A death in the family is never pleasant news to hear and securing your family with a financial cover enables to reduce the financial burden. In case of medical illness, Life Insurance provides a cover to meet the rising cost of the medical treatments as well. A sound insurance policy eases the financial burden and protects your loved ones.
Life polices for seniors are different from those of people below fifty years of age. It is a little difficult to get a good policy value for those who are above fifty. The reason for this is that insurance companies know that people below fifty will live longer and death count is more for above than under. Few other factors that are considered are – whether there is any surgery, or cancer in the family or any treatment for heart diseases or diabetes.
Based on this, you can choose a policy. The purpose for life policy for a senior may be varied. Generally the main purpose is to meet the final expenses and pay all the estate taxes for the properties that they may have.
To select the right plan, you can consult with an agent who is experienced in insurance policies for seniors. The agent will help you decide whether to go for a term policy or a whole policy. Whole policy is life long and the benefits are given to the family on the death of the insured person. Term policies are for a fixed like twenty or thirty years. In event of death of the insured person during the term, the term benefit is paid to his family.
Generally life policies for seniors are term policies. If you have existing ailments, the price of term plans will be high. To get a low premium plan you need to be fit and healthy. You could maintain good health by doing regular check-ups and having a health plan. Another factor is, if your credit history is good and you have paid off all your mortgages and financial debts you could get a good rate for premiums.
To get the most cost effective plan, you could consult an agent who specializes in insurance plans for seniors. He should represent many companies so that you choose the best plan that suits your individual needs. Once your situation is clear to the agent he will use his expertise and knowledge to get you the best suitable policy.