Relevant Life Policy Quote :Quote for a Relevant Life Policy Over the years we have had many people come to us, reap the benefits of life insurance for the elderly. This is a must-read for anyone aged over 50 that is looking for life insurance Young 70 year old & owner of IDC Insurance Direct UK, I have been through most of what others have seen or will see. Here are the considered recommendations I have picked up over the years — some of it the hard way.
Life insurance for seniors — comforting as one agesIt really is comforting to have some life insurance in place so that when one partner goes, the other one will have some cash to attend to final expenses and to top up their pension plan. Due to affordability we also regularly see that only the husband is addd to the insurance. The government benefits drop substantially when one partner dies and having a little bit of cash lying around to offset that loss is a good thing.
Just ignore all the hoopla on radio and TV commercials about seniors life insurance policiesPeople with medical conditions buy these guaranteed issue life insurance policies and they are very costly because they have no other options available. Even more costly are the seniors burial insurance packages marketed by pre need specialists. Consult an insurance broker who is supposed to inquire about your health and eventually offer you your insurance packages. A healthy 65 year old male non smoker, for example, can buy around $10,000 of permanent life insurance for less than $40 a month or about $410 a year – if you’ve just got to find the money for it you will save by paying yearly. Click here to get a quote and compare seniors life insurance quotes. Obtain quotes for three specific kinds of permanent life insurance: “whole life,” “universal life,” and “term to 100.” For most of you out there, the least expensive will do the job.
Just because you are taking some medications does not mean you cannot qualify for a regular seniors life insurance policyInsurance companies realize that as we get older we are going to be taking medication for things like high blood pressure and cholesterol and in many cases they will still issue you a policy at normal or standard rates. We specialize in both asking the questions and getting the quotes from several companies according to the answers. We negotiate for the best rates. We have got standard rates for patients with early onset type 2 diabetes.
It is not good to wait for buy some life insuranceThe older we get, the more expensive it may become, but there is also the possibility that our health deteriorates and at a certain moment we can not afford to get some life insurance. Other then your health issue this is the # 1 problem we see with obtaining affordable Life Insurance over age 50. I would recommend your children (if they will listen – I also have experience here) get whole life insurance now and, if they can pay it off in 20 years to ensure they have the permanent insurance and the paid up insurance when they are seniors.
Seniors should not be buying mortgage insurance from their ffice financial institutionHere are a plethora of reasons why seniors should never buy life insurance from their ffice financial institution. This is particularly important for people seeking life insurance past 60 years old if there is a chance it will not be paid off by 69, since the coverage can end at that age. The bank’s mortgage insurance is also much more expensive than regular term life insurance as you age. I have saved clients thousands compared to what the bank wanted for the subpar coverage. Read more on Visit Compare the Difference.
If you want a payout if either partner dies, then a joint first to die policy will save cash and if you want a payment when the last partner dies to cover estate taxes, a gift for children, grandchildren or a charity, then consider a joint last to die policy as they can save loads of money.
Balance your premiums against what will remain to spend today. Having a lot of life insurance as a senior is perhaps a good feeling, and comforting for your loved ones, but please do not be insurance rich, while cash poor. We can assist you in this balancing. One senior who lived with his children and had an income of $25,000 a year wanted to buy a small policy that would have cost him more than half his income, because of his health problems. That didn’t make much sense and it is much better for him to have some cash so he could enjoy his family and grand children now. He kept enough cash on hand to cover end-of-life costs.