You may find it hard to believe that your uncle past 70 is getting insured and wanting to buy senior life insurance over 70. After all, this was unheard of a couple of years ago. But today, it is common to see applications for life insurance over 70 and even up to 80. Times are changing and insurance companies are walking to the special needs of the older generation, in their twilight years. You may wonder after all why are all these retired people getting life insurance over 70. They don’t need nay cover now, especially at this stage. Well, you couldn’t be more wrong!.
Fist of all, the retired people do have more expenses. They might need full time help to take care of their daily chores. They might be failing on their health side and may need looking after. They might even have mortgages to pay and some other expenses. In reality, very few people plan for their retirement years and are left dependent on their children or charity for their survival. Many of them do not have even money for their burial. These are good reason enough for people to seek life insurance over 70.
When looking for life insurance over 70 for yourself or for your parents, the first step would be to see if you are getting maximum benefits and coverage with minimum costs. Getting full cash value advantage may not be very wise for people at this age as this might be liable to taxes. After all no would want to deal with taxes at this time. It is better for the owner of the life insurance over 70 to ask for an expansion of coverage instead of a cash payout. You should know the details of the plan as well as the coverage period.
Many companies also include a terminal illness rider for life insurance over 70. Under this policy, the insured senior is allowed to use a part of the face amount of the policy before death or if diagnosed with a terminal illness. This offer can be very useful, particularly for those who are not carrying a long term care insurance policy. If you are a over 70 and are not able to qualify for another good option is whole life insurance. If you need a smaller coverage like $5,000 to $50,000, there is no exam route and the policy is will get approved faster. But if you are aiming for large amount of coverage after 70, then the exam plans will either be too expensive or not available. Hence make wise decisions when looking for life insurance over 70.