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LIFE INSURANCE FOR SENIORS OVER 70

May 27, 2011 Impaired Risk Life Insurance, Life Insurance 101, Life Insurance Products, Life Insurance Quotes, Life Insurance Rates, No Exam Life Insurance, Senior Life Insurance, final expense

Age is one of the elements that impacts the cost of life insurance. Everything else being equal, the older you are, the more expensive the policy will be. Consequently, the longer you wait to get life insurance the more expensive it will be.  Even if you have waited this long to get life insurance, the good news is that it is still possible to get life insurance protection. First, you always can decide on a fully underwritten policy, which in many cases will be the least costly, and submit yourself to a medical exam. With the results of a medical exam the insurance company will have a better understanding of your health situation and thus be able to offer you the best possible premium based on your medical exam results. Or, for whatever reason, you may opt for a no-medical exam policy. What is important to know is  that, depending on your health situation, you could still get life insurance even if you are 70, or even above 70 years of age. One possible answer is SIMPLIFIED ISSUE LIFE INSURANCE, which are whole life policies that do not require a medical exam but for the applicant to simply answer a few health questions.   Your answers to these health questions will determine whether or not you qualify for a SIMPLIFIED ISSUE LIFE INSURANCE policy. After the death of a loved one, many families are faced with unexpected expenses, including medical bills, funeral expenses, legal fees and unpaid bills.  There are a handful, or so, of life insurance companies that offer SIMPLIFIED ISSUE LIFE INSURANCE, which provide the funds to help the family with these expenses, if there are not enough resource in your estate.

If you qualify, you can have immediate protection or graded protection. On a typical policy, and as long as the required premium is paid on a timely basis, the insurance company cannot cancel the policy, cannot reduce your benefits and cannot increase your premium, regardless of the level of benefit approved. Immediate protection means exactly what it says, namely, the entire benefit is paid on day one if the insured dies.  But, what if you do not qualify for immediate protection? For most individuals who do not qualify for immediate coverage, there is an alternative. You may qualify for a policy that provides GRADED BENEFITS. Under GRADED BENEFIT the policy will pay a fraction of the death benefit if the insured dies within the first year from the policy issue date (for instance, return of premium plus 5%); a greater fraction of the death benefit is paid if the insured dies on the second year of the policy(for instance, the greater of return of premium plus 10%, or 50% of the face amount); and, then, on year 3 and thereafter, 100% of the death benefit is paid. There are other variations of this formula, but not too different.

How do you know if you qualify for  LEVEL (immediate) BENEFIT, or for GRADED BENEFIT? A typical SIMPLIFIED ISSUE LIFE INSURANCE policy contains a one-page (usually) questionnaire with health-related questions. It has either two parts of three parts. If you answer “NO” to any of the questions on the first part you will not qualify for any benefits under the policy. As an example of what the questions in part one are:

  • Do you use a wheelchair, other than for a temporary impairment expected to last less than 2 months?
  • Do you receive assistance with daily activities such as taking medications, bathing, dressing, eating or toileting? Home health care or hospice care?
  • In the past 5 years – have you been diagnosed with, or received treatment for an organ or tissue transplant, Alzhemire’s disease, dementia, or amyotrophic lateral sclerosis (ALS)
  • Have you tested positive to HIV, or been diagnosed with having ARC or AIDS caused by the HIV infection, or other sickness or disease derived from such infection?
  • In the last 12 months – have you used oxygen to assist with breathing? Received kidney dialysis?

If you answered “NO” to all of the above (typical) questions (they vary from insurance company to insurance company), then you will move to Part 2 and sometimes Part 3, which will determine if  you are eligible for LEVEL BENEFIT or GRADED BENEFIT.

At present, SIMPLIFIED ISSUE LIFE INSURANCE (sometimes referred to as “final expense insurance“) is issued up to age 85 and in amounts ranging from $2,000 to $75,000.

We hope that this post has been helpful to you.  If you have any questions, would like a life insurance quote, or would like to initiate the process of filing a life insurance application with one of the insurance companies that offer SIMPLIFIED ISSUE LIFE INSURANCE, please, e-mail us at info@insuranceglobe.net , or call us at either of these numbers:

  • 888-950-8376           
  • 786-353-2528
  • 305-807-4780

Thank you!

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Compare Whole Life Insurance Rates

Aug 10, 2010 Life Insurance Quotes, Types of Life Insurance, Whole Life Insurance

InsuranceGlobe.net makes it easy to compare whole life insurance rates. 

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Return of Premium Term Life Insurance

Mar 19, 2009 Life Insurance 101, Types of Life Insurance

What is Return of Premium Term Life Insurance?

A Return of Premium Rider (ROP) is available on some term insurance

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How Much Life Insurance

Mar 17, 2009 Life Insurance 101

How much life insurance do you need?  This is one of the most common

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Life Insurance

Mar 12, 2009 Types of Life Insurance

As part of your financial planning you may be saving for retirement, your child’s education or a second home.  Whatever you goals may be, an unexpected death could certainly derail your families goals with the loss

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What is Term Life Insurance?

Mar 11, 2009 Types of Life Insurance

Term life insurance is the most basic and least expensive type of insurance policy.  The purpose of a term life insurance policy is to pay a lump sum to whoever you designate as your beneficiary, in the event of your death. 

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Cheap Life Insurance Quote

Mar 5, 2009 Life Insurance Quotes

There are many life insurance comparison websites that can provide you with a cheap life insurance quote, but how do you know if you will qualify for that cheap rate?  It’s easy to look at a list of several plans in order

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Getting a Quote for Life Insurance

Mar 5, 2009 Life Insurance Quotes

Getting a quote for life insurance is the first step in shopping for life insurance, but then how do you decide what company to go with?  Do you just choose the company with the lowest price?  How do you know what

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Affordable Term Life Insurance Quote

Mar 5, 2009 Life Insurance Quotes

Insurance Globe makes it easy to get an affordable term life insurance quote.  Our super easy term life insurance quote engine will instantly give you online quotes and rates from all of the top rated term life insurance

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Compare Life Insurance Quote

Mar 5, 2009 Life Insurance Quotes

At Insurance Globe, you can compare life insurance quote from many different companies at no cost to you.  You are not even required to enter your phone number or address.  Just enter some basic information like

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