The renowned philosopher and statesman, Benjamin Franklin, famously proclaimed, “Nothing is certain in this world, but death and taxes,” which compels thinking individuals to strongly consider get yourself ready for the inevitable: death.
Since death is unavoidable and we must die eventually, why not be equipped for it, say wise men (and insurance agents).
So, although it is true that savings, pension plans and contingency funds are all good, old-fashioned tools for ensuring financial security, in the rapidly changing world of technology, wars, natural disasters and changing global economies, it is prudent to combine financial security with cash returns. This is where senior life insurance plans play an important role in providing the necessary financial freedom for individuals aged 50 plus.
Although it is true that buying life cover at a younger age means paying lower premiums, because most factors that affect policy costs, like health and high risk lifestyle factors, are in optimum levels, there are many top rated insurance firms that specialize in senior life insurance plans.
These are also referred to as’guaranteed acceptance life insurance’policies by some providers, since they’ve minimal requirements for senior applicants, which can be met easily by individuals over 50.
However, if you are keen on buying affordable life insurance policies for seniors, remember that not absolutely all companies offer the exact same features, benefits, add-on covers and costs find life insurance online. So, check out the individual plans offered by top rated life assurance providers and clarify with the insurance agent about any riders you are unsure would benefit your financial goals.
Buying Senior Life Insurance Plans? Remember these tips to buy a reasonable plan!
• Ensure you meet up with the minimum qualifications for the senior life cover plan when you apply for this sort of policy, which typically covers people aged 50-75 years which can be residing in the area included in the company.
• Clarify your policy commencement date with your insurance agent to avoid misunderstanding, as buying your policy online usually means your coverage starts from the full time you’ve completed formalities of the registration process and made the mandatory initial payment. However, if you are to buy a policy via the conventional medium, like over calling or personally, the insurance broker will confirm the date your policy starts and this might take a bit more time than an on the web policy.
• Focus on the duration of coverage you select, because most senior life insurance plans cover you till the full time your premium payments are up-to-date. However, if your premiums lapse, you are not eligible for any advantages of the company. So, it is advisable to include a premium cap option, which means you don’t need to cover any longer monthly premiums than the coverage you expect to get; this way, you remain covered for the rest of your life.
• To get affordable life insurance for seniors, choose an idea that lets you pay premiums centered on extent of coverage. This will enable you to fund a life cover plan that you can afford to buy comfortably at the time you apply for the policy. Alternately, you are able to opt for the premium cap feature that only requires you spend premiums till you meet your coverage amount. So, either way, you can control the expense of plan.