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How Does Guaranteed Life Insurance For Senior Citizens Work?

By Marilyn Katz

Republish: EasyPublish™
Published: 16Jun2011
Word count: 442
Viewed: 181 time(s)

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Older people, even well into their seventies and eighties can find life policies. However, because of some health conditions that tend to pop up as people get older, it may be harder to qualify for policies with strict underwriting requirements. There are still policies and insurance companies eager to court the business of older people though!

You may want to consider guarnateed life insurance for senior citizens. These have been developed to be simple and fast for most older people to apply for. The biggest attraction with this type of policy is the fact that the application does not ask any health questions. If an older person would rather not answer questions about their health, or if they just want to protect their privacy, these policies can still be applied for.

You may be asking yourself how this can possibly work. After all, insurance companies are not eager to issue policies to people who are unhealthy and could pass away soon. That seems like a good way for them to lose a lot of money. And insurers are not in the business of losing money.

They work because the policy usually has a waiting period. The insured person must survive this period before the company has to pull out the death benefit. If the insured person passes away before that date, the policy may pay out a precentage of the death benefit, or they may just refund the death benefit.

For example, one policy may pay the full amount of the policy face value if the insured person survives for 24 months. Between 12 and 24 months, it may pay out half of the death benefit. Before 12 months, it may refund premums. This is just an example, and you would have to look at the exact details of any policy you are considering.

Are guaranteed issue life insurance policies a good deal. It is very tempting to get no medical exam life insurance, but you probably want to buy a policy that is liable for the whole face value the minute it gets issued. Many fairly health older people can qualify for a simplified issue life policy which does pay out an immediate benefit. The premiums for this type of policy are usually a bit lower too.

What does this mean? It means you should try to find a policy with an immediate death benefit first. Then, if you cannot qualify for one, you may consider guaranteed life as another alternative. The best choice will depend upon your own age, health, and personal situation.

Visit us to research the pros and cons of no medical exam life insurance for people of different ages. See if guaranteed senior life insurance policies are the right choice for you.

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