If you are a senior and don't have life insurance because you think it might not be possible or too expensive, maybe look into specific policies for seniors. The sooner you get a life insurance policy the better, because policies become more expensive as you age and your options for coverage become limited. Even people above 70 can get seniors life insurance, an option that can provide considerable peace of mind. Many companies offer coverage up to age 85.
Did you know? "Simplified Issue" or "No Medical" policies are available for individuals with health issues. These policies feature no medical tests and simple health questionnaires. "Guaranteed Issue Life Insurance" is available for those with serious health issues, or who have been denied insurance before. These policies guarantee acceptance as long as you meet age requirements.
Getting a life insurance policy might not be the right decision for you, but it's definitely worth exploring. It depends a lot on your personal health and financial situation.
Here are some things you need to consider when discussing your options with an insurance provider:
Assess the need for life insurance for yourself, does it make sense for you to buy a policy?
Don't be hesitant to pick and choose certain provisions. Go through the policy fine print and see if you need or don't need certain things. Most providers offer the option to add provisions to your policy in order to expand your coverage. Known as "riders", these provisions can provide extra peace of mind, but they add to the cost of your premiums.
Shop around and try to get yourself an affordable policy. Also try to determine how much coverage you should get.
Beware of scams and misleading advertisements. If you have a trusted lawyer, see if you can get them to go over the policy before you make a commitment.
Once you have purchased a policy, tell a couple of loved ones about it. Name your power of attorney or executor.
Purchasing a seniors' life insurance policy can be a bit of work. With a bit of research and planning, you can buy a policy that works for you and your loved ones. If you need help choosing the right insurance policy or have related questions, we at in4MED, can help by connecting you to our trusted local insurance brokers, and being there for you as your trusted health advocates. As always, feel free to connect with me or leave a comment.
Nikita
Healthcare Consultant, in4MED
The author of this blog post is a Physician with over 10 years of experience working in the healthcare system as a clinician, researcher and educator. She is passionate about healthcare for older adults and strives to be a resourceful inspiration to caregivers.
*No content on this site, regardless of date, should ever be used as a substitute for direct medical advice from your doctor or other qualified healthcare professional.