Senior Life Insurance is important for long term planning for burial expenses and final expenses. Unfortunately there are more misleading marketing efforts than legitimate and many families end up with products that will not protect them. Ultimately the responsibility to find affordable life insurance for seniors falls onto the insured, a family member, or friend. But Don’t worry help is here, read below to find the best Senior Life Insurance at affordable rates.
What is No Exam Life Insurance?
Senior Life Insurance sold without a physical or copies of medical records is called no exam or simplified issue life insurance. Life insurance is sold based on risk, the healthier you are the more affordable the coverage. If you buy life insurance without an exam the prices are fixed based on age, and everyone who qualifies is rated substandard because the insurance company didn’t review the specific health of the insured. If you are in decent health, there is a good chance you can find a better deal if you apply for coverage that requires medical records and a physical. If you are being offered insurance without an exam speak with an independent life insurance broker to compare your options.
Be weary of some companies and their marketing:
Don’t buy life insurance if the price seems to good to be true. You can not buy affordable life insurance for one dollar. If you see an ad for one dollar buys you $50K of coverage, read the fine print. Globe Life Insurance sells life insurance where the rates increase every five years, they also sell level benefit but make sure you read the fine print. Other companies like Monumental Life Insurance, Fidelity Life Association, Colonial Penn, AARP, NYLAARP, and others sell insurance without an exam and or offer accident only policy or term policies where the rates will increase after the first year or two or five. The key to finding the best deal is to compare multiple companies.
Graded Death Benefit is not for everyone:
Companies like AARP (NYLAARP) life insurance offer coverage without any medical questions and almost everyone qualifies. These policies have a graded period of two to three years in which there is no benefit if death occurs in the first two to three years. You would not like to find out after the death of a parent that the policy they bought last year will not pay for the funeral or final expenses as planned because your parents didn’t read the fine print. There are multiple companies that offer graded benefit coverage that provides better short term solutions in which the graded period pays a small percentage the first year and a higher percentage the second year. Its important to have an independent broker compare multiple companies for you to insure the best deal. Graded death benefit is not for everyone.
Shopping for senior life insurance doesn’t have to be difficult. Find an independent life insurance broker to help you shop and compare multiple companies for the best life insurance solutions for you and your family.