Life Insurance for Elderly Over 65 No Medical Exam:
A citizen who has exceeded the age of 65 will definitely face a few issues. A variety of services (depending on the countries they live in) may become unavailable to citizens over the age of 65. However, with the help of life insurance for elderly over 65, most of the issues can be handled.
There are many choices of life insurance for seniors over 65. So, prior to deciding on which life insurance for elderly over 65 to take up, it is essential for you to understand clearly, what each policy offers.
Seniors over 65 will have two basic types of life insurance policies to choose from.
A policy that lasts for a certain period of time (phrase plan).
This policy will be available to a person for a particular time limit. This type of policy is also a policy that is not expensive and quite affordable. If you happen to have huge debts such as house loan, automotive loan or credit card balances, then this phrase plan will be able to compensate off these debts if you are gone. However, keep in mind that this policy will only protect you until up to a certain age. Since many insurance agencies protect a senior citizen until the age of 85, you will only be protected for 15 to 20 years if you are over 65 years of age now. For instance, if you are 67 now, you will be protected under this phrase plan for another 18 years; until you reach 85 years of age.
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A policy that lasts throughout your life (protection plan).
Most citizens at the age of above 65 will much likely be free from debts like house loan, automotive loan and credit card balances because they would have compensated off all these debts throughout their working lives. However, if they are interested in taking a policy of life insurance for people over 65, this protection plan would be the better option. This protection plan focuses mainly on a senior citizen’s spouse, children, and his/her last costs. Unlike the phrase plan, the protection plan protects a senior citizen as long as he is alive. For instance, if you are 67 now and you happen to live until the age of 95, you will be protected for the whole 28 years. There will be no age limit on this protection plan.
Most people interested in life insurance for elderly over 65 will surely have a number of health issues. They may include diabetes, hypertension, high cholesterol, and at times even cancer. Having these kinds of health issues will bring down the rate of one’s insurance policy. Hence, if you are above 65 and in need of life insurance, you could look for the option of ‘life insurance over 65; no medical exam’. There are many agencies out there that do not require medical tests prior to providing life insurance. Thus, you will be able to get a good rate.
It is important to plan your budget well and take up the life insurance for seniors over 65, with the policy that is most favorable to you.