Best Life Insurance Seniors New York
Best Life Insurance Seniors New York
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We live longer today than we ever have before.
But as we spend more time in retirement, it the less likely we’ll have enough left over for final expenses and outstanding bills once we’re gone.
Life Insurance for Seniors, Final expense insurance, burial insurance, or funeral insurance is designed to cover the bills that your loved ones will face after your death.
These costs will include medical bills and funeral expenses.
Final expense insurance is also known as burial insurance.
Unfortunately, even bare-bones funerals can cost thousands of dollars.
A final expense policy– also called burial insurance, funeral insurance, or end-of-life insurance– gives your loved ones a sum of money upon your death that can be used to cover any expenses you leave behind, such as medical bills and funeral costs.
We all know that losing a loved one is tough and that funerals are expensive.
Why Seniors should buy Life Insurance/ Final Expenses Insurance
Final Expense Insurance is often purchased with the purpose of having funds available to pay off any remaining debts or final expenses.
Final expenses may include medical bills, long-term care costs, credit card balances, loans, remaining mortgage balances, and other financial debts.
What does Life Insurance for Seniors look like? Best Life Insurance Seniors New York NY –
Life Insurance for Seniors, Burial Insurance, and Final Expense Life Insurance Policies look like this:
Whole life insurance
• Guaranteed cash values
• Fixed premium payments
• Designed for senior citizens
• Death benefits range from $2,000– $100,000.
• Simplified issue meaning no exam required.
• Easy application process.
• Often approved quickly.
• Relatively affordable rates.
Points to Consider While Shopping for Cheap Life Insurance for Seniors:
Guaranteed Life Insurance Policy:
When it comes to suitable and cheap life insurance for seniors, then experts consider the GUL policy, i.e. Guaranteed Life Insurance Policy to be the best choice.
Generally, insurance companies increase the premiums for their customers on a yearly basis.
This is definitely something to be concerned about if one is looking for cheap life insurance for Seniors.
Hence it is advisable to choose the GUL insurance plan for seniors because this policy will provide constant premiums throughout the insured’s life.
Once fixed according to the requirements, the same amount will continue for a lifetime.
Be Careful of the Type of Coverage:
Insurance premiums are hugely dependent upon the type of coverage one chooses.
If one wishes to opt for basic death benefits covering one’s funeral costs (i.e. about $15,000), then the premiums to be paid will be less, whereas if one wants coverage to support one’s family after his/her death, then eventually the premiums will increase.
Hence, in order to choose a cheap life insurance policy, one should first be clear of what one wants to be covered in his/her plan.
There are several well-known insurance companies that provide a wide range of coverage plans for senior citizens.
3. Age Matters:
When it comes to offering policies for senior citizens, insurance companies have different restrictions in regard to how much coverage they provide to seniors.
In other words, companies offer GUL only to those who are aged above 85, provided that the insurance seeker should go through a medical exam.
At such an age, reports of the medical exam can come out to prove the senior to be at high risk of illnesses and this can lead the insurance companies to eventually decline the policy.
Also, one should also be mindful of the expiration dates of the policies. GUL policies have expiration dates that usually range between 95 and 120 years of age.
Choose Insurance Companies that are Capable of Offer Claims Properly:
In looking for the cheapest life insurance for Seniors, one should not choose companies that fail to issue claims when applied for.
In other words, some insurance companies claim to offer cheap life insurance for Seniors, but they are so financially weak that they cannot issue claims when requested.
Therefore, while researching for insurance, shoppers should look for companies that are rated as ‘excellent’ by various organizations like Insurance Information Institute (III), S&P Global, and Moody. ‘A-rated’ (or even higher) are the best companies that are financially stable and can provide claims without any hassle.
These 4 points are the key factors to be considered to enjoy affordable life insurance for seniors. Now, further discussion will explain policies for different seniors in different age groups.
Life Insurance for Seniors over 60:
For seniors over 60, the choice of coverage depends on the reason for which they want coverage. If a person is looking for income replacement, then Term Insurance is the best choice.
If one has higher motives, i.e. an estate to cover, then a Permanent or Universal policy is the right option.
Universal life insurance has many advantages like a cash accumulation facility, which can benefit the insured in various ways. One should discuss with their advisor about the varied options and benefits they provide.
For people who are aged 65, long-term policies may not be available. Hence, they should search for age-specific Universal or Whole Insurance Policies.
Life Insurance for Seniors over 80:
Life insurance policies for this category become much more limited. For people above 80, policies depend upon the coverage one wants to have and their health condition.
Term insurance is not available at this age. However, options for a Universal life insurance policy are available along with the option for having annuities.
