Purchasing life insurance for seniors, especially those beyond the age of 70, should not be as complicated as you may think. Although some insurers may ask for higher premiums and other fees, the extra charge may be very well worth it, as your insurance needs may be much more than the average worker 50 years old or below, for example. What you will have to identify before you buy a life insurance policy is similar as to what you would ask as a younger buyer: how much coverage is offered, and how long the plan will be in place.
If you are over 70, there are some things that you have to receive from your life insurance coverage. For one thing, the plan should be able to provide you with immediate coverage, which simply means that should the policyholder pass on soon after the policy is implemented, plan beneficiaries will receive the full value as stated in the insurance contract. Keep in mind that cash value can be a nice bonus, but it should not be the main reason why you sign up with a provider for a certain insurance policy. Some experts say that policies providing full endowment will give the senior or any plan beneficiaries the full cash value of the plan once the policy reaches maturity or end-of-term. However, this may not exactly be a prime advantage as the cash value, in comparison to the face value amount, may be subject to considerable taxes.
In this case, you or your beneficiaries may feel the disadvantage if an expected tax-free policy payout turns into a taxable amount if you live beyond the end of the term of the policy. If you outlive your whole life coverage, for example, you should try to request a coverage extension, rather than take the cash payout.
For older seniors who are more likely to require extensive assistance due to a chronic illness or serious disease that could be aggravated by age, purchasing an insurance policy that comes with a terminal illness rider may be beneficial. This rider often comes at no extra charge if you request for its inclusion in your coverage. This type of insurance policy rider that specifically applies to life insurance for seniors can give the insured retiree access to part of the face amount prior to his or her passing on if he or she suffers from a diagnosed terminal disease.
Katherine Smith is an author who specializes in financial topics concerning seniors. Puritan Financial Group gives seniors professional retirement income planning advice and life insurance products. For more information on how Puritan Financial Group can help you, please visit our website at http://www.puritanlife.com/products/life/life_insurance_for_seniors.
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There are different types of life insurance available to everyone. It is a vital need that a person should attend to. But before you select one however, there should be a life insurance comparison.
There are several factors to consider when getting an online life insurance quote:
You have to consider your age. If you are older then you should opt for a life insurance that can be used earlier and that gives protection to your family and your loved ones.
Select an insurance that has the same benefits for males or females. There should be no discrimination between the two genders especially regarding benefits.
Go over the benefits carefully if all that you needed covered is included. Opt for an insurance that gives you longer benefits even if the amount is a little bit lower. It is better to have a lifetime protection in a slightly smaller amount than having a few months of high end living. You should also consider the benefits for your beneficiaries. What are the things granted to them? Are they any good? Is it a lifetime benefit?
Choose an insurance that could be flexible. Usually, you will change your status. Flexibility is very important when you do. You could adjust your premium easily and your beneficiaries would be considered without going through the tedious process of applying for a new life insurance.
5. Price of the premium
This is one of the major considerations when shopping for an online life insurance quote. You cannot choose a life insurance that you could not sustain for long. Maintenance of your premium should be of utmost importance. Select an insurance that has just the right premium for you that which you are certain you could pay until its maturity.
There are four major types that you could do a life insurance comparison.
1. Variable Universal life insurance
This insurance offers flexibility. It has also a market value. Death benefits are granted and you have access to money. You could invest your money and earn, but you will be in charge of investing your own money, so if you have invested wrongly then you will be losing money than earning. Its imperative therefore that you know how to do so wisely.
2. Term Life Insurance
Based on life insurance comparison, this life insurance has no other benefits except the death benefit and tax deductions. This is ideal for people who have only little to spare to pay for the premiums. This however is not advisable if you have the financial ability to pay more, because you no longer have protection once the life insurance expires.
3. Whole life insurance
This insurance is not flexible and market participation is not allowed. The advantage of this insurance is that it has a death benefit and a tax deduction. You have also access to money and the benefits last as long as you are alive. If you are wise to do a life insurance comparison, then this would be a good option for a not so expensive but appropriate life insurance.
4. Universal life insurance
A life insurance comparison is important when you want to choose what is best for you. This life insurance option would earn you money regularly. It is also flexible and could be adjusted according to your desire. There is also a death benefit. Tax deductions are also implemented. In this type, you could earn from your insurance.
