People get life insurance for many different reasons. There are those who invest for the sake of their loved ones rather than for themselves. For instance, one would want to get a life insurance policy just to make sure that should anything happen to them, their loved ones would not be left helpless. It is tough enough to lose someone dear. Having to worry about financial obligations, burial and wake details and the like could triple the burden. That is exactly what life insurance is all about. It ensures the policy holder that their loved ones are free to grieve and will not be left with more problems. Senior citizens are recognizing that and so even though they really did not invest in one in their youth, as the saying goes, it is better late than never. Realizing the risks of living without one, they invest on it even at an old age. It is a good thing that such insurance policies are now available.
So what can happen if a person who is over 85 years old is living without life insurance? As much as I don’t want to sound grim, the truth is that at that age, the end is getting nearer and nearer. In fact, it is a good thing that at that age, a senior is still able to think clearly and decide on what to do. Then again, that does not eliminate the fact that they are no longer at their prime. What is good about having one at that age is that should they pass away, they have prepared for it and their family does not have to worry about anything? All the financial obligations will be handled by the insurance company. The loved ones can really grieve and not have to deal with other obligations. Without one, bothering your family and friends in death becomes a real possibility. Good thing it can be avoided.
Another thing that can happen if you are living without life insurance and you are far from being young is that you do not have peace of mind. At that age, you really just want to lounge around and enjoy life. You can throw your worries out of the window and just smile and enjoy whatever is left of your life. Otherwise, it is just not possible. You will be overly cautious knowing that you have no preparation for the future whatsoever.
The truth is; it is not just the senior citizen who is robbed of peace of mind if he or she is living without life insurance if he is over the age of 85. The family members and friends are also well aware of the situation and they too will worry. That is something that everyone wants to avoid.
So why live without life insurance if you have an option to get one? Get the peace of mind that you deserve by preparing while you can.
Getting life insurance is something that most people are not really familiar with. Sure, you may have heard of the term but unless you are in the insurance industry or perhaps a lawyer, most people have a very basic (or even wrong) notion of what a life insurance is. In fact, there is such an information gap to the point that a lot of people really do not understand the difference between life insurance and health insurance. Perhaps that is also the reason why most people do not visit life insurance companies the way that they would to a department store. Most often than not, insurance agents have to approach the person and offer them one. The problem with that, however, is that if one does not fully understand the concept behind. He or she can easily be swayed to buy without knowing the pros and cons and the things that policy holders are entitled to. That is why it is important to know the right questions to ask. This holds true for senior citizens over the age of 85. These questions are necessary in order to understand the full picture before paying your hard earned money and signing a contract.
One of the questions that a person being offered a life insurance policy to ask is what are the inclusions of the life insurance? What is the coverage? It is important to have the insurance agent write it down one by one so that you know exactly what you are signing up for. Maybe there is a benefit that you are entitled but if you are not fully aware of it, how can you achieve it? Different types of insurance have different coverage in terms of depth and service. You must also know the inclusions in order to get an insurance policy that fits your needs. Remember, it is not a “one size fits all” deal. That is why knowing your options are so important.
Second, you must ask for the monthly premium that you have to pay for. Make sure that you know all the hidden charges and you can go ahead and ask them bluntly. That way, you know the exact amount that you have to set aside every month. You will not be shocked when you see your premium bill and it is higher than what you expected. You have to know exactly what you are getting. After all, we are not talking about a small amount of money. That is why asking all the right life insurance questions are so crucial.
Third, ask for all your options. Maybe there is a lower cost option that they will not tell you initially in hopes that you will get a bigger policy. You have to be proactive and probe the agent as well by asking pertinent life insurance questions for someone over the age of 85.
Are you thinking of getting life insurance for yourself? Even if you are senior citizen, you are in luck. Today, most insurance companies already offer life insurance policies even to senior citizens. There are different reasons for that business decision but whatever it is; it is nice and comforting to know that even those who are over 85 years old have the option of getting a life insurance should they think that they need one. The question now is how to go about getting one? How do you get the best deals and are they hard to find?
The good news is it is fairly easy to find an insurance company that offers such type of life insurance. The real challenge is actually finding the one that offers a package that is perfect for your needs and lifestyle. How do you begin the search, you may ask? Well, sit back and relax because the truth is that the search may happen right at your own place. There is no need to go anywhere especially for the initial stage because all that you have to do is to go online. Go to your most trusted search engine and it will surely have lots of results about your search. Just a tip though: Do not think that the first one that appears is always the best. Perhaps all that they have is a good search engine optimization team. Get as much choices as possible. In fact, as a rule of thumb, you should not go below 3 options. From there, you can compare and contrast their offer, the cost and how it will be beneficial to you.
