If you are a senior over 70 and thinking of buying an insurance policy, you should reconsider your overall status. This includes your health, your income, your debts, etc…You must determine what kind of coverage you need and what is the perfect insurance policy for your current and after death status.
Why Apply on a Life Insurance Policy?
First thing you have to ask yourself is why you are buying life insurance for yourself? The following conditions can be seen as answers to this question of yours:
- You may want life insurance to pay for your funeral expenses and you don’t want to burden your family with all the expenses.
- You may want life insurance for mortgage coverage to your house payments.
- You want the policy not to burden your loved ones with your business expenses after your death.
- You want life insurance to leave some money to your loved ones for specific life events like marriage, college, etc…
- You want to secure your surviving spouse’s life with your life insurance.
The most important thing that you take into consideration is whether you are a smoker or not. A smoker senior can be charged up 3x times more than a non-smoker person. But there are even insurance companies that were established to govern the insurance of smokers.
Which Life Insurance Should I Buy?
- If you want coverage with a cash value we suggest you consider Universal Life Insurance policies. These policies may exhaust you with lots of underwriting issues but we’re sure it’s worth that much work.
- If you are counting on your health for the rest of your life, we suggest you look for policies that benefit healthy seniors most. They provide fit points to the insured as long as they prefer to live healthily. This means that you will be charged with lower monthly premiums depending on the fit points you’ve received.
- Final Expense Insurance companies are best for you if you want a clean coverage for your burial and funeral expenses. The policies have lots of options for you.
- If you are a smoker, you can consider buying an insurance policy adjusted to smokers like you to prevent paying extra premiums. Banner Life insurance company provides the best insurance policy for smokers.