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Life Insurance Guarantee for the Elderly

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 Life Insurance Guarantee for the Elderly
Life Insurance Guarantee for the Elderly

Life Insurance Guarantee for the Elderly

A life insurance policy taken during the lifetime of a person, gives financial security to his family members after his demise. Mostly everyone would like to get a policy to protect his dependants. The life insurance companies offer policies to people with relatively good health and at a younger age. But if for some reason it is not possible to take a policy at these times, it becomes very difficult to get one at a later age. The insurance companies don’t let people get a policy after a certain age since with age, physical condition worsens and possibilities of death go up. However in case someone wants to get a life insurance policy at an advanced age, guaranteed issue life insurance is one good option.

This insurance is so called because it carries with it the surety of approval of the policy by the insurance company. These policies are specifically meant for elderly people and are not subject to the physical condition of the applicant. There are no medical examinations prior to approval of the plan.

The advantages of these policies are –

  • Age is not a factor
  • The age of the applicant is not a matter of consideration for these policies to be approved by the insurer.

  • Not linked to physical condition
  • Unlike regular life insurance, these policies are not linked to the existing medical condition of the applicant. People with medical problems can also apply and be assured to get the policy.

  • Medical tests not required
  • Since these types of policies are not linked to the medical condition of the applicant, there is no need to take any medical tests with the application for the policy.

  • Constant rates
  • The premium rates once the policy starts does not change for the rest of the life of the policy holder.

  • Permanent coverage
  • The coverage will also remain unchanged during the lifetime of the policy holder.

  • Refund of premium
  • If the policy holder dies within two years of getting the policy, the premium paid during that time is paid back to the beneficiary of the policy holder.

The drawbacks of these policies are –

  • More expensive
  • Since these policies are given for seniors who may have serious medical problems, the premiums are high.

  • Low coverage
  • The guaranteed issue life insurance policies offer low coverages of about $15,000 to $20,000.

  • Death benefit after specified time period
  • The policy holder can get the death benefits only after two years of taking the policy. He is entitled to get a refund of the premiums paid during that time but not the actual benefits of the policy.

This is a good option for people who will not get a regular life insurance policy because of advanced age or existing medical condition. The death benefits can be used to cover the last expenses of the policy holder. You have to check whether the insurance companies offer this type of insurance in your state or not.

Life Insurance Guarantee for the Elderly

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