3 Best Over 65 Life Insurance Policies!

Seniors older than 65 years will have trouble finding affordable life insurance. Their options are limited a most agencies will not offer them high-value plans. Most of the options they have left are policies that do not require a medical examination.

LifeInsurance-8There are three life insurance 60 and over policies which seniors can purchase:

1.       Simplified issue

Simplified issue works like a term life insurance plan: it offers temporary coverage for a predetermined period of time. However, unlike term life insurance, simplified issue does not require a medical examination. The whole underwriting process consists of a simple medical questionnaire.

The medical questionnaire which you will have to complete contains medical questions and you have to answer “no” to all of them. By answering “no” you say that you do not suffer from terminal diseases or any other medical conditions. Smoking does not disqualify you from getting a policy!

Simplified issue offers life coverage of over $100,000 and sometimes even $200,000. Since it does not require a medical examination, premiums are a lot more expensive, but it offers a simplified underwriting process and it is usually issued in less than 24 hours!

2.       Final expense

Finale expense life insurance is a plan meant to cover last expenses like funeral costs. This policy does not require a medical examination and it has an age limit of 90 years. In order to qualify for a plan, you will have to answer four simple questions.

The benefit offered is graded and it usually does not exceed $50,000. A graded benefit means that the agency will not make a payout if you die in the first two years after signing the policy. It will only return the total amount paid in premiums.

3.       Guaranteed issue

Guaranteed issue is a plan which is available through employers and in some cases it can be bought directly from an agency. This policy will provide a small benefit at high premiums, but it will not ask any medical questions. The benefit is also graded. Guaranteed issue is the last resort people with a terminal disease have of getting life coverage!

In conclusion, there are three ways seniors over 65 years old can get life coverage! To find out more about life insurance and to compare quotes, visit us!