The Availability Of Purchasing Over 50 Life Insurance
Funeral expenses are rising at an alarming rate
. As a young adult, this fact has probably never crossed your mind. There is way too much living to do to even think of death. Yet as we age, these things begin to creep up on us and concern takes the place of complacency. It was never our intent to leave this concern in the hands of our loved ones. Are we to remain uninsured, or is there such a thing as over 50 life insurance?Often, physical illness of some sort is all a part of the aging process. We may have made the decision at one time to purchase term life insurance due to its low cost. But now when we need it the most, it has expired leaving us with nothing to fall back on. With little foresight as to how things have changed, insurance companies remain stolid in their belief that older people will have debt paid off and not need insurance. We could have a policy reissued, even though the cost has increased with age and all medical problems have to be documented by a doctor. Even minimal health issues will increase the premium and very often people cannot afford even this lower cost coverage.
The advancement in medical procedures are the main contributing factor to the added longevity of most people. Along with advanced age, people are feeling better and purchasing more things, so debt does not automatically decline with the advancement of age. Many of our elderly are living on smaller incomes, and added debt, even for insurance, is often more than can be afforded. Final expense, or guaranteed life insurance have been the answer many have been searching for.
These policies operate similar to a whole life policy. All the holder has to do is make sure that premiums are paid on time and the policy will never lapse. You can find solace in the fact that your loved ones will not have to incur your final expenses.
Whether you are over fifty years of age or a member of the older senior group, all are eligible to purchase coverage that requires absolutely no physical exam. Age is the deciding factor of the premium amount and once levied, it will not increase. The two kinds of coverage that you have to choose from are simple and guaranteed issue policy's. Although you cannot purchase an amount as high as one you could have chosen at a younger age, there are amounts more than sufficient to pay burial costs, cover personal expenses, and even have some left as a gift to those you leave behind.
No medical questions whatsoever are asked for the guaranteed medical issue policy. In return for this, there are some limitations imposed by the carrier. You coverage will be limited for anywhere from twenty-four to thirty-six months. During that time period, if a person should happen to pass away interest will be added and all premiums will be returned to your named beneficiary.
The simple life policy follows suit with no required medical exams but they do ask some medical questions in regard to your general health. It is highly advised that all questions be answered truthfully. Most are typical of older age and they will not deter you from getting the policy. In fact, most are never turned down for acceptance. It would take a terminal illness to meet with coverage denial.
Pennies a day can easily be set aside to cover the cost of a small premium where the large sum of money needed to cover burial would be difficult to come by. Our loved ones have enough to deal with in the loss of their loved one. Don't add to that anxiety by having them wonder how they will ever be able to pay to give you a decent funeral. Don't delay in procuring coverage a minute longer.
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