Category: Life Insurance
Many consumers had large term life insurance policies in their younger years. During the time that large mortgages were getting paid off, and children and spouses needed support it made sense to purchase term coverage. It was also fairly cheap because of the age of the applicant. We were told by insurance advisors that we should not worry that these policies would expire after 10, 20, or 30 years because by that time we would outlive our need for a large policy. Children would be on their own, mortgages would be paid off, and our savings could cover any future needs.
A large number of people had additional life insurance from a workplace group plan. However, those plans do not always follow retirees after they collect their gold watch either.
The problem with that plan is that it did not work out for many of us. Many people had periods of unemployment or other financial issues. Mortgages needed to be extended sometimes, and savings accounts do not always grow as quickly as planned. And those pesky kids did not always stick to our schedule either, and we may find ourselves facing retirement with people who still depend upon us for some financial support.
Well we do have some good news too. Statistics tell us that people can expect to live longer than they did, even ten years ago. People are also enjoying a longer working life, and many do not decide to take up a rocking chair at age 65. Large insurers recognize this, and they do extend term coverage into older ages, and the rates for coverage have dropped. The rates drop, and coverage extends longer, because life insurance companies have calculated that they can accept the risk at a lower premium, and for a longer time, because people are living longer.
So if you have found yourself in middle age, or approaching retirement, and realize that you have not outgrown your need for term life insurance, you do have options. Now a 70 year old cannot find a huge, 30 year old term policy. But that 70 year old, in reasonable health, can certainly find an affordable 10 year policy.
That extra ten years may be enough time to get the mortgage paid off, or to make sure the grown children are finally out of the house and on their own.
If an older person does have some serious health issues, they will probably not qualify for a term policy. In that case, if they still see a need for coverage, they may consider a whole life policy that has been designed for seniors. Since whole life coverage does not expire, and can actually build a cash value, it will cost more.
Instead of looking at large face values of hundreds of thousands of dollars, the applicant will have to accept a face value of ,500 to ,000. This smaller face value is designed to provide money for funeral expenses, debt settlements, and other expenses that come up when a person dies.
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The marketing of senior citizen life shows really stagnant prospects. They stay unmovable arising from many years by delay to buying. Senior citizen life representatives make use of drastic sales action strategies toward a senior. Brazen as raw beef, the sales agents cloak $ insignia golden tattoos inscribed on their neck. Typically eyes similar to cheap neon gleam during which the endeavors exhibit hunger. All the same these representatives bear resemblance to an assassin focusing directly on the recently generated premium senior citizen focus.
About any older elder has accrued broad lifelong insight with the pursuits originating from persistent sales people. Smacked by a sales figure allocation, the representative strives to hack on and on for sales results. Arriving inward for more appropriate grasp finds him or her bending backwards, just about falling back similar to a precise shot jackrabbit.The agent provides the finest presentation. Be that as it may, in all reality this is absolutely not a silly game, still this is a matter of life and then death.
By this time less experienced company agents have dots of anxiety emerging quicker than all the stars in the darkened sky. The elderly hefty senior citizen caught his breath & removed an item out from his aged coat shirt pocket. From a narrow bottle of prescription pills, he removed a singular one smaller than an upsetting tiny insect. Lacking fresh water, the dash of the potent nitrate was centered then on the underside of his tongue. Concern shocked the agent knowing that absolutely that is was without any doubt a chunk of candied fruit.
In answer, the retiree started chatting in a calm gravelly tone of voice. He answered it was a nitro pill, just a while ago he had sustained a bad congestive heart stoppage. Pouring out words and phrases detailed essential facts of an all-inclusive checklist of health circumstances. Then a pleased expression arose, as a cue to the representative to skip the senior citizen life. He had noticeably been overpowered. How could this older person still be convinced even if he ripped the application away from the money hungry agent’s grasp?
Seeing as the only time inside his rookie job the sales agent stopped a troublesome talking. His wordy intense burdening prerecorded sales recital neared a close. The agent became mute. Finally he could see that letting a client have in view being in a last home was definitely cold hearted. At that time with the peaceful ocean breeze, the discussion changed in to a mutual interest. Fishing. This new issue created thrill, although at times the measurements of prize fish landed without doubt seemed to be enlarged.
