Health Issues and Other Concerns with Life Insurance for Seniors
Life insurance for seniors may be more difficult to obtain if you are 80 years of age or older, mainly because of two considerations: health qualifications and insurance rates. Although you will have to look harder for better deals, you may be able to find insurance coverage, including non-exam policies and traditional, fully-underwritten coverage.
Health Issues and Qualifications
If you are older than 79 years and only have minor health problems, you may be able to sign up for both types of coverage. If you have high but manageable blood pressure levels, non-invasive external cancers, diabetes that can be controlled with pills or diet, other controlled health issues, and the capability to accomplish your own personal grooming needs, there is a good chance that you can qualify for both kinds of insurance coverage.
On the other hand, significant health concerns will disqualify you from purchasing some kinds of life insurance plans; you may be seen as too risky in terms of coverage and responsibility by many conventional insurers who may either turn you down or charge a lot. In some cases, the senior aged 80 and above may only be able to sign up for a graded life insurance plan. This kind of insurance plan limits your death benefit to the overall amount of paid premiums (plus some interest) for the first few years of implementation. For some seniors, this setup is inconvenient because full coverage is still a number of years away. There are still some upsides to graded life insurance, such as the ability to make profits of about four to six percent in interest for your payments at a relatively low risk. In comparison, you may be declined if you have applied for full life insurance, or at the very least, have to pay astronomical rates for coverage.
If you have health concerns other than those stated above, there is some uncertainty as to the most viable life insurance coverage that is easiest and cheapest for you to purchase. To know more and be able to obtain the best life insurance policy at the most reasonable rates, talk to your retirement planner or insurance agent about plans available to you in light of your health conditions. In most cases, the most optimal selection of insurance policies occurs if you give your advisor as much information as you can so you can get a head start on buying the best life insurance for seniors over eighty.
About the Author:
Katherine Smith is an author who specializes in financial topics concerning seniors. Puritan Financial Group provides better life insurance for seniors. For more information on how Puritan Financial Group can help you, please visit our website at http://www.puritanlife.com/products/life/life_insurance_for_seniors.
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