Life insurance coverage is perfect for everybody, senior citizens need not be excluded from this group. There are a lot of people that think that once they are a senior, they no longer need life insurance, but that’s one of the worst mistakes that you could make for your family.
There’s lots of myths about life insurance coverage, especially for senior citizens. People accept the things they hear at face value. Some of these mistakes could be extremely costly for your loved ones. It’s our mission to ensure that everyone has the life insurance that they need, we are going to explain these myths and show you how they are false.
Listed here are typical misconceptions about life insurance for Seniors and what the truth actually is:
1. Senior citizens Can’t Get Life Insurance Coverage
While not all insurance companies will offer you life insurance coverage, many carriers offer life insurance coverage for the Senior market. If you do some simple research you will see there are plenty of final expense insurance companies for things such as burial insurance for seniors, and even those who offer guaranteed issue life insurance.
So you might not have the ability to obtain the cheapest possible premium, but when you want to be covered, you’ll generally have the ability to secure an insurance policy that matches your budgets as well as your needs.
This myth couldn’t be further from the truth. There are plenty of options for life insurance coverage for seniors, regardless of health or age you should be able to get the coverage your family deserves.
2. Senior citizens Have No Need For Life Insurance Coverage
This is probably the most unfortunate of all of the misconceptions we learn about senior life insurance coverage. Lots of people will ask senior’s: Why do you want life insurance coverage anyway?
When you reach a certain age or have retired you may not need that Term Life Insurance Policy you purchased 20 years ago. Sure it’s cheap , but it is going to expire. Why not cancel the policy now and put that money towards a policy that will last a lifetime.
A small whole life policy is all you may need. These policies cover your final expense costs. All of your small debts and final expenses can quickly add up to a heavy burden for your loved ones to cover. Don’t leave that financial strain to your family. Make sure that they have the insurance protection they need.
You may also utilize it to assist offer other outlays, for example estate taxes. Everyone wants to leave their loved ones a sizeable financial gift or heritage after they pass away, but taxes and fees can quickly eat away at those gifts. A life insurance policy is a great way to offset those taxes and ensure that your family is getting the gifts that you wanted to leave behind without Uncle Sam taking too much.
3. I Can Not Get Life Insurance Coverage If I am Sick
The fact is that a good broker will have multiple carriers that deal with multiple health situations. Of course the premiums could be expensive , but if you want some coverage , even if it is only $5,000 in coverage, plans are available , regardless of health. There are no medical exam life insurance policies that are available if this is something that interests you.
There are a lot of companies that have experience working with applicants that are considered “high-risk” because of their health or pre-existing medical conditions. These companies are more favorable towards these applicants and will offer quality insurance at an affordable rate. It’s all about finding the perfect company for your specific situation.
4. The Only Real Life Insurance Coverage Available Is Whole Life Insurance
Although it can get expensive, Term Life Insurance coverage, for most carriers, will be available to those that are under 65. If you are near your 65th birthday and are in need of a small 10 – 15 year Term Life policy , and you want to keep your premiums low, then you can apply for a Term Life Insurance plan.
Term life insurance is the most affordable option for life insurance. As long as you are under 65 (some companies allow older applicants), you can find a company to accept you for coverage.
5. Life Insurance Coverage Costs a lot of money
While everybody looks carefully at the expense of insurance, the fact is that you may be surprised how inexpensive life insurance coverage really is. A lot of us greatly overestimate the cost of buying life insurance.
There are dozens of different affordable insurance options for seniors of any health. Our agents can help you compare the rates of some of the most highly rated companies across the United States. There are plenty of companies that offer cheap burial insurance policies to give your family financial protection.
If you are searching for a quality Burial Insurance Plan to pay for funeral costs or just to assist your loved ones once you move ahead, consider Funeral Expense Plans.They are a great option for a lot of households to get simple coverage that can give your loved ones the financial protection that they need. With a burial insurance policy, you can get a small policy that will give you the peace of mind knowing that your family will be taken care of, regardless of what happens to you in the future.
If you have any questions about life insurance or a burial insurance plan, please contact one of our agents today. Don’t fall victim to any of these common myths about seniors and life insurance. Not having adequate life insurance can have dire consequences for your loved ones.
We’ll assist you in finding the insurance policy you heard right for your requirements and budget, and provide you with quotes rapidly and simply. Life insurance coverage is really a tough subject: Don’t allow it compromise your family’s need. Call us today at 1-888-389-8676.