What options are there for senior life insurance

What options are there for Senior Life Insurance Policy

Believe it or not, there are options out there for Seniors to get the life insurance they need. We are strong believers in the power of Life Insurance. It’s important to protect yourself and your family.  But the question is, what options are there for a senior life insurance policy?

Your Options

There are many options out there for Life Insurance for you as a senior. You will likely have pre-existing medical conditions that disqualify you from underwriting. Regardless of your issues, medical or financial there are some options out there to make sure you can leave a legacy for those you care about the most.

Guaranteed Issue Life Insurance

This means that you can get the Senior Life Insurance that you need, with no underwriting. “Guaranteed issue life insurance is a policy that you cannot be turned down for. Because there’s no medical information about you, though, the price is high. Rates are based on age, gender and the coverage amount. Your monthly bill may seem manageable because you’re likely getting only a small amount of coverage, such as $10,000.” states Forbes.

Term Life, Whole Life and Universal Life

There are other options for Life Insurance. However, you will have to pass underwriting. This means you have to pass a paramedical exam, which often covers a lot of medical history and has a wide range of tests to find out exactly how healthy you are. If you are able to pass an exam, that’s great. It will mean a cheaper premium with higher coverage. Term Life: is life insurance that is pre-determined by a timeline. For instance, you can have a 10, 15, or 30-year term. Whole Life: is life insurance that is for your entire life, and builds cash values. This policy also pays out dividends at the end of the year. Universal Life/Index Universal Life: Is life insurance that is for your entire life, holds cash value and pays dividends. This policy is based on the SMP 500.

Why do I Need Life Insurance?

There are several reasons for getting life insurance at that age. Whether you want to leave money to the kids, or grandkids, or you have business obligations, or maybe even you just want to contribute to your funeral costs. Life insurance is for you.

Get with one of our life and financial experts today! They can help you choose a policy. Additionally, they can conduct a policy review to ensure that your current policy is still right for you!

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