Life Insurance For Seniors With No Health Questions
Looking for life insurance for seniors can be both confusing and discouraging. There are so many insurance companies, and some policies are so complicated, it takes an expert to understand them. Certainly seniors do not have the time or desire to be sorting through hundreds of insurance policies with different terms, rates, and exceptions.
The Biggest Problem For Seniors
Adding to this problem is the fact that when seniors reach into their later years, usually 80 and above, it can become very difficult to find a life insurance company that will insure them. Through no fault of their own, by the time they have reached that age, many seniors have one illness or another. Life insurance companies know this, and consider them to be at higher risk of dying than other age groups. The result is that seniors over 80 usually have to pay high rates for life insurance, or cannot get insured at all.
This is a worry for seniors and their families. Most seniors would like to have some sort of life insurance to relieve their family from death expenses and outstanding debt. Many older Americans have probably thought it would be nice to find an insurance company that will insure without asking questions about health.
Types of Life Insurance
The good news is that life insurance for seniors with no health questions is possible, even for seniors in their later years. In addition, there are life insurance options for older Americans, even those over 80 years old, which can protect their family from at least some of the outstanding expenses of death.
There are four main types of life insurance available to seniors. These are:
* Whole life insurance
* Term life insurance
* Burial Insurance
* Guaranteed Life Insurance
Whole Life Insurance
A whole life insurance policy may be considered as an option for younger seniors who have extra money to invest. With a whole life policy, the life insurance company invests your money and you are given a guaranteed rate of return over time. Whole life insurance is often the most expensive type of life insurance. Your money is committed to your monthly payments. Seniors who have uncertain monetary circumstances are advised not to buy whole life insurance, because if your policy is canceled for non-payment, and there is no cash value, you may not get back the money you put in. Experts also say that seniors will not realize a good return on their investment unless they hold the policy for over 20 years.
Term Life Insurance
Many people buy term insurance, because the payout value is usually high and the monthly payments are low. Seniors can choose their own term length, payments and coverage amount. The big disadvantage with term life insurance is that many companies won’t insure people with health problems, and are reluctant to insure seniors over 80 years old.
Burial insurance is a good solution for many older seniors. There is usually no waiting period, and no health exam required, but some health questions will be asked over the phone. Usually burial insurance is available to older seniors with only moderate health problems. Burial insurance is inexpensive but the coverage is minimal.
Guaranteed Life Insurance Policies
Guaranteed life insurance is for seniors who aren’t able to get life insurance any other way. They may have serious health problems, or be too old to qualify for other types of insurance. Guaranteed life insurance is unique in that it is life insurance for seniors with no health questions. There are no medical exams required for guaranteed life insurance at all. This type of insurance is costly, and there is a 24-month waiting period after the policy is initiated before coverage actually begins. However, the money paid into the policy is never lost. If the senior dies within the 24-month period, the money he put in is simply refunded and the policy is canceled.
For seniors who have severe health problems or who are over 80, guaranteed life insurance can be a godsend, because it is the only type of life insurance they can still qualify to obtain.
If you have been looking for a company that offers life insurance for seniors with no health questions, United Life Group can help you in the search. We offer an assortment of life insurance policies with several highly rated companies in various states, and our database can simplify the process of finding the right insurance policy for you.