What Kind of Senior Life Insurance Should You Buy?
The best type of life insurance for you will depend upon your own individual situation. However, if you are looking for a policy for an older person, you have probably seen ads for guaranteed issue life insurance for seniors. This all sounds very attractive, because an older person can apply for a policy, get accepted, and then have it issued quickly and simply.
Guaranteed Issue Life Insurance
However, you should be aware that the “guaranteed” part of this may come with a catch. A lot of times these policies have a waiting period between the time the policy is issued and the time the full death benefit will be paid. If the insured person passes away before this waiting period has expired, the policy may refund premiums or pay a partial death benefit.
Simplified Issue
Many seniors, in reasonably good health, can qualify for an immediate death benefit with a simplified issue life insurance policy. The application will ask a few health question, but many older people in decent health will still qualify.
What Is Right For An Older Person You Know?
If you are looking for a large policy to transfer an estate or a small funeral life insurance policy, just make sure you buy the right one! It is easy to research the different types of policies. Or you can always find a good insurance agent to answer your questions.
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