The golden years could present unexpected challenges in achieving your life insurance requirements.
The process of finding life insurance for individuals in their sixties and upwards generally have different goals and motivations for purchasing life insurance than younger people.
While many older adults are active and healthy, this is the point of your life that many of you will face health issues that can make getting life insurance more of a problem.
The positive side is that a life insurance plan can purchase regardless of your health or financial situation.
Information About Life Insurance for Seniors
Regardless of the type of life insurance coverage you have, you will undoubtedly need it. Whether a term life insurance solution or a long-term approach such as universal or whole life insurance, premiums will get more costly as you age.
You may be surprised when your current insurance provides you with an estimate. It is particularly true for those planning to renew an insurance policy for a term. If it offers you the term coverage you’re seeking, you can find yourself in a bind.
Why did this happen?
The reason is simple most life insurers don’t sell long-term insurance policies until an age. It differs from company to company, but it’s an undisputed fact. After a certain point, you can’t purchase 20-year terms anymore, which can be very frustrating.
Up to the age of 80, some companies will offer a 10-year term, but that’s about it. 20 years can purchase up to age 70, but after that, you get restricted to 10 years.
It’s important to remember that not all life insurance companies are created equal. Your current insurance provider might not have the coverage you want, and an alternative might have different requirements for underwriting as they relate to your age.
It’s crucial to keep going because certain businesses are more accommodating regarding age and how they apply policies for older individuals.
There’s an alternative to this that we’ll discuss shortly.
Managing Health Concerns
Another factor that could impact your ability to get affordable life insurance for older adults is an illness that has weakened your health.
Another aspect to remember is that every life insurance firm has its underwriting guidelines concerning health concerns. It could range from your body weight, cholesterol, or blood pressure levels. Always research before deciding because you might be surprised by the range of options.
Suppose you’re generally in good health and have a slight chance of developing a treatable medical condition. In that case, you’ll have a pretty high score and have no trouble finding a premium that meets your needs at a fair price.
The drawback is that coverage is much less, as the premiums are more expensive. However, they’re better than you thought.
The second drawback is frequently a “two-year waiting period,” which prevents the insurer from paying death benefits if you pass away within the first two years. The beneficiary would only get the premiums paid up to the date of your death.
Optional Life Insurance for Seniors
Suppose you’re a holder of a term policy, whether healthy or not. In that case, you can convert it into permanent, universal, or whole life. It is an excellent option if you require life insurance to cover your death.
If you’re unwell, this is the best option since it is possible to convert without the need to undergo medical tests.
Be aware that many terms policies include an expiration date or age at which you may not have access to this feature for conversion. So, make sure to review your policy.
Another option is to purchase a universal policy that gives coverage up to a particular date, such as 90 years old. It comes with some of the features of a term plan because it is age-specific, and premiums are lower than buying an insurance policy that covers the insured until you die.
Where to Find Affordable Life Insurance
Life insurance is an important subject that you should ensure you purchase the right policy.
At Ottawa Life Insurance, we have assisted hundreds of families and companies with their insurance needs. Call us today at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for further information.
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