Our lives are supposed to be dewdrops on the edge of the leaves. Well, the dewdrops never know when the sun might come, or when it would fall down from the leaf. We are all the same. There is no way to assure that we will be living until we are a certain age. Actually, we never know if we would die while reading this article. It is temporary, unpredictable, and most importantly it is unstoppable and unavoidable. The only thing you and I can do is to be prepared – be prepared for absolutely everything and anything that might come in the way. So, in this article, we bring you everything that is there to know about life insurance for seniors over 70.
Prior to discussing life insurance for seniors over 70
Many people believe that these are not as important as they sound, and therefore are more tended towards not bothering about any such thing.
But answer this one small question;
“What are you planning to do to help your family when you are gone?”
Well, you probably will not be able to live forever, so we need some other methods in order to assure that they will lead a happy life, even when you are in heaven.
So, here comes the next question. Who do you think will support them? Do you think that whatever the amount of money that you have in hand could be kept safe with your family? Or one step further, do you think that they will save it until you are really gone? Or else, do you think that your relatives will keep them safe and hand it over to your loved ones when the time comes?
Well, we know the answer to all these questions. Also, we know that all those answers are concluded with a pretty big NO.
This is the one reason that you need to get protection coverage – even at the age of 70. You get the chance to purchase a plan and also to decide on what type of coverage you are going to get. If you were in the notion that these are for the betterment of yourself – maybe because of the name or something – well, it is entirely wrong. There is nothing selfish about getting a life insurance. It is actually a service.
With one of these, you get the chance to free your loved ones from an important yet unavoidable burden as well as leave them a share of everything that you had to be utilized once when you are gone.
What is a life insurance for seniors over 70?
A life insurance is a coverage that you can get at any time of your life. They are offered with man benefits and features that are designed to make your life (as an elder) as well as the lives of your family members more standardized and at ease.
These are specially designed for those who are precisely seventy years of age or so.
Well, many people believe that the policies that they had from the younger days are enough to cover the requirements that they have as elders. But when we are actually over 70, we understand that the life is full of unexpected circumstantial events and therefore we really have to be ready to face absolutely everything and anything with regard to living a peaceful life.
Therefore, getting a coverage at any age is important, but you should keep in mind that getting one when you are a grown-up with grandkids is even more critical.
Why would you need one?
It is an important question that is running within the society. Why would a senior person need a life insurance?
Well, there are more than many reasons that could be provided as an answer to this question. Among them, the following stands in the top:
– Receiving medical support as well as money in the cases of emergency.
– Making sure that the surviving family members get the sources to hold your funeral.
– Receive a source of income – this is important if your spouse or kids used to live with the help of your pension value or your income.
– Or you can simply donate everything to charity and add your name up in the good deeds book.
There are many other reasons that could be mentioned here as per the reasons to obtain an insurance plan. But anyhow, they all talk about the same thing.
You get the chance to spend your old days with ease.
Nothing to be stressed about, and no worries at all!
You get the opportunity to fully embrace the reality of life and spend some time for yourself. You also get to have the comfort of all the burdens being shifted away, because when purchasing a policy, you are unknowingly completing almost all of your responsibilities as a senior person of the household.
What are the benefits that you receive by getting one?
Having a family is all fun and games until you grow old, and the responsibilities all start to pile up on your shoulders.
The age is never a matter for financial constraints that the families face, and this is a common problem that those who are above the age of 60 or 65 faces. That does not leave you away.
Financial requirements that needed to be cared for before you pass away is a significant issue among this community. The best and the most efficient way to complete them and avoid the responsibility being passed away to your loved ones is by receiving an insurance:
– Pay away personal debts
– Complete outstanding mortgages and other payments
– Provide the cost of living for the spouse
– Provide a legacy for your children or grandchildren
What are the types offered by the companies?
Were you wondering whether they came with a fixed name, value, and set of benefits that you can receive? You are very wrong!
Most of the companies offer various types that are elaborately build to suit your requirements.
