The renowned philosopher and statesman, Benjamin Franklin, famously proclaimed, “Nothing is certain these days, but death and taxes,” which compels thinking visitors to strongly consider preparing for the inevitable: death.
Since death is unavoidable and we should die eventually, why don’t you be prepared for it, say wise men (and insurance agents).
So, while it holds 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 is prudent to mix financial security with cash returns. This really is where senior life insurance plans play an important role in providing the necessary financial freedom for people aged 50 plus.
While it holds 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, have reached optimum levels, there are many top rated insurance companies that specialize in senior life insurance plans.
These are also referred to as’guaranteed acceptance life insurance’policies by some providers, since they have minimal requirements for senior applicants, which may be met easily by individuals over 50.
However, if you’re keen on buying affordable life insurance policies for seniors, understand that not absolutely all companies offer the exact same features, benefits, add-on covers and costs find life insurance online. So, browse the individual plans made available from top rated life assurance providers and clarify with the insurance agent about any riders you’re unsure would benefit your financial goals.
Buying Senior Life Insurance Plans? Remember these tips to purchase a reasonable plan!
• Ensure you meet the minimum qualifications for the senior life cover plan before you apply for this type of policy, which typically covers people aged 50-75 years of age which are residing in the area included in the company.
• Clarify your policy commencement date along with your insurance agent to avoid 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 purchase a policy via the standard medium, like over the telephone or in person, the insurance broker will confirm the date your policy starts and this could take a tad bit more time than an on the web policy.
• Pay attention to the duration of coverage you select, since most senior life insurance plans cover you till enough time your premium payments are up-to-date. However, if your premiums lapse, you’re not eligible to any advantages from the company. So, it is advisable to incorporate reasonably limited cap option, therefore you don’t need to pay any longer monthly premiums compared to the coverage you expect to receive; in this way, you remain covered for the others of your life.
• To get affordable life insurance for seniors, choose an agenda that allows you to pay premiums predicated on extent of coverage. This may enable you to fund a life cover plan that you can afford to purchase comfortably during the time you apply for the policy. Alternately, you are able to choose the premium cap feature that only requires you pay premiums till you meet your coverage amount. So, in either case, you’re able to control the cost of plan.