Choose wisely and appropriately. Conduct a life insurance comparison first before finally deciding. Make sure you check the AM Best ratings on the companies when you get your online life insurance quote. Consider these three most important factors, affordability of premium, flexibility and insurance benefits.
If you are shopping around, now is the best time to get quotes from car insurance companies. While they all claim to have the best rates, it really all boils down to how they determine your rates, your driving history and what kind of discounts you may be entitled to.
First of all, gather all of your information together so that you are prepared. The make and model of your car, your VIN number (it is in the front windshield of your car), your driver’s license, social security number and license of your vehicle are just the beginning of what you should have on hand.
If your spouse is going to be on your policy you will need his or her information as well. Try to think back and remember if you have had any traffic tickets or any type of moving violation in the last three years. If you have you will need to know the month and year so your agent will be able to determine how much longer it is going to be on your driving record.
You can search online for insurance quotes or call around to some of the local offices of the bigger national companies.
Make sure you check with your agent as to what the minimum liability requirements are for your state. It is mandatory that you carry at least this level of insurance coverage to drive in your state.
Ask your agent what criteria they use to determine your car insurance rates. Some companies factor in your credit rating. This is fine if you have a good credit score. But if you have had some financial problems in the past you may want to shop around for a company that doesn’t use your credit score.
Some companies actually base your car insurance rates on your level of education and your profession.
Be careful here – some insurance companies believe that the more educated you are the better driver you are. This may be true in some cases but it is still an unfair generalization that shouldn’t cause you to pay higher rates than someone else just because of the type of work you do.
Make sure that your insurance company offers discounts to help defray the rising cost of insuring your vehicle. Almost all companies have some options and reward their safe drivers for keeping their records clean and saving them from paying out on a lot of costly claims.
If you like the convenience of working with an online company then check out the large number of reputable companies that are on the internet. If you still feel more comfortable dealing with a real live agent on a one on one basis, make an appointment and meet with a certified insurance agent in your area.
You should see if your insurance company gives a discount for having all of your insurance needs with one company. Having your car, life, health, homeowners and or renters insurance all at once will save you money as well as time.
Obtaining free auto ins quotes is the best way to find the cheapest insurance policy available. There’s no charge for getting a quote, since it is merely an estimate and the insurance company isn’t out any money if you don’t accept the quote. These quotes are often computer generated, so it only takes a matter of minutes for them to be figures.
When using an agent as a resource for insurance quotes, a variety of prices can be obtained at one time. This process is generally the quickest way to get multiple prices in a short amount of time. Not everyone is able to make an appointment with an insurance agent, so the option to get quotes from online sources might be more appealing.
A multiple number of quotes can be gathered at once, but only from certain sites. Most well-known insurance agencies offer quotes only for their own company.
To get a number of estimates from different companies, then specific sites are needed for these comparisons. Whether the quote is received from an agent, an online site, or a website for multiple quotes, the questions that need to be answered are basically the same.
There are questions about the car to be insured and the person who will be driving it. If there is going to be more than one vehicle or an additional driver added to the same policy, then information for the extra car and driver need to be added as well. Personal questions asked about the driver include; name, residential address, email address, social security number, and phone number.
As for the vehicle on the policy, details needed on this same form include; model, make, and year of the car. Safety features found on the car can also be added, which will most likely help the policy holder to get a discount on the premium amount. Having a newer vehicle with air bags, automatic seat belts, anti-lock brakes, or an anti-theft device installed can drastically lower the monthly insurance fee.
Other discounts can also be received, but only if this quote form is filled out correctly. There will be questions about the driving history of the potential policy holder, which can include past parking tickets and various traffic violations. Having a great driving record usually counts for something, when it comes to being able to get a lower premium amount.
Most car insurance companies will provide veterans with lower cost auto insurance, as well as a few other occupations, but it will depend on the company. After the form as been completely filled out, it is submitted to the company or companies. Once the form is received by an online agency, the quote or quotes are then sent out to the email address provided. When working with an agent, he/she can read the quotes directly from his/her computer system.
It may take some time to fill out the necessary questions when getting free auto ins quotes, but getting the actual quote is very quick. This is a great way to weed out the most expensive companies and focus on choosing the lowest priced policy that offers just what you need.