The reason for the non-availability of a term policy is the cut-off point every insurance companies follow.
Cheap life insurance without a medical exam is also available for people aged between 61 and 70.
Death benefit to about $250,000 is available for no-exam policies with a 20 years term for people up to 55, 15 years for those up to 60, and 10 years term for those up to 65 years of age.
People between 61 and 70 are also eligible for term policies providing small death benefits i.e. between $25,000 and $50,000.
People with health issues can also have no-exam policies and are eligible only for whole-life insurance policies or graded senior-term policies.
If one wants a no-exam policy, then he/she is required to answer a medical questionnaire to qualify to get any policy.
Premiums for no-exam policies are higher.
Can you get Life Insurance for Seniors with Health Issues?
Seniors suffering from serious illnesses can opt for a ‘graded life insurance policy’.
In this plan, complete death benefits are not available for the first 2 to 3 years and if the insured passes within this period of time, then the families will be getting the amount according to the premiums paid till the time of death adding on about 4 to 10% of interest.
Does 65 years 0ld need Life Insurance
Life insurance is also helpful in terms of retirement. One can enjoy cash value features in permanent insurance policies.
Dividends available may also be used to pay the premiums.
One may also borrow on the cash accumulation feature, provided that he/she pays the loans on time, otherwise the death benefit will decrease.
One may even give away a whole life policy for life annuities.
What is the Best Life Insurance for Seniors?
Final Expense Life Insurance
There are 2 different options inside a final expense life insurance… simplified issue and guaranteed issue.
Looking for an insurance option that can cover your funeral costs without undergoing a medical exam?
That’s exactly what final expense life insurance is about! All it takes is to answer a simple health questionnaire. Its unique feature? Everything related to your death will be covered… (coverage ranges from $5,000 to $25,000)
Let the costs include:
Medical Expenses
Funeral
Cremation
Flowers
Burial
Headstone
The con of final expense insurance is its high premium costs compared to the low coverage it offers.
However… since this policy only covers people between 50 and 89 years old, it fits perfectly well for seniors who want to take the financial burden of death off their relatives.
Most of the final expense policies turn out to be a simplified issue option… but if you fail the health questionnaire, you’ll be given a guaranteed issue option.
And that’s what we’ll explain next…
Simplified Issue Life Insurance
Usually, before getting approved for life insurance coverage, you must undergo a medical exam for the insurer to determine your health and the overall risk they run if they insure you.
For those healthy people who are in a hurry, they’re lucky that the simplified issue of life insurance exists, as they don’t need a medical exam to get insured – but a health questionnaire must be answered, though.
It’s a normal health questionnaire… nothing to worry about.
Questions that could come up:
Do you smoke?
Do you drink alcohol?
Do you have a chronic disease?
Etc, etc.
This process is WAY faster than having to take a medical exam… and for people with poor health, more likely than not they’ll still be asked to undergo a medical exam.
So, basically, this option is for people with average to good health who need insurance as quickly as possible.
What’s the con of a simplified issue of life insurance?
It’s more expensive than term life insurance because there’s no way to measure precisely how healthy you are. So, insurers take more responsibility and risk when providing you with insurance.
And even though you might think this option is above your means, remember you can Request A FREE Quote and talk to our expert advisors.
You’ll be given the best insurance options according to your needs and budget. It’s always helpful to get advice from experts in the industry… and much better when it costs NOTHING!
Guaranteed Issue Life Insurance
A guaranteed issue is an evolution of the simplified issue. Besides not going through a medical exam… you don’t even have to answer a health questionnaire at all.
What matters to insurers is that you pay your premiums according to your contract and they know your:
Age
Gender
Province of Residence
And…
That’s it!
Of course, insurers run a holy BIG risk offering this option, but remember…
The less they know about you and your overall health, the more you’re likely to pay for your premiums.
It could be considered a basic law of the insurance industry…
This option is very attractive for any elder with declining health who is easily denied other life insurance options that require medical exams.
Imagine an elder whose funeral might cost a few thousand dollars… he’s looking for a short-term option with funeral coverage. Guaranteed life insurance could cost around $200 monthly for a $10,000 coverage, so there’s no doubt it’s a great option for him!
If what you’re looking for is a cheap policy and your overall health is good, you can easily find another option at a better price. If this is your case, the first 3 options we talked about might be of your interest… go and check them out again!
Remember you can talk to an expert advisor for FREE to find an awesome deal… with great benefits… and a good-looking price.
Best Life Insurance for Seniors over 65,75,85 Quotes Online
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So, whether you’re ready to make a decision or not, here’s the link to get advice from our experts in the industry.
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