Can Senior Citizens still get an Insurance Policy?
No matter your age, life insurance is incredibly important for seniors that want to provide financial coverage for their families. Whether you need life insurance to cover your funeral or want to make sure your spouse is supported in retirement, you can typically find the coverage you need at affordable rates.
Seniors may have a tough time finding the best life insurance policy, but worthwhile options are available. Depending on your age and health, you may have fewer options for life insurance as a senior. If you’re below 70 and in good health, there aren’t any significant restrictions. You may just have to broaden your search to a wider set of companies, as some insurers will restrict the age group that can purchase a particular product.
If you’re below 80 or fairly healthy, you should be able to qualify for life insurance that offers low rates for the elderly. However, if you have certain pre-existing medical conditions, having guaranteed whole life insurance maybe your best option for coverage.
No matter what age you have, you should still be able to evaluate life insurance policies according to your goals and your family’s financial needs, as these are critical to determining your best coverage.
As a senior over 70, there are very few limitations on the types of life insurance policies available to you. The only restriction is that you typically won’t be able to find a term life insurance policy that lasts more than 20 years. Therefore, your decision about which policy to purchase should be primarily dependent on your financial objectives and the cost of coverage.
If you’re looking for coverage that lasts your lifetime, you’ll want to consider a form of permanent life insurance. Some reasons you may want permanent life insurance coverage would be:
- your family when you pass away. You would not want your family to be burdened with the accumulating expenses, whilst mourning for your loss.
- Medical expenses – Unless you die immediately, there’s a high chance that you will be hospitalized due to old age, and you will highly accumulating your medical expenses that will, later on, be a burden for your family.
- Pension replacement – When you die and your spouse or family relies on the income from your pension to handle expenses, you may need enough coverage to ensure they can maintain their standard of living when you pass away.
If you are looking for a life insurance company, that will surely accommodate you. Make sure to check out Manila Bankers Life Insurance Company as they will give you good coverage for a good amount. You sure would not want to miss out!
