Senior Life Insurance Plans – A Guide To Affordable Life Insurance For Seniors

The renowned philosopher and statesman, Benjamin Franklin, famously proclaimed, “Nothing is certain in this world, but death and taxes,” which compels thinking people to strongly consider preparing for the inevitable: death.

Since death is unavoidable and we must die eventually, why not be prepared for it, say wise men (and insurance agents).

So, while it is true that savings, pension plans and contingency funds are all good, old-fashioned tools for ensuring financial security, in the rapidly changing world of technology, wars, natural disasters and changing global economies, it is prudent to combine financial security with cash returns. This is where senior life insurance plans play an important role in providing the necessary financial freedom for people aged 50 plus.

While it is true that buying life cover at a younger age means paying lower premiums, since most factors that affect policy costs, like health and high risk lifestyle factors, are at optimum levels, there are many top rated insurance companies that specialize in senior life insurance plans.

These are also called ‘guaranteed acceptance life insurance’ policies by some providers, since they have minimal requirements for senior applicants, which can be met easily by individuals over 50.

However, if you are keen on buying affordable life insurance policies for seniors, remember that not all companies offer the same features, benefits, add-on covers and costs. So, check out the individual plans offered by top rated life assurance providers and clarify with the insurance agent about any riders you are not sure would benefit your financial goals.

Buying Senior Life Insurance Plans? Remember the following tips to buy an affordable plan!

• Ensure you meet the minimum qualifications for the senior life cover plan before you apply for this type of policy, which typically covers people aged 50-75 years of age that are residing in the area covered by the company.

• Clarify your policy commencement date with your insurance agent to avoid misunderstanding, as buying your policy online usually means your coverage starts from the time you’ve completed formalities of the registration process and made the required initial payment. However, if you are to buy a policy via the conventional medium, like over the telephone or in person, the insurance broker will confirm the date your policy starts and this may take a little more time than an online policy.

• Pay attention to the duration of coverage you choose, since most senior life insurance plans cover you till the time your premium payments are up-to-date. However, if your premiums lapse, you are not entitled to any benefits from the company. So, it is advisable to include a premium cap option, which means you don’t need to pay any more monthly premiums than the coverage you expect to receive; this way, you stay covered for the rest of your life.

• To buy affordable life insurance for seniors, choose a plan that allows you to pay premiums based on extent of coverage. This will enable you to pay for a life cover plan that you can afford to buy comfortably at the time you apply for the policy. Alternately, you can opt for the premium cap feature that only requires you pay premiums till you meet your coverage amount. So, either way, you get to control the cost of plan.

3 Tips To Find The Best Senior Life Insurance Plans

Senior life insurance comes in very handy when planning for funeral expenses and final life expenses. There are many insurance plans available but unfortunately, many of them do not have good payouts. There has been a lot of misinformation and misleading marketing efforts and many families find themselves with insurance products that do not offer the promised protection. It is important to do your homework so that you can find the best senior life insurance plans. The following tips will help you in your search.

1. Consider the options

It is important to learn everything you can about the policies available so that you can make the best decision. If you are looking for an affordable policy, no exam life insurance is not the best option. With the no exam insurance, you are not required to provide medical records and you can get a cover even when you are not in perfect health. When you opt for this cover, you will end up paying high premiums. Insurance is based on risk factors and the insurer offers better deals to those in good health. You have a better chance of getting a good plan if you go through a medical examination.

2. Look out for marketing ploys

You need to be aware that there is a lot of misinformation out there as companies compete to get customers. Make sure that you carry out research and if the price seems too low, you need to be wary. Make sure that you read the fine print before you buy any coverage. Some policies offer rates that go up after one or two years and you need to know this before you invest. Understand the long-term costs and make sure that you are actually getting a good deal. Compare rates from different companies and if you are in doubt, talk to an insurance broker.

3. Do online research

The internet has made it easy to get any information that you need. You can get online quotes and compare rates from different companies with ease. It is important to carry out thorough research so that you can make an informed decision. Read reviews and find out what other customers have to say about the service.

Shopping for life insurance does not have to be difficult. The more information you have, the easier it will be to get the best plan for you. When you are informed, you can benefit from deals that you would otherwise not be aware of. It is very important to read the fine print before buying a policy.

Financial Planning Made Easy With Life Insurance Plans

Presently life insurance policies are not just restricted to offering financial benefits on the death of the policy holders to his near and dear ones. The life insurance plans currently offered by providers have many other benefits attached to them; long term saving plans being the most attractive one. Below mentioned are the different types of life coverage plans and the extra benefits they come with.

Child Plans: A hugely popular life insurance product is child plans. Such plans are designed keeping in mind the needs of children that parents would not want to compromise on. All parents think about buying a policy for their children, when they choose a child plan it serves more than one purpose. Such a plan will act like a mediclaim as well as a savings option for your child. The returns are guaranteed at the maturity period which then can be used for shaping the future of your child.

Retirement plans: To make post retirement period financially independent for individuals are retirement plans. These plans offer life coverage and on the other hand help policy holders plan their retirement well in advance. The maturities of such policies are when the policy holder reaches his retirement age. This way the policy holder is assured of receiving a good amount at his retirement and can enjoy the benefit. Thus such a policy will assure its holders a worry-free post retirement life minus any dependency on others and cost cutting.

Growth plans: For people who want to make the most of their investments and wish to play safe too are growth plans. Growth plans offer flexibility to the policy holders in terms of money investment, policy tenure, premium payments etc. The premiums paid for such a policy are then invested in the capital markets and the profits earned are shared with the policy buyers. The investments are done wisely keeping in mind the volatility of the markets and keeping the hard earned money of individuals safe. The basic life coverage is also included in these plans. For people who wish to invest in the capital markets and earn extra income, growth plans are the apt option.

Saving plans: Everyone wishes to save money to fulfill needs he/she may encounter at a later stage in life, savings plans are just right for such purposes. In such plans the premiums are to be paid at regular intervals by the policy holders and the up to a certain period of time and during the maturity period a lump sum amount with the interest earned is handed over to him. Saving based life insurance plans give the policy holders the benefit of life coverage and also the scope of accumulating finances for future.

The scope of life insurance plans has thus broadened giving policy holders more than what they have opted for. Funding child’s education or marriage, retirement planning, earning extra money through capital market investments; all this and a lot more can be done in a systematic manner if you choose a reliable life insurance plan and provider.