At the age of 70 years or old it’s not yet as late to get a life insurance cover which will last you through the remaining golden years.
As a matter of fact, life insurance over 70 can be more easily purchased and affordable and more so if you are working with independent experienced agent who guides you and the family throughout that process, you may have a look here.
There are different life insurance types and it’s always important to understand each before choosing which coverage to go for.
However, the hassle of determining which one to go for should not at any point stop your zeal to cover the ones you love. Some of the common life insurance covers include:
Term life insurance
Referred to as pure protection, the cover offers death benefit whereby the money is paid to heirs or spouse to cater for assets and income lost at death event and such is paid at fixed premium for the set term.
The terms range from 5 years to 30 years with an increment of 5 years. For persons aged 71 years and above, the term life cannot be offered in a term of 20 years. Instead, there are rates set which do not increase with age for those years to cover the person until the age of 100, 95 or 90 years.
Whole life insurance
Another coverage which offers lifetime protection given at periodic fixed periods with the cash value attached increasing as per death benefit.
What is most important when purchasing life cover over 70?
At 70 years, many of the well-known life insurance providers have ceased providing life term insurance.
Actually, most of the companies stop providing competitive rates at 50 years.
However, there are tips to major on which will help you get life cover over 70:
1. Life insurance that will leave something to be inherited
If your age has hit 70 years and you are seeking life insurance which will last for 10 years plus, you will be required to buy universal guaranteed life insurance that will be bearable with the coverage and rates up to 90 years or plus.
Such policies are named term to 100, term to 95 or term to 90 life insurance. Such also work just like term policy with the coverage and rates guaranteed to certain age. Most people are advised to buy life insurance so as to leave some inheritance.
2. Life insurance that will cover you final expenses
For persons at the age of 70 or above and have source of income which they can leave to the heirs or spouse, a policy called minimalist policy is designed which covers burial costs and final expenses. The benefits are also paid to beneficiaries either in monthly installments or lump sum.
3. Go for no exam option
At the age of 70 years, some agencies will require you to undergo an examination before getting the policy to determine your health condition. Others do not take you through the same examination.
For such cases, opt for the no examination insurers as their rates will be quite lower. Also, such policies are easily applied and there approval despite of any age is easy.
4. Avoid captive agents
These are the kind of agents who only sell insurances from their companies but won’t guide you through the process.
Although at the age of 70 years it’s not as hard to get the cover, try work with agents who will take you through all the possible options stating the advantages and drawbacks of each choice as per your age. Also get advice on which policy best fits you at the age of 70 at favorable rates.
5. Go for trustworthy companies
The market now offers numerous insurance providers. When making the choice of which company to go for, make right choice by going through their records ensuring all records are proved and from reputable markets.
As well, do not be ignorant of doing online research of the company whereby you log into their websites and view the reviews left and awards given to customers who have used the insurance provider.
Do not be ignorant of doing online research of the company whereby you log into their websites and view the reviews left and awards given to customers who have used the insurance provider. Make sure also to check on how the company serves their clients on claims and also claims history of the company.