As parents and grandparents in their 60s, 70s, and 80s age, younger family members face uncertainty about funeral costs and accompanying expenses. Fortunately, senior citizen life insurance policies can remove these burdens. Here’s how to simplify purchasing life insurance for seniors.
You cannot purchase a policy for someone without their signature, so discuss insurance with loved ones. Sometimes, even elderly senior citizens have never faced the reality of end-of-life costs. This necessary conversation may not be easy, but seniors usually do not want to worry their families with final expenses.
The three main types of policies are:<
Term life insurance is a good consideration if your parent or grandparent needs coverage for a specific time period. Premiums are affordable, with a variety of term lengths. Term life insurance can be good for Baby Boomers who only need short-term coverage.
Universal life insurance offers permanent coverage with level payouts and premiums, but requires full underwriting, including blood and urine tests for risk assessment.
Whole life insurance policies – especially final expense life insurancepolicies for seniors are easy-to-purchase, with simple underwriting and approval . They require no medical exam, but applicants must be able to answer “no” to all medical questions when enrolling.
There is guaranteed issue life insurance for seniors who are ill or have pre-existing conditions. All applicants are accepted with no medical underwriting. These policies are available for seniors ages 7585 in most states.
Funerals in the United States start at $7,500+, while cremation is less expensive. Families sometimes need additional funds for medical bills or other debts. Final expense life insurance program payouts vary, ranging from $2,000$50,000. An experienced senior life insurance agent can explain options, restrictions, and costs.
Getting an online life insurance quote is easy, and may offer tempting rates for Baby Boomers and seniors. However, these quotes cannot confirm whether an applicant is likely to qualify for the policy. Hiring an agent to explain and advocate for you will save time and money.
The most efficient and cost-effective option is to work with an experienced, independent life insurance agent who specializes in policies for senior citizens. Here’s why:
Take the First Steps
First, decide that life insurance is right for your family. Then, talk to your parents or grandparents. Finally, get yourself an independent life insurance agent who knows the senior life insurance market and will work for you.
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