Deciding to get a life insurance policy can be a common thing when you’re of a certain age. But what options are available to senior citizens these days? And how can you ensure your loved ones get the financial support you’d hoped for in the event of your death?
Knowing what you want to be covered for
The most important part of getting the best possible coverage for your needs is knowing what you want to be protected from. And with a life insurance policy for seniors, half of the battle is also understanding what exclusions come with each policy. The sooner you eliminate the coverage that doesn’t suit you, the sooner you can find that perfect match.
Do insurers have age limits for policyholders?
Some insurers will have their own set of age limits, with some potentially refusing coverage for seniors over the age of 80. But many other insurance companies are perfectly happy to offer life insurance for senior citizens regardless of age.
In these cases, an insurer may put an age-specific coverage plan together for people seeking a life insurance policy. However, the longer people wait to take out a life insurance policy, the more expensive the premiums are likely to be due to the increase in policyholders’ age.
For additional information leading broker Reassured.co.uk have created this extensive guide on life insurance policy options for senior citizens.”
The policies you may be considering
Seniors who are eager to provide financial support to loved ones may find themselves choosing from the following life insurance policy options:
Over 50s life insurance: A policy that tends to have an age limit for policyholders up to 80 years of age. This kind of coverage will usually accept any individual within the age range of the policy, regardless of their history of health issues. Many policies of this nature won’t require a medical exam, although the premiums paid may be higher than some other options.
Level-term life insurance: This policy is a set-term coverage with a timeframe that’s agreed upon by both parties. The beneficiaries of this policy will then get payments in instalments or as a lump sum to help cover their living expenses in the event of the policyholder’s death. If the holder of the policy dies outside of the agreed-upon timeframe, there will be no payout to beneficiaries.
Whole-of-life insurance: This life insurance coverage offers a guaranteed payout to your loved ones in the event of your death. The timeframe of your passing away doesn’t matter with a whole-of-life policy, which can offer the benefit of extra support for your beneficiaries but can lead to costly premiums.
Final Thoughts
While some policies may require examinations, questions, and intricate details about your health and ailments, ensuring your finances and loved ones are properly looked after is essential to being a senior citizen.
During these precious years, when you should be enjoying the chance to relax after decades of hard work, it’s always best to be safe knowing that you and your beneficiaries are protected. If you can find that perfect life insurance policy to accomplish this, all that’s left is the time you’ll get to spend with those who mean the most to you.