Insurance for Seniors Over 65: Catering for Short-term & Medium-term Insurance

Many senior citizens assume that they are unqualified for insurance. With the population of the elderly rising, many insurance companies are providing senior citizens with policies that cater for their needs. To ensure that the loved members of the family are financially comfortable, many senior citizens are encouraged to apply for the senior insurance. Although many of the elders have in their possession some form of insurance, the benefits thereof are often inadequate to cater for the medical bills and funeral expenses. A quality insurance cover will cater for the inheritance tax and creditors.

Finding an insurance policy when you are above the age of 65 should not be complicated. In case you are a senior citizen and in need of insurance, several leading insurance companies offer life insurance for seniors over 65 and life insurance for seniors over 70. The good thing is that more insurance companies are seeking to offer short- term and medium- term insurance to cater for senior citizens. However, some of the policies do not offer death benefits during the first few years. In case the senior citizen dies during this time, the designated beneficiaries receive the premium paid out plus interest. If they die after the initial period, the beneficiaries receive the policy’s face value amount.

The life insurance for seniors over 65 can provide for a terminal illness. The offer is included with no extra cost attached. However, one needs to ask for its inclusion in the signing. The extra enables the policy holder to utilize a proportion the policy amount before death and in the event of a diagnosed terminal illness that has been covered.

Meanwhile, some of the competitive insurance companies are allowing up to 300 cholesterol levels to qualify for insurance. Furthermore, other competitive insurance companies are allowing senior citizens with blood pressure readings of 150/90 to qualify for low rates of interest. This is obviously unheard of in other insurance companies. Moreover, some companies are not considering issues of the family history including reported cases of cancer or heart disease when underwriting the seniors.

The use of companies that are highly focusedis recommended when choosing a policy. The life insurance for seniors over 70 caters for the option of funeral benefits; funds are set aside to cater for the cost of funeral. Furthermore, the family shall be advised and guided on all matters of the funeral. After the age of 85 years, the cover continues; however, the insured does not need to pay any more premiums.

Other Information materials on life insurance for seniors over 65 are available at http://www.lifeinsuranceover65.org/.