Do not just rely on websites though. It is always best to learn as much about the company as possible. How do you do this? Well, again, you do not have to leave the convenience of your home. Just look for social networking sites, blogs and forums about a particular service or insurance company. Believe me; people out there really speak their piece. That way, you will be able to determine if it is worth investing on one company or the other one.
You can also look for life insurance for someone over the age of 85 by doing something that you surely enjoy – talk to your friends. Perhaps they already got life insurance before you. Get their opinions and ask for insurance company recommendations. This is actually a very good thing to do because you know that they are reliable and they have firsthand experience of the service.
Lastly, visit an insurance agency of your choice. From your internet search and asking your friends, you surely have an idea of what company will be able to give you what you need. Visit their office when you can and talk to one of their agents. They will be happy to answer your questions so list them down so you don’t forget anything.
That is how you find life insurance that fits you.
Not too long ago, most if not all insurance companies refuse to give life insurance to senior citizens. That is because they are considered to be a high risk. There is much truth to this. After all, the older you are, the more sickly that you are bound to be … at least that was the mentality back then. It will be lucky for them now because the market is getting more and more competitive. In fact, it has become so competitive that seniors are not just given life insurance. Life insurance options for those over 85 are in fact available for the grandparents out there.
There are many reasons for this. Some people say that because older people are healthier now and thanks to the proliferation of health and wellness campaigns, they are strong enough to the point that they are no longer as much of a risk as they used to be. Others say that insurance companies do not really have much of a choice but to have these options available because there are more old people in society today than younger ones. Hence, alienating them from having insurance is bad for their business. Whatever the reason is, senior citizen life insurance seems to be here to stay and there are different coverage options too depending on the type that one goes for.
In this article, we will explain in details what the coverage options are available. The first among the options is called deferred life. This type of senior citizen insurance is considered to be a short term one wherein the policy holder can only get the benefits for 2 to 3 years. In fact, it works by refunding the premium that he has paid or by paying a death benefit should anything untoward happen to him. Of course, the coverage of the death benefit is very limited as well. If he still lives after 2 to 3 years upon getting the deferred life insurance, the holder will get the amount of the policy in full and the term ends there.
The next option available is called guaranteed life. This is considered to be a longer term insurance for seniors compared to deferred life. Of course, not every applicant gets approved for this. One has to answer several questions about the status of his or her health. A physical examination to confirm this may also be required. Do take note, however, that because of the risk involved, the amount that one has to pay for the premium will be significantly higher than that of a younger person. Naturally, the insurance company would like to make sure that they’ve got everything covered.
Having life insurance coverage for seniors over the age of 85 is really a good thing. However, do be cautious before signing papers. It is always best to look at your options and think things through before signing up for such a commitment. Weigh the pros and cons before making a decision.
Are you a senior citizen who is thinking of getting a life insurance for yourself? Ideally, it is best to get one while you are still young and in your prime. Perhaps you let the opportunity pass. Well, that is alright. As the old saying goes, it is better late than never. You are in luck too because these days, it is no longer too hard to get life insurance if you are over the age of 85. However, you must carefully weigh your options. After all, as alluring and practical as it sounds to get life insurance at your age, there are certain things you just have to know that just might make you think a little. So what are the pros and cons?
To begin with the benefits of getting life insurance if you are over 85, you will surely get the peace of mind that you deserve and believe me, in today’s world wherein everything is just too stressful, peace of mind is a treasure that not a lot of people get to find. Yes, it may be a little late but it is not too late because you can still get the insurance and protection that your family deserves should anything untoward happen to you. They no longer have to worry about financial pressures because after all, you have already dealt with it. They can really grieve in peace.
So what are the cons then? Well, to begin with, you better get your wallet and savings ready because one thing is for certain, it will cost you. You are lucky now because, insurance companies are willing to take the risk and insure even senior citizens. The problem is, as you must have already figured out is that it will be way more expensive than that of a regular life insurance plan. After all, you are no longer as healthy and as fit as you were 40 to 50 years ago. That is why there are some senior citizens who end up not getting a life insurance plan even if they want to. The problem is that they just cannot afford it. At that age, most people just rely on their pension because they do not work and have no income anymore. That is why life insurance plan for someone over 85 is no longer as affordable as one would like it to be.
That brings us to the topic of another drawback – you will have to deal with monthly premium all over again and as mentioned earlier, your earning capacity is no longer as good as it used to be. The question is how can you cope with the monthly premium? Can you still afford to pay for it?
Knowing the pros and cons, it will be up to you to weigh if getting one is a smart choice for you.