But the only problem is that the types offered would change with the age and health conditions of the applicant. Well, anyways, anyone would be surprised if your requirement is not completed after you go through the types that are listed below.
– Term life insurance
These are temporary coverage that lasts for a limited period of time, usually ten, twenty, or thirty years. You will be able to receive any of the three before-mentioned plans, depending on the company. The values of the premiums never change, but the final costs are a little low.
But keep in mind that the terms that you can apply could be most probably limited to about 10 – 15 years. Well, once again, this is entirely the decision of the company, and we do not have a say for it!
– Guaranteed universal life insurance
This is just like the whole life coverage (which shall be discussed below) the values of the death benefits and other things are similar. The only difference is that the cost of the annual premiums is more affordable than the whole life ones.
Only a few companies offer this to seniors who are aged above 65.
– Whole life coverage
Just as the name implies, these ones cover your entire lifetime. They allow you to have the same premium value every year and also provide you with better final values. But however, you should note that the values are a little higher than the usual ones. Hence, you will have to consider your financial status before signing up.
The same age restriction is applied by many companies as per the one in the above. So, it is important that you pick the best company to get started with.
– Universal life protection
This is a policy that lasts for your entire life with a cash value that is accumulated with it. You can use this money in cases of medical emergencies and other significant circumstances.
– Final expense coverage
This allows you to support your family to cover the funeral cost and the related ones. The values are paid to a pre-mentioned beneficiary. Some of the companies offer cash values that are reduced from the final amount paid.
What are the best companies that offer these plans?
Here let me bring you the companies that provide you with the best quotes with regard to life policies once you have passed the age of 70 (or, should I say 69?)
If you were wondering about the price – well, I am despondent to say that it depends on you. The value is entirely dependant upon the choices you make and the types you select and the benefits you wish to receive.
However, it is important to note that there are so many companies at the moment, you will definitely be able to find one that will provide the exact same policy that you have been dreaming of – for the price you have at hand…
1. Policy genius
Offers until you are 85 years in age. Their policies start at 10,000 USD and go up. They have the cheapest, and also the easiest – because they offer online applications and other developed strategies to make your process a bit more efficient.
2. Leap life
This is offered until the age of 75, so you have to hurry if you are planning to get a quote from them. Their coverage ranges are a bit too high and start from 100,000 USD.
This company takes applications until you are eighty years of age. Their plans start from 50,000 dollars and gradually increase up to 25,000,000 dollars.
4. JRC life insurance
If you are planning to get one without any medical examinations, this is the one that you should definitely go to, because they have no medical requirements. The maximum age is 80, and their plans start from 25,000 USD.
5. Simplified life
They offer you the chance to apply until you are 80 years of age, and the plans start from as low as 25,000 dollars.
6. Navy mutual
This one is another company that does not ask you to take the hassle of medical examinations. They offer coverage until you are 85 and also have the lowest values, which start from 10,000 USD.
7. Ethos term life insurance
They offer term plans rather than any other type. They have policies until you are 75 years of age. Most importantly, most of their plans do not require medical exams. Therefore, it is better if you could actually check with the company and the required documents before applying to any policy. Anyways, their coverage starts from $ 25,000 and increases.
Everything you need to know about life insurance for seniors over 70 – in a wrap!
In this article, we brought you literally everything that is there to know about life insurance for seniors over 70. Well, we talked about the policies, the types, and even about the companies that offer the best quotes, right? It is important for you to understand that getting a life policy is not simply for your sake, but it is an investment for life. When you get one, you definitely are making plans in order to make the lives of your loved ones better when the times are dark, and you are gone.
Anyhow, make sure that you consider the best policies along with the best prices. You do not have to have the costliest policy – because there are much better and much cheaper versions of them all. So, do not be fooled by the price tag.
If you are someone who is not yet 70 and was researching to get one once you cover your age, well, please do not wait. There are more options when you are younger, and even the prices are low, and you get to have more benefits. So, do not wait until you are late. Get yourself a life protection today!
You May Like: Senior Care Life Insurance: is it good or bad?