Senior Life assurance - Affordable Life assurance For the Elderly With No curative Exam

Insurance - Senior Life assurance - Affordable Life assurance For the Elderly With No curative Exam

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Term life insurance policies are very favorite these days, and of course, they can contribute very critical safety at a low cost for many people. However, the question with term life is that it expires just when the covered person would find it harder to find protection, after ten or twenty or thirty years, the term period of the course expires. The ideas behind term, instead of whole life, is that by that time the insured person will have less obligations, and they will have enough money saved to self insure.

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However, we find many senior citizens and retired people who have not had the good fortune to be free of obligations, and with enough savings to cover their debts, final expenses, and other obligations. Also, by the time we reach maturity, we may also have advanced more condition problems. As if an advanced age were not enough, condition problems may make us very tough or expensive to insure at all!

However some life fellowships have advanced senior life, guaranteed life insurance, or final charge life insurance programs to meet these needs. These are, basically whole life insurance policies. This means that the course will stay in force as long as the course is kept in force. A course is usually kept in force by paying premiums, or by having the course "paid up". Yes, many whole life policies can be paid up over a period of years, usually ten to twenty years. In this case, an insured person can relax, knowing they will have life insurance for their whole lives, and not just for a period of years.

These types of senior life insurance or final charge policies come in two types that do not require a healing exam. For a face value that usually ranges from ,500 to ,000, many senior life fellowships will offer simple issue and guaranteed issue policies. Because the face value is lower, and so the risk to insurance fellowships is lower, you can find some more relaxed requirements to gain affordable coverage for life insurance. Seniors can leave this money to a beneficiary, usually their spouse or children, to cover burial expenses, rule final debts, and leave some money as an estate.

Simple issue life insurance policies contribute immediate death benefits. They do as condition questions on the applications, but the great majority of seniors can qualify. They usually only declined applicants who have a terminal disease, or are in a nursing home. So smaller condition issues will not prevent an applicant from obtaining coverage. Since the coverage is immediate, as soon as the insured person is notified that their course has been issued, they will be covered.

Guaranteed issue life insurance policies do not ask any condition questions at all! Instead they underwrite by delaying full coverage for a period of months, from 24 to 36, or 2 to 3 years. If the insured person passes away while this qualification period, they will reimbursement all premiums with a specified interest rate. For an older personel with serious condition issues, this is still a no-lose deal.

If you are an older person, or if you are concerned about paying final expenses for your parents, reconsider a senior life insurance policy. It will be much easier to pay an affordable monthly premiums than to come up with some thousand dollars for a burial and other expenses after the person dies.

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