Are you over 85 years old and feel that you still have the time to prepare for the future? Maybe you are thinking about getting a life insurance but you are worried to even try because chances are you will get turned down. After all, you are no longer as young as you were 30 years ago. Neither are you as agile and as healthy. Surely insurance companies will think twice about taking a risk on you and giving you a life insurance. Is there really a chance to get one once you are over this age, or is just hearsay or worse, a hoax?
Well, let me assure you that even senior citizens such as yourself can get one. Life insurance for people over the age of 85 is in fact becoming more available to insurance companies. Maybe you are wondering why in the world would they risk it and insure people who are no longer at their prime? Well, the answer lies in the fact that the lives of people are in fact getting longer. Due to the growing awareness about health and wellness, people are changing their lifestyle. They are starting to watch their weight, be conscious of what they eat and take time to exercise regularly. As a consequence, people are living longer due to this revival in their fitness.
Realizing that such a type of life insurance is now available in insurance companies. Of course, there are certain things that you have to be aware of before signing that contract. To begin with, do not be surprised when the rate or the fee of your life insurance is higher than that of a 30 something year old. Again, you have to realize that you are no longer at your prime. You may be healthy considering your age but then again, you are still over 85 years old. Naturally, the insurance company would like to “protect” itself and hence, your monthly premium will surely be higher than that of a young person. Then again, having a higher premium is still way better than not having life insurance right?
Secondly, you must also be aware that not all 85 years old men and women have the same insurance rate. You may be of the same age but one might have a higher premium than the other. That is because you have to remember, insurance companies make people undergo a medical test before signing the contract. The primary reason why the rate varies among seniors is that their health levels are also different. Someone who does not smoke, drink and eats the right food will obviously get a lower rate than those who does all sorts of vices. Still, it is a huge bonus that life insurance is now readily available to seniors who would like to prepare for the future and make life simpler for their family members and loved ones.
Tips of the day:
Another problem people face in getting life insurance is if they work for themselves (or have worked on a self-employed basis). It is best to have a steady track record of income so that insurers can accurately compensate your family. This can be a difficult thing to do but if you have a regular average income year on year, it shouldn’t be too much of a problem.