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Life Insurance For 65 And Older

Are you a senior who's having trouble buying a life insurance policy? Finding affordable life insurance when you're 65 years old can be more complicated, but there are still viable options. Learn about some types of life insurance that are available to seniors in the guide below.

65 life insurance

Life Insurance Polices Ideal for Seniors

Seniors have unique needs when it comes to life insurance, and may find it difficult to purchase certain types of policies due to their age, health condition and other factors. Below are some life insurance that are worth looking into if you are 65 years or older and don't think you can qualify for a traditional, fully underwritten policy.

Simplified Issue Life Insurance

As we get older, we may develop health problems. Traditional life insurance policies — whether term or permanent — require a medical exam as part of the application process. This is so the company can evaluate your risk as an applicant by uncovering any major health issues. A medical exam can be problematic for older applicants.

Simplified issue policies eliminate the medical exam and only require you to answer a series of health questions. This can be an attractive alternative if you don't want to take a medical exam and are interested in getting approved faster but don't have major health concerns. Issuance of the policy may depend upon answers to health questions set forth in the application.

Keep in mind that simplified issue plans usually don't offer death benefits as generous as those offered by a fully underwritten, traditional policy. Simplified issue plans are usually more expensive, too.

Guaranteed Issue or Final Expense Life Insurance

If you have major health issues and don't think you can qualify for a traditional or simplified issue policy, you can consider purchasing a guaranteed issue life insurance policy. Like a simplified issue policy, there's no medical exam. But a guaranteed issue policy omits health questions, too. Guaranteed issue policies might also be called "final expense" policies because the death benefit is much lower than that of a traditional policy — usually around $20,000 or less — and are enough to cover final expenses.

Guaranteed issue policies are usually only available to applicants within a certain age range (45-85, for example). Premiums tend to be more expensive than those of simplified issue policies. And these plans may have a graded death benefit for an initial period of time — if you die within a specified period of time after the policy is issued (usually the first two years), your beneficiaries won't receive the full death benefit.

Over 65? Get a Life Insurance Quote

It helps to get some professional advice when you're searching for a life insurance policies. A knowledgeable life insurance agent can help you find plans that may be a good fit for your needs. Call an agent today at 800-966-7169.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected. 

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Sources:

Policy Genius: https://www.policygenius.com/blog/what-is-simplified-issue-no-exam-life-insurance/

Policy Genius: https://www.policygenius.com/blog/is-guaranteed-issue-life-insurance-worth-it/

 

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.  

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

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