Tips on Qualifying for Cheap Term Life Insurance for Seniors

When you are passed 50 not just anything that flashes passed your eyes are worth going for. You have to choose between what you want and what you need. One thing that you definitely need is a life insurance policy, but at the same time, an expensive policy becomes a want for many – unless you can comfortably afford one. In fact, life insurance for seniors is generally expensive, term life cover offers some reprieve to many people since it has affordable polices. However, you need to know how to beat the criteria for risk assessment to qualify for a cheap policy, and this post offers you some important tips on the same.

General Advice

Generally for any policy of term life insurance for seniors, if your death chances are high, then so is the premium rate. As such, you will notice that many insurance companies usually place very strict conditions for you to meet before qualifying for a policy. Policy applicants are usually categorized into about six health clusters and these clusters are rated because of your health amongst other criteria. Therefore, if you want to be eligible for a cheap term life policy cover, then consider the following tips:

Avoid Smoking

If you are a smoker, then you cannot benefit from cheap term life policies. At the top end of this criterion for categorizing applicants, there is the Preferred Non-tobacco group which qualifies for cheap term life insurance for seniors. On the lower end is the Standard Tobacco User group of applicants and these usually get very expensive premium rates on their policies. In fact, if you are a non-smoker, you can get a term life policy that is twice as cheap as that of a smoker. The scale varies with the number of years since you quit the smoke. For instance, a person who quit five years ago will pay cheaper premium rates than one who quit two years ago.

Keep off Other Drug Substances as Well

Alcohol is probably the most common drug took by seniors. The drug increases your premium rates. Moreover, avoid the abuse of other drug substances that might endanger your health.

Watch Your Weight and Cholesterol Amount

Many seniors usually struggle with the problem of high cholesterol amounts and being overweight. If you want to qualify for a cheap policy of term life insurance for seniors, then you should keep your cholesterol at levels of below 210. Your weight should also be kept normal – despite “normal” here is a relative measure and it varies from one underwriter to another.

Avoid Risky Hobbies

Each insurance company will have a list of what it considers to be risky hobbies. This might be general or detailed. For instance, if your hobby is traveling, the underwriter might specify which countries it considers risky to travel to due to various reasons like political instability, high crime rate, among others.

Life insurance for seniors is a complicated issue and you have to watch out for the fine print if you need a comprehensive cover with maximum benefits. Many insurance companies that offer term life insurance for seniors are now tightening the knot for these policies, and this therefore calls for caution when shopping for one.

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