The renowned philosopher and statesman, Benjamin Franklin, famously proclaimed, “Nothing is certain in this world, but death and taxes,” which compels thinking people to strongly consider get yourself ready for the inevitable: death.
Since death is unavoidable and we ought to die eventually, you will want to be equipped for it, say wise men (and insurance agents).
So, although it is true that savings, pension plans and contingency funds are typical good, old-fashioned tools for ensuring financial security, in the rapidly changing world of technology, wars, natural disasters and changing global economies, it’s prudent to combine financial security with cash returns. This is where senior life insurance plans play a significant role in providing the required financial freedom for people aged 50 plus.
Although it is true that buying life cover at a younger age means paying lower premiums, since most factors that affect policy costs, like health and high risk lifestyle factors, are in optimum levels, there are numerous top rated insurance firms that specialize in senior life insurance plans.
These are also known as’guaranteed acceptance life insurance’policies by some providers, since they have minimal requirements for senior applicants, which is often met easily by individuals over 50.
However, if you’re keen on buying affordable life insurance policies for seniors, remember that not totally all companies offer the same features, benefits, add-on covers and costs find life insurance online. So, read the individual plans provided by top rated life assurance providers and clarify with the insurance agent about any riders you are not sure would benefit your financial goals.
Buying Senior Life Insurance Plans? Remember these tips to get a reasonable plan!
• Ensure you meet up with the minimum qualifications for the senior life cover plan before you apply for this sort of policy, which typically covers people aged 50-75 years old which can be residing in the area included in the company.
• Clarify your policy commencement date together with your insurance agent to prevent misunderstanding, as buying your policy online usually means your coverage starts from enough time you’ve completed formalities of the registration process and made the mandatory initial payment. However, if you’re to get a policy via the traditional medium, like over the telephone or face-to-face, the insurance broker will confirm the date your policy starts and this could take a little more time than an online policy.
• Focus on the duration of coverage you decide on, since most senior life insurance plans cover you till enough time your premium payments are up-to-date. However, if your premiums lapse, you are not entitled to any advantages of the company. So, it’s advisable to include reduced cap option, which means you don’t need to pay any more monthly premiums compared to coverage you anticipate for; this way, you stay covered for the rest of one’s life.
• To purchase affordable life insurance for seniors, choose an idea that lets you pay premiums based on extent of coverage. This will enable you to pay for a life cover plan that you could afford to get comfortably during the time you apply for the policy. Alternately, you are able to opt for the premium cap feature that only requires you pay premiums till you meet your coverage amount. So, in any event, you can control the price of plan.