The representative observed how rapidly the communication among the two of them then started intently forward and back. Maybe gaining the respect of the intended purchaser to trust you is substantially more productive than opposing doubts? Could faith emerge as powerful as proof and results? Next came an action shocking the representative like a creepy cockroach uncovered to a light. The retired gentleman brought out from his leather wallet a picture of his only grandchild. Soon after motioning the agent he asked, “Would you tell me of the senior citizen life?”
Grasping to his exclusive obligations as essential, not at any time did he tell the elder, that his senior citizen life policy would be surely be refused. Nonetheless, much like a cunning rat in an infested attic, he hurried finding the insurance application. The gentleman even requested being protected for the maximal amount. Not even answering the required paperwork, the trusted paunchy man entered into a far end entrance hall. Coming back, his frail hand was tight clasping a wad of cash.
Nearly drooling, the sales agent asked his newest policy owner to simply sign his name on the application form. Later, the senior citizen life protection, not guaranteed approved, acquired a not typical conclusion. This sales agent, very low on hard cash, made the decision to swindle the 0 and throw away the application form.
Two years to the date, the glorious luminescence went out for the kind retired person. At most a scattered few people, as well as the named grandchild, joined at the point where the burial box was brought down into the freshly dug ground. The sales agent had abandoned the market months previously in pursuit of an easier career.
Amidst unhappiness the relative grandchild did not receive one thin dime. Facts finished… not yet. On that exact day a youthful liquored up drunk totaled the metal barrier alongside a hill. A person identical to the writing agent’s face and body suddenly became right away cremated by mad flare ups of flames. On him, no life insurance coverage was happened upon.
Senior Citizen Life has been penned by expert in this business creative writer, Donald Yerke. His articles will likely be located at this location, and well read in abundant places. Find more details right now at Insurance Selling and Insurance Marketing, http://insurance-selling-marketing-articles.com/
It is absolutely vital that as one approaches old age, one has a substantial health insurance cover. The probability that one’s health care expenses would increase substantially is almost a given. In this piece we look and compare the different health insurance plans that are available in the market for senior citizens. While every health insurance company wants to insure the young (and almost by definition, more healthy), there are very few plans which provide health insurance to people beyond 60. Another interesting thing to note here is that most of the health insurance plans for senior citizens is offered by the public sector general insurance companies.
The health insurance plans available for senior citizens are:
Varistha Mediclaim by National Insurance
Senior Citizen plan by Oriental Insurance
Mediclaim for Senior Citizens by New India Assurance
Senior Citizen Plan by United India Insurance
Red Carpet Plan by Star Health Insurance
: This policy can be bought by anyone between 60 and 80 years of age. Renewals can be done upto the age of 90. Between the age bands of 76-80, premiums have an added factor of 10% and between 80 to 90 years of age, premiums are grossed up by 20%. The sum insured under this policy for hospitalization is Rs 1 lakh. For critical illness, the sum insured is Rs 2 lakhs. Under the critical illness cover, diseases such as cancer, renal failure, stroke, organ transplants etc are covered. If the person has already been insured for 3 years through a health insurance policy, then he or she does not have to undergo a medical test, else there has to be a medical test under the prospective customer’s costs. For domiciliary treatment, the maximum claim is fixed at 20% of the sum insured. Ambulance charges upto Rs 1000 are covered under this policy. For a mediclaim cover of Rs 1 lakh and a critical illness cover of Rs 2 lakhs, the premium varies between Rs 6200 (for a 60-65 year old) to Rs 9200 (for a 75-80 year old). One interesting feature of this policy is that pre existing hypertension and diabetes are covered from the 1st year itself of the policy by paying 10% additional premium for each of the two diseases. Pre existing is of course not available for the critical illness policy. Other pre existing diseases are covered after 1 policy year. Dialysis, chemotherapy and radiotherapy for preexisting ailment is never covered. Claims are paid only for events that occur within India. Claims which occur within the first 30 days of the commencement of the policy will not be covered, unless in the case of the person being insured with an Insurance Company without break for the past 12 months. For the purpose of this policy, pre existing diseases such as cataract, piles, fistula, hernia, benign lumps, joint replacement etc will not be covered in the first 12 months. War related medical claims, vaccination, spectacles cost, plastic surgery, corrective dental surgery, venereal disease, vitamins and tonics which are not part of the treatment, nuclear disaster related health claims, alternative treatment like homeopathy etc are excluded.
