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Many Seniors Can Qualify For Simplified Issue Life Insurance

Many people reach retirement age without life insurance. But they realize that they have not outgrown their need for a policy to leave some money to their family when they pass away. You can still find life insurance for older people.

Some Uses For Senior Life Insurance

• Plan for Funerals – Some senior life insurance policies, sometimes called final expense or burial policies, can be a simple way to plan for the cost of a funeral which can cost $8,000 – $10,000 or more!
• Leave Cash to Beneficiaries – Most of the time, life insurance payments are not taxed. So this is a way to leave some cash to heirs which they can keep, or they can use to settle debts.

What Types of Life Insurance Policies Can Seniors Qualify For

Most of the time, older people look for term or whole life insurance. A fairly healthy 70 year old may still find affordable term life policies. Of course, expect to find 10 year terms, and not 30 year terms! An older person would probably want to find a no medical exam life insurance policy.

Of course, final expense policies are smaller face value whole life policies which will not expire as long as the policy is kept in force.

Simplified Issue vs Guaranteed Issue

Simplified Issue Life Insurance means that some health questions may be asked, but it will not usually require a full medical exam. Because no medical exam life insurance for seniors was designed to accept most seniors, and because these policies usually provide an immediate death benefit at an affordable rate, this is a good option to look for!

Guaranteed Issue Life Insurance means that the insurer will waive health questions. So any senior within the age limits should be accepted. But understand that instead of health questions, these policies use a waiting period. This period may be from 24 – 36 months, and until that time passes, the beneficiaries could not collect the full face benefit in case the insured person passes away! Some of these policies will refund premiums plus interest before the waiting period expires, while some may begin to pay out a percentage of the whole face value as a portion of the time passes.

Compare Life Insurance For Seniors

You can get the best choices that are available in your area by running free life insurance policy quotes  on your PC!