Take Advantage of Seniors Life Insurance

Senior citizens are people who have attained an advanced age, and are considered to be beyond the age of 50. Such people are entitled to a variety of benefits, including special senior term life insurance rates, lowered fees on medical care and senior discounts, just to mention a few.

If you are a senior citizen intending to buy a senior’s insurance, you may want to take advantage of various special underwriting rules that are not offered to other policy holders. These companies know that most seniors do not like going through the often-lengthy process involved in health examination. In addition, most of them do not have the patience to wait for so long before obtaining their insurance covers. It is for this reason, that most insurance companies offer specialized products for senior citizens, which make buying a life insurance easier for them.

How do insurance companies do this

Insurance companies use various methods to ease the purchase of insurance for senior citizens. These include:

• Provision of guaranteed whole life insurance: This type of insurance does not need the holder to undergo any health examination. Some of these policies offer a flat rate on death benefit amount – meaning that it does not change – while others offer graded death benefits amounts. A graded benefit amount is one that has earned an amount over the years. This means that once you buy a death benefit amount from the company, it gives you a death benefit equal to your premium payments and interest as determined by the company.

• Issue of single pay insurance: This policy requires one premium payment only. The insurance company accepts the premium payment and in return offers you a death benefit in full amount. Such a policy can either a health exam or not, depending on insurance cover specifications. Note that payment of death benefits is in most cases only guaranteed upon the death of the policyholder.

• Issue of burial/ funeral insurance: This is a small type of insurance policy, which insurance companies offer on a simplified basis or as fully underwritten. Insurance companies issue this kind of policy to cater for burial expenses and funeral costs upon the death of the policy holder.

You will realize that insurances for senior workers are in many ways similar to other life insurance policies offered to the public. Therefore, it is upon you to choose a policy that fits into your budget. You should also keep in mind that if you purchase your premiums at a younger age, you might end up paying higher premiums. Finally, it is important to note that a senior’s insurance policy is a permanent life policy that builds on cash value.

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