Young married people with children take life insurance policies to provide security to their children after their death. There are many elderly people also whose children are grown up and self supporting. Do these people need to invest their money on any kind of life insurance policies? The answer is yes. There are several reasons for the elderly people to buy life insurance policies.
Not every elderly parent is lucky to have their children with them in their old age to take care of them. There are some parents who don’t have children and they should have some funds aside for their funeral expenses.
If the elderly people have huge debts, the funds from the life insurance policies can be used to pay them off.
Elderly people should consider for life insurance policies to provide a tax free inheritance for their heirs
Extra funds will always come handy when you have some unexpected emergencies or for raising grandchildren and provide their needs.
Elderly people can feel confident if they have some sort of investments and live the rest of their life with pride.
Low cost life insurance policy.
Unfortunately, the rates of life insurance policies are higher for senior citizens because they are a higher risk. To find a low cost life insurance policy, search on the internet where you can compare different insurance plans and their rates. You can simply fill out the online questionnaire and receive quotes from reputed A rated companies. There are chat features on the insurance comparison websites so that you can clarify your doubts with the professionals and choose the right kind of policies. In addition to the cost, some other features you should look for include:
- Look for the guaranteed renewal of the policy.
- What are the requirements of the renewal policy? Like, do you have to undergo a new medical test before renewing the term?
- Look for the premiums for the full term of the policy. Is it going to be fixed or flexible rates?
- Look the accelerated death benefits in the policy. These added features are definitely helpful for the investors.
- Look for the premium terms and if they are going to be waived off in case of any disability.
When does the coverage start after buying the plan? Some insurance companies delay full coverage for up to three years. If the insured dies during this time, the beneficiary receives a refund all premiums plus interest.
This entry was posted on Friday, March 28th, 2008 at 7:01 pm and is filed under Insurance, Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
The features list at the bottom of this post was rather helpful and interesting to read. I will have a look around some more here but this looks like a great blog.
On a side note I was curious where you got those charts for the sidebar. I supplied my email with the post if you could let me know I would greatly appreciate it.
-Scott
i believe that people of old age should actually have higher insurance because, although they could decease soon, they need to be able to pay hospital bills, retirement, and much more along the way.
CAN I GET LIFE INSURANCE OR DO YOU KNOW WHERE I CAN GET LIFE INS. FOR MY MOTHER AGE 89 SHE NEVER DID APPLY FOR ANY AND I WAS JUST TOLD!
Need life insurance for elderly mother
As one stops to take a breath and reflect we should re-calculate or reassess where we are financially. This usually requires a change to the life policies we have in place. It’s worth the time to check the changing financial risks.
Many UK Life insurance brokers only provide quotes on term life insurance and critical illness policies. However we believe that clients need a more varied approach to life insurance planning.
It is such a good thing that insurers now offer life insurances for the elderly. We all know that most of the old people are taken to the home for the ages and are forgotten by their relatives. It’s always good for them to have this kind of life insurance so that their future will be secured as well.
There has been a recent price hike for elderly people. The insurance industry has been very demanding with regards to the criteria needed. Not sure where they will turn.