Many senior citizens assume that they are unqualified for life or health insurance. With the population of the elderly rising, many insurance companies are providing senior citizens with policies that cater for their needs. To ensure that the loved members of the family are financially comfortable, many seniors are encouraged to apply for the seniors' insurance. Although many of the elders have in their possession some form of insurance, the benefits thereof are often inadequate to cater for the medical bills and funeral expenses. A quality insurance cover will cater for the inheritance tax and creditors.
Policies that address the needs of senior citizens:
Insurance companies are coming to the realization that senior citizens are looking for insurance policies that address their needs. Issues like blood pressure, cholesterol levels, height, weight and family history are becoming more liberal in order to accommodate seniors. Many life insurance companies cater for seniors' insurance, and in particular highly rated companies that offer life insurance after 65. There are also several companies offering life insurance for seniors over 70.
Some of the competitive insurance companies are allowing up to '300 cholesterol levels' to qualify for insurance. Furthermore, other competitive insurance companies are allowing senior citizens with blood pressure readings of 150/90 to qualify for low rates of interest. This is obviously unheard of in other insurance companies. Moreover, some companies do not consider issues of the family history, including reported cases of cancer or heart disease, when underwriting the seniors.
By simply filling in the forms that are acquired while online and submitting basic information including the age, height, weight and gender, you will be in a position to access quotes from leading insurance companies. The good thing is that the quotes are available online free. They will help you to compare the offers to make an informed decision. This is particularly beneficial to the shopper because finding the right insurance company can prove challenging. As a result, many senior citizens have ended up settling for less in terms of quality. Furthermore, they have ended up paying more than is necessary.
The policies are categorized into two main categories namely the term life insurance and whole life insurance. The chances of outliving the insurance policy are proving a reality as the senior citizens live longer. Consequently, many of the elderly are purchasing the whole life insurance policy to cover their entire life. In addition, the policy grows the value of cash over time.
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