Senior Life Insurance plans are always whole life and hence the death benefit is given upon the demise of the insured regardless of when the person dies. The cash value is also built in whole life plans. The benefits will never vanish while the premiums will remain the same. The policy also can only be cancelled in case of non-payment of premiums. The policy will either have a limited benefit or immediate benefit and will depend on the plan that is selected. However the availability of the plan and the features will vary from one state to another. There are some of these options that are given below such as:
Limited benefit plans for senior life insurance:
- Accidental death benefit rider
- Guaranteed issue whole life insurance policy
- Graded whole life insurance policy
- Easy issue whole life insurance policy
- Modified whole life insurance policy
- First diagnosis cancer lump sum limited benefit insurance
Immediate benefit plans for senior life insurance:
- Joint first to die standard whole life insurance policy
- 20 pay standard whole life insurance policy
- Standard whole life insurance policy
- 10 pay preferred 5% growth whole life insurance policy
- Preferred whole life insurance policy
- Super preferred whole life insurance policy
Significant features of senior life insurance:
- Anyone between the ages 0 and 85 may apply
- Medical exams are not required. issuance of policies might depend on the answers given in the application
- Premiums remain constant
- $1,000 to $30,000 given in protection amounts
- Benefits remain the same
- Buildup of cash value and also has loan value
- Availability of optional accidental death benefit rider
- Cancellation of policy only on non-payment of premiums
Senior life insurance has been continuously reinventing and expanding. There are various products on offer to meet individual needs. Although there are many plans, all of them are not available in every state. Every senior citizen over 65 years of age can avail a lot of offers from various insurance companies.
The guaranteed Universal Life coverage is very affordable than term insurance. There are also companies that have different sets of underwriting guidelines (one for those below the 65 – 70 age groups and one for the ones who are over that age group).
There are some of the insurance companies who are flexible on the levels of cholesterol, blood pressure, etc. Some companies also don’t bother about the family history of cardiac ailments or cancer while they are underwriting for senior citizens.
The insurance industry is a very competitive one and such changes in underwriting procedures will also spread to the other insurance companies as well. Senior citizens who already have life insurance must take a serious look at the best insurance rates that are available. This is the best time to purchase insurance and one might be able to save a significant sum of money. They may even get a policy with better benefits. The best way to shop is online as you can obtain multiple quotes and do a comparative study.
