Many senior citizens feel that they have missed the time in which to apply for life insurance. After all, the older we get the higher life insurance rates climb, right? Not necessarily. You should note that it is never too late to get a life insurance policy for yourself. There are many insurance companies that provide low cost life insurance for senior citizens; you simply need to know how to choose a policy and where to find these companies.
Again, several companies provide life insurance to those on Medicare. Senior citizens are considered to be those who have reached their 65th birthday. If you are a senior citizen, there are ways in which you can qualify for life insurance policies that will not deplete your life’s savings.
In the past, many life insurance companies refused to offer coverage to those over 65. Even when they did, the rates were so extremely high that many seniors could not afford coverage. Today, there are laws in place that help to protect seniors. Most states now require that life insurance agencies offer coverage to anyone over 63 years of age. Although these policies are considered short-term policies, they are still out there. Many provide only limited death benefits, some for only the first two years of coverage. After those two years have passed, seniors are eligible for full benefit coverage.
Deferred life policies are very popular among seniors. These policies pay back the monthly payments that you have made, plus any interest that has accrued should you die within the first two years of coverage.
Accidental death is another coverage that seniors opt to take. Many insurance companies offer seniors full benefit payouts after the first monthly premium has been received.
Seniors can qualify in many areas for life insurance coverage for as low as just $15 or so each month. These policies often have a low benefit payout, but many are enough to cover costs such as funeral expenses for those who have no other life insurance policy in tact. Many of these insurance companies are also offering guaranteed life insurance coverage even if you have preexisting health conditions. The key is in choosing a life insurance policy that will provide your beneficiaries with the funds that they need when you are no longer with them.
You should keep in mind that there are many forms of life insurance. One policy is not necessarily the best choice over another. You should research the many available policies in your area with different insurance agencies to find the one that best suits your needs with regards to beneficiary payout and monthly premium cost. Also, note that many companies will not extend a term life policy to any senior who has reached his or her 85th birthday.
What you need to keep in mind is that it is never too late to find a good life insurance policy. Take some time to review the options that are available to you in your area. Do some research into what you need versus what is available and you should be able to choose a good policy that will set your mind at ease.