Are you thinking of getting life insurance even though you are already past 85 years old and way past your prime? In the past, that would not have been possible. However, thanks to the revival in health and wellness, people are now living longer and even older people are living better lives. They are neither sickly nor dependent. In fact, they are quite healthy considering their age. Recognizing this, insurance companies are quick to respond and while in the past they do not let senior citizens get life insurance because they are considered to be a high risk, it is no longer the case today. In fact, we see a rising number of such insurance companies.
The question now is which company to choose from? While there are legitimate ones, you can be sure that there are those who are “riding along with the fad” and do not intend to provide what they promised their policy holders. You have to avoid such fly by night companies at all cost. That is why one must be wise and smart when making a choice. Here are 3 essential tips on how to find the top ones which are recognized in this field.
Essential Tip (1):
First, never go for the very first insurance company that you stumble upon. That does not mean that they are the wrong choice. It simply means that you need to have more options. That way, you can compare the benefits that you will get along with the price of the monthly premium. Remember that you are no longer earning as much as you used to, so you have to make sure that you work around a strict budget.
Essential Tip (2):
Second, before signing the policy, you have to first make sure that you are with the right company. What you can do is to ask your friends about those that they have heard of or preferably tried. That way you can get their honest feedback. Through their recommendations, you will find out more and decide which one to go with from there.
Essential Tip (3):
Lastly, if you do not know anyone whom is over the age of 85 and currently owns life insurance, you can always turn to the internet. One click on your favorite search engines and you will find list after list of all the insurance companies that are available. Browse through them one at a time and read through their rates carefully and observe what they have to offer. It is also advisable to read blogs so that you can get feedback about what other thinks of the company that you are considering. Testimonials about people who they have serviced in the past are very powerful and insightful. Use that information as you decide along the way.
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.
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.