Introduction
Are you planning to take up an insurance policy for your parents who are 70 plus and above? Not a bad idea at all.
It is at this point that your parents’ health might start deteriorating due to a series of comorbidities. They might have spikes in sugar levels or blood pressure levels. They might find it difficult to walk up stairs due to arthritis or other bone-related issues.
Going to health check-ups or allowing frequent visits to daycare centers or nursing homes costs time, effort, and money for you as a young adult taking care of age-old parents. Therefore, you must take up comprehensive health care insurance that allows home visits and reduces doctor consultation fees too. And you must also apply for life insurance policies that provide a wide range of insurance benefits or riders for your age-old parents.
On this parlance, let us unveil the blog topic ‘What Is The Best Life Insurance For Seniors Above 70 Years?’ with detailed insights covering the topic. Helping you get started further:
What is the Best Life Insurance For Seniors Above 70 Years?
Here is a run-down on policy types that exclusively suit senior citizens who are 70 and above. Helping you get started further:
Term Life Insurance
Choosing a term insurance policy helps you receive a series of health benefits plus insurance coverage too. The premium disbursements are easier for you on the pockets as compared to Whole life or Universal life insurance policies. You can take a term life insurance for a specific term and it can be 10/20/30 year plans that you can choose from with your insurance service provider.
The best part is the cash value of the policy coverage amount that gets settled to the primary holder’s account once the term ends. For elders or senior citizens, this would be the best bet indeed as they can clear outstanding debts or other impending expenses that arise on account of home maintenance or so.
And seniors can avail of loans against their term insurance policies if they require immediate money for hospitalization or so. Therefore, term insurance policies help senior citizens for whom expenses can crop up on a sudden basis.
Whole Life Insurance
Whole insurance policies are meant for those of you who require insurance benefits that cover one’s entire lifetime indeed. The policy comes to you with a saving component too.
Here, you can withdraw your policy coverage money to contemplate financial emergencies. The premiums are a little pricier here. Therefore, these are policies the seniors feel are worth considering as these policies offer financial growth and provide lifetime insurance coverage too.
You can further enquire with your insurance service providers to see if they can add health-based insurance riders to the main policy as such.
Final Expenses or Burial Insurance
The Final Expense or Burial Insurance policies are specifically designed to cover the final rites and burial cum funeral expenses of your loved ones who are 70 plus or so.
Here, the policy assurance amounts range between $5000 to $25,000 and you do not require a medical examination to qualify for this kind of policy.
Above funeral expenses, you can utilize the assurance sums to clear immediate debts or short-term financial obligations of your loved ones.
Therefore, this is an insurance policy that is worth considering for seniors who are 70 plus.
Guaranteed Issue Life Insurance
For a guaranteed issue life insurance policy, a typical medical examination is not required. The premiums run higher and the coverage amounts may be slightly lower as compared to your regular term insurance policies.
However, you can get your policy sanctioned with minimal paperwork and the policy gets activated almost instantly as you sign up with an insurance service provider.
As seniors might not qualify for medical examination as via traditional insurance policies, the Guaranteed Issue Life insurance would be a more convenient bet to go in for.
Universal Life Insurance
With a universal life policy, you can remit your premium amounts on a flexible note indeed. And, at the same time, it also comes to you with numerous death benefits that your near family members can make use of.
The cash value component grows over time and once a specific lock-in period worth of premium disbursements is over, you can withdraw cash as and when needed. The policy assurance amount garners a moderate interest rate too.
Therefore, this is a type of insurance policy that is not only flexible for seniors but helps them with a reasonable degree of financial stability too.
Who are the top service providers for seniors above 70?
Here are known brands that offer flexible and affordable insurance plans for senior citizens who are 70 plus. Let us have a quick run-down into the same:
Term and Whole Life Insurance Policies
For term and whole life insurance plans for senior citizens, AIG insurance is a well-known brand and this is a brand that is known to people across the globe and you can choose plans with them at their retail outlets or via online modes too.
Final Expense Insurance Plans
Have you heard of a brand named Mutual of Omaha? This is a brand that offers senior-friendly plans that include final expense coverages too. You can browse on the internet and get details to contact the service provider.
Whole Life Policies
You can procure whole life policies without medical examination from this brand namely ‘Globe Life’. And, senior citizens who are 70 plus can get themselves enrolled in a hassle-free manner indeed.
Term as well as Permanent Life Insurance policies
Prudential is a well-known global brand that offers term and permanent life insurance policies to senior citizens pretty much on an affordable platter. Here, they also include attractive health-based insurance riders senior citizens can ideally make use of.
What are the guidelines you must consider when you want to choose senior life insurance policies?
These are the primary guidelines you must consider when you want to choose insurance plans for senior citizens who are aged 70 and above. Here is a run-down of pointers pertaining to the same:
Status of your health
Are you 70 plus and are you interested in choosing a policy that is tailor-made to suit the specific requirements you have on in mind? Then your health factor is a strict non-negotiable factor that you cannot afford to not foresee.
If you are in the pink of your health, you can easily apply for whole life insurance or a traditional term life insurance policy.
On the contrary, if you have impending health-related comorbidities, then choosing a guaranteed-issued life insurance or a no-medical exam policy are options that should be on your immediate bucket list.
Looking at what your budget is
As a senior citizen with a minimum amount inside your savings, you definitely cannot aim to choose a policy that literally breaks into your bank vault.
You must choose policy plans that offer insurance riders and have premiums that are more affordable in your pockets.
Coverage Amount
Looking for comprehensive life insurance policies would be ideal for those of you who have cash value implications in terms of clearing off your debts or other outstanding expenses. Therefore, looking at a good coverage pack is an option that stands tall on your bucket list.
The Bottom Line
For senior citizens, a younger adult can crisscross the formalities to meet insurance service providers and fix viable insurance policies to cater to their needs on more intricate and specific levels indeed.
Look at the finer print before you sign in on the dotted lines.
What are your thoughts on this? Do mention it in the comments below!
Frequently Asked Questions or FAQs
How do you choose insurance for seniors over 70?
Answer: You look at the type of life insurance that pays for critical illnesses or gets you riders that cover senior citizen’s problems guaranteeing you with better peace of mind as such. You can get a quote online or via offline outlets. Look whether you avail of a no medical exam policy for seniors who are 70 years and above.
What are the different life insurance options that cater to senior citizens?
Guaranteed Issue Life Insurance, No Medical Examination Life Insurance, and Final Expense oriented Life insurance are specifically catered to senior citizens whose life expectancy is lower as compared to young adults out there. You must depend on a viable service provider that ensures getting a life insurance policy to protect your loved ones on a long-term basis.
How does a mortgage underwriter underwrite senior-friendly policies?
Senior policies help pay coverage amounts senior citizens might need to protect them from terminal illnesses or help them cover illness benefits wherein an impending hospitalization might be on the cards. As their income levels are lower, you cannot dispense monthly premium amounts from seniors. One must match their lifestyle while underwriting senior-friendly life insurance policies.
