Available Life Insurance Options For Elderly Above 70

Ever wondered what will happen if your life is not kind enough to give you sufficient time? What will happen if one day you are left with a few moments to say goodbye to your family and see them for the vey last time? All you can think about in your mind is about how will your family will survive without you? In order to ensure that the education of one’s kids and other financial matters of one’s family after your passing keep on running smoothly, you may want to consider investing in a life insurance plan.

Insurance products allow your family to continue life smoothly after you, the sole bread earner of your home have left for your next journey in the spiritual world. The person who holds an insurance policy keeps on paying some amount on a regular basis. After the financier dies, the whole amount is given to the family so that they can carry out their life processes smoothly with enough finances.

Life Insurances are of various types for various people and are very important for everyone regardless of their age, gender, family size, financial class, etc. Whether you are 27 or 70 years of age, if you earn and have a family that is dependent on you, you must buy an insurance policy as soon as possible if you don’t have one right now.

It is commonly believed that only people younger in age or in the early years of their earning life can gain benefits from the life insurance contracts. This is a complete misconception as even people in their late 60s and 70s can also buy such insurance policies that can assist their families after their death. Here are some most common and easily accessible insurance contracts people older than 70 years of age can undertake to secure the lives of people that will be left after their death on the verge of financial issues otherwise. Check out some available life insurance options for elderly above 70.

1- Term Life Insurance

Every human is a mortal and we must not forget this fact for even a second that sooner or later, we all have to die. Even though there is no fixed age or time for all individuals to die, old age is usually perceived as more closely towards the dead end. Once you successfully enter your 60s, life starts seeming a little shorter day by day.  When a person is buying an insurance plan for himself or herself in his 30s or even 50s he needs a longer plan as he does not consider himself dying soon. But while you are buying any life insurance plan in your 70s, you don’t need a very long plan. In such cases, buying plan for next 10-20 years is usually more than enough. These short-term policies are called as the term insurances and they have an expiry date written on them. Another benefit of buying these term insurances is that they are less costly as compared to other types of insurances and are follow and easier roundup method to be granted. In case of term policies, the beneficiaries will surely receive a death benefit if the person insured dies during the tenure of the policy effectiveness.

2-   Guaranteed Acceptance Life Insurance

This type of life insurance policy is especially suitable for those people who do not want to undertake any medical test before buying any insurance. The only requirement this policy has is the age limit and sometimes the nationality of an individual. Such insurances are usually subscribed by the people who are addicts of tobacco and other drugs as this policy never penalizes you for your tobacco usage, alcohol consumption etc. For adults and elderly people having chronic or even minor health issues, this policy is the most suitable one and can be very easily bought without needing to answer even a single medical question. Guaranteed Acceptance Life Insurance policy promises to pay your outstanding medical bills, funeral expenses and other bills after your death.

3- Final Expense Life Insurance

This type of insurance policy is also sometimes referred to as the burial insurance policy. As obvious by its name, this policy covers all the expenses and other finance-related issues of the holder after his or her death. It covers the burial costs, any hospital expense or rent left unpaid and other such unpaid bills of the holders. It only differs from the guaranteed insurance policy that the person might be asked about medical history and in some cases has to take a medical exam too.

4- Guaranteed Universal Life Insurance

A G.U.L is usually the easier and cheapest insurance policy for older people that promise best coverage in lowest rates possible. This insurance policy is customizable to a large extent and hence suits various sorts of budgets people can manage. This is very different from other life insurances for older people as the cash value paid by the holder in initial years is later used to normalize the increases in premiums in later years and keeping them down the line. You can add flexible premiums, benefits, and growths in this policy whole customizing so as to meet your needs and budget both.

5- Survivorship Life Insurance

This type of life insurance is also called Second to die policy. This policy is best suited for old age couples for an advanced financial planning.  This insurance policy only pays for the expenses of the holders when both have passed away. This means that there is a lower risk of paying out sooner by the holder as compared to other cases thus holding the costs for the buyer for longer times. It is a relatively complex policy and needs a lot of advice and considerations before signing.

However, always remember that the sooner you buy an insurance plan, the more are the chances of benefits to your family after your death.

 

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