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3 Options Available for a Senior Term Life Insurance Policy

February 20, 2012 | Comments: 0 | Views: 125

If your are over the age of 65, getting a senior term life insurance can be difficult. Due to the fact that risks for death are higher as one gets old, the premiums and sum assured for senior citizens will be poorer than for those who are much younger. However, there are policy options that are quite competitive and that give you the needed life coverage. Below are three options that you may consider depending on your health status and your preferences.

1. General Policy

If your life coverage was provided by your employer and you have retired, you may find yourself without cover after retirement. However, some insurance companies provide employees who have just retired an option to renew their former policy if the renewal is done within a given period. You may opt to either renew or seek out new coverage altogether. If you wish to have a new policy, a cheap and convenient option to go for is an ordinary senior term life insurance policy. These policies are available for terms of 5, 10, 15, 20 and 30 years. However, most companies will not provide terms that goes beyond the age of 75 years. This means that the most ideal cover for someone who is 65 years or older is the 5 year or 10 year options. If your health is okay, you will not pay as high a premium and you get to enjoy coverage at least until you get to 75 years of age. If you have a known uninsured medical condition or you do not want to take a medical, then the options below may be better for you.

2. Non Medical Option

A non medical senior term life insurance policy is available to senior citizens who do not wish to take a medical. If you are over the age of 65 and wish not to take a medical, you can opt for this policy. However, you may have to pay a high premium and there is a low limit on the amount of sum insured that you can have. With this policy type, you will be asked questions about your health history, your family health history and information about your health that can affect the insurance. You need to give correct information. If you do not give a full disclosure or give false information, this can be grounds for the insurance provider to withhold payout for your beneficiaries.

3. Guaranteed Option

Another option available to senior citizens is the guaranteed senior term life policy. This is ideal for people who have an uninsurable condition and they are aware of it. This policy guarantees coverage for anyone who applies. The policy does not come with a medical and you are not required to answer any questions about your health or that of your family history. However, this policy comes with significantly high premiums and the sum assured is usually limited to a very low amount. It is ideal when taking a cover for final and funeral expenses or for other expenses of low value.

We are an online senior term life insurance provider. You can get further information as well as senior life insurance quotes by following the links to our website.

Source: EzineArticles
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