discount on life insurance.
Source:
http://secureseniorlifeinsurance.com
http://www.iii.org/article/how-save-money-life-insurance