Opinion: We think it is one of the best policies for senior citizens, except that the sum insured is low. They are quite generous as far as the norms for entry age and pre existing diseases are concerned.
2. : In this plan, the policyholder has the option to choose sum insured of Rs 1 lakh, 2 lakhs, 3 lakhs, 4 lakhs or 5 lakhs. One restrictive feature of this policy is that 20% of any claim amount has to be co-paid by the insured. Cashless payment through TPA is restricted to Rs 1 lakh. This plan covers 10 specified diseases: cancer, renal failure, heart diseases, liver related diseases, COPD (lung ailment), stroke, prostrate, orthopaedic disease, ophthalmic disease, accidental injury and knee replacement. The amount that one can claim for a particular disease is restricted as a percentage of the sum insured (for e.g., 50% of the sum insured can be claimed for cancer, while 20% of the sum insured can be claimed for stroke). A sum insured of Rs 1 lakh will cost Rs 4500 for a 65 year old, while it will cost Rs 6400 if one is eighty years old or beyond. While this may seem cheaper than National Insurance’s Varistha medical scheme, it is less wide in scope. This policy has an interesting refund of premium clause if one withdraws from the policy: if the policyholder gets out of the policy within the first month, 75% of the premium is returned and if he opts out between 3 to 6 months of the policy, 25% of the premium is returned. In this policy, pre-existing diseases are not covered for a period of 2 policy years. Other exclusions are very similar to those of National’s Varistha medical scheme.
: a good scheme in terms of the level of sum insured and price, but the scope of diseases covered is restrictive. Another issue is that pre-existing is covered only after 2 policy years.
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Most often, when people become older, they begin to think of their estates, what outstanding debts they have, and what obligations remain in connection with any loved ones who may be affected, when they die. Some older people may have made provision while still in their youth or middle age, but time passes so quickly, that many may find themselves senior citizens before they know it.
When people become older they often think it is too late to take out life insurance policies. The perception is that the premiums will be too expensive. This isn’t always true. If you are an older person and you would like to have life insurance, it may just mean that you will have to look around more carefully to find an affordable policy that suits your needs.
In the past, insurance companies sometimes refused cover to elderly people, but today many states in the USA insist on guaranteed coverage to any person over the age of sixty three.
Therefore companies tend to offer ‘deferred life insurance’ to senior citizens. This means that should the older person not live longer than two years, the policy payment to their beneficiaries will be only the monthly premiums already paid, with interest. After two years, the full amount in the policy agreement is payable.
Over the age of 85, insurance typically becomes very expensive. If you are that age or older, you may have difficulty in finding an affordable policy. Sometimes certain companies are prepared to consider individuals on a case by case basis. In any event, it is worthwhile to keep looking, because as life expectancy is increasing all the time, it may well happen in the near future that views change and you may find the affordable policy for your age group that suits you.
You need to seek out information from all the companies you or your friends know, as well as to go online and check out the hundreds of different policies available there.
When it comes to accidents, the full amount of the policy is paid out to the beneficiaries after the fatal accident to the insured person, irrespective of age.
The monthly premium amount depends on the amount of coverage sought. It might be, for instance, as little as to per month for a fairly low policy payout. Some policies pay out only a few thousand dollars, while others may pay a hundred or more thousand dollars.
If you require a guaranteed life insurance policy, whatever your age, most companies require you to undergo a medical health examination, but there are a few that do not require this.
Some life insurance companies offer a very advantageous package that you as an older person may like. Money from your policy can be partially redeemed, should you need this to pay serious medical expenses. This can often be as much as 25% of the policy. You need to discuss this point with the company that you decide to insure with.
For details on various schemes of
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