Senior Life Insurance

Life Insurance For Seniors - Guaranteed Vs Simplified Life Insurance For Final Expense And Estates
By Marilyn Katz

If you are over 50, or if you care for an elderly person, you have probably noticed ads for senior life insurance policies. Sometimes these are called guaranteed issue life or simplified issue. Sometimes the products are called final expense or burial policies, or sometimes they are marketed as a way to pass on a tax free estate to survivors. No matter what term is used, these are probably talking about a small face value whole life insurance policy. They are designed to be easy for older people, or people that are not in perfect health,to be able to apply for. By small face value, I mean that they usually provide coverage for $2,500 to $25,000.

A guaranteed issue life insurance policy sounds attractive, and for some people it can be the right choice. Basically, the company uses a waiting period instead of health questions in order to issue the policy. The insured person usually has to survive for a term of two or three years, depending upon the policy. If the person survives that period, then their heirs are entitled to the entire face value of the policy. If not, the beneficiaries will get back the premiums paid plus a set interest rate. If an older person, or a person in imperfect health, cannot be accepted by any other insurance policy, and if they feel they need life insurance, then this is certainly a no-lose contract.

However, guaranteed policies will be the most expensive per every thousand dollars of benefit. The small face value is what makes them affordable. On the other hand, simplified issue life insurance will pay an immediate death benefit. As soon as the policy is issued, the insured person is covered for the whole amount. Premiums will usually be cheaper too.

You will have to answer health questions, but they are not as intrusive as fully underwritten policies. In general, people within the age limits, who have not been diagnosed with a terminal disease and who do not live in a nursing home can qualify.It would be better to have a contract with an immediate death benefit, and with a cheaper premium, if you can qualify for it!

Now consider the reason you might purchase senior life insurance, either for yourself or for aging family members. If you are not clear how funeral expenses would get paid if a person passes away, then a few thousand dollars of coverage may be an affordable way to plan for final expenses. Money can also be used to travel, transporting a body, and to settle debts. Leftover money from the policy can be kept as an inheritance by the beneficiaries. Most of the time, the payout will not be taxed either.

Sometimes people buy these type of policies to make things fair between multiple siblings. Consider an elderly parent with two children. Let us say, for example, that one of the children will inherit a valuable family heirloom. The other child will be names as a beneficiary on a policy so they may have cash instead. In this way, a parent can try to be fair to both children.

Compare no medical exam life insurance for seniors with our fast, safe, and free online quote form! Also read more about guaranteed issue and simplified issue life insurance choices.

http://www.nomedicalexam.net/no-medical-exam-life.html

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Life Insurance For Senior Citizens and Over Fifty

Over 50s Life Insurance Made Affordable and Simple to Buy!
By Marilyn Katz

Has Your Life Insurance Expired?

Senior citizens, or even people in mid life, may find themselves without life insurance. When they were younger, they had life insurance. The policy may have been through work, or it may have been a term life insurance policy. Now they are retired, employed with another company, or their term policy expired, and they have no coverage on their life. The theory behind term life insurance is that it will cover a person during the years when they have children at home or a mortgage to pay off. After that point, in theory, obligations will be less and savings should allow the person to have enough money to cover their lives if they pass away.

However, we all know that life does not always work out that way. Sometimes the kids do not become self sufficient as young as they should have, or jobs are lost and mortgages are refinanced or extended with home equity loans. For a number of reasons, a middle aged or senior adult may find themselves with outstanding obligations, little savings, and outstanding obligations they do not want to leave behind if they should pass away.

Some obligations may be debts or mortgages. Some seniors understand that funerals can cost thousands of dollars, and just do not want to leave that bill to their children. Even with a pre-paid funeral plan, other bills always come up after a loved one passes away. Some mourners may have to travel or take time to make arrangements. Sometimes the body has to be transported to the funeral home, and that will be an extra expense not covered under the funeral plan.

On the other hand, an older person may have savings to cover funeral expenses and have their mortgage paid off. They may not be worried about how their spouse will live, or if their children will have to pay for a funeral. But they may just want to leave an estate to their spouse, children, or grandchildren. They know that life insurance benefits are usually tax free. They would like to leave a college fund for their grandchildren, money to fix up the house to their spouse, or they may even have more substantial obligations. For instance, many life insurance policies are used to buy out some beneficiaries from ownership in a business. If they have a business partner who wishes to keep a business, or if one child will inherit, it is a way to pay the other beneficiaries for their share.

Senior Life Insurance and Final Expense Insurance

Many life insurance companies are responding to the need for life insurance company for older people. They created senior life insurance, final expense policies, and even policies that can be issued regardless of current health! Some of these policies have an immediate death benefit, though the guaranteed issue life insurance policies may have a waiting period that is used instead of health questions. However, even if an insured person dies before the waiting period, these type of policies will pay back the premiums with some interest. So, it is possible for almost anybody to find life insurance today!

Learn more about your different options for Over 50s Life Insurance, and then run a fast, safe, and Free Senior Life Insurance Quote.

http://www.247quoteus.com/over50s-life-insurance.html

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