best term life insurance for seniors
There are still options for you if you're not eligible for traditional or simplified life insurance. You might want to look into a guaranteed-issue life insurance policy.
These policies carry higher premiums that traditional policies without a health examination. You may have coverage that is between $25,000 and $300,000. This depends on what your evaluation revealed. You may have simplified issue insurance written, depending on whether you have term or whole life coverage.
There are many life insurance policies, but the most common ones are term and whole. Most people find term life insurance to be more practical - it is straightforward, affordable, and only lasts for as long as you need it. But the policy that's best for you will depend on your circumstances, including your financial obligations, income, health, and lifestyle.
Remember: When applying for insurance, it is essential that you disclose any medical conditions. Your policy could be canceled if the insurance company finds out that you have not disclosed something after your death. In this case, your beneficiaries will not receive the death benefit that you had planned.
There are still options for you if you're not eligible for traditional or simplified life insurance. You might want to look into a guaranteed-issue life insurance policy.
Insurers offer no medical exam term insurance, where quotes are based upon your age (typically between 50 and 54). These products are only for one year. Premiums will increase as you age, making them more costly over the next 15 or 20 years.
Some term policies can be converted to permanent insurance policies without needing to undergo a medical examination, such as whole or universal insurance. But, these permanent life policies become more expensive once they are converted.
No-questions-asked coverage. Guaranteed Issue lives up its name. This ensures that you are covered no matter what your health is like. This type of permanent insurance will continue to be in force as long as you pay your premiums. Guaranteed Issue can be a great option for those who have serious conditions such as heart disease or cancer.
Quick approval: No medical exam is required. You will be covered right away, instead of waiting weeks for the results. This might be an option if your immediate needs are urgent, such as for a future trip.
Not sure how much life insurance you need or what a policy will cost you? Crunch the numbers with our free, easy-to-use life insurance calculator.
Term life insurance is a policy that provides coverage for a set period, like 10, 20, or 30 years. If the policyholder passes away during this time, their beneficiaries receive a death benefit.