Decades ago, people had a shorter lifespan, therefore many of them died before developing medical conditions specific to the third age. Today, however, when humanity experiences the biggest life expectancy ever, most seniors see themselves forced to spend a lot of money on medical care or on caring for dependents with special needs. As people started to have babies at older ages, it’s not uncommon to see seniors with minor children. All these facts and many more lead to the conclusion that people over 70 still need life insurance. Will they be able to obtain it in good conditions if they ignored this need in their younger years? This article takes a look at the possible ways for elderly people to get life insurance.
First of all, when you are 71, you can’t expect to get better rates for term life insurance compared to permanent coverage. Besides, permanent coverage gives you the advantage of table shaving programs, which may result in more affordable insurance premiums, option which is not possible in case of term insurance policies.
At 71 years of age, it’s a good idea to find a good independent life insurance agent or broker and let him do the research for you. The reason is that some companies have policies that are more advantageous for various categories of people. If you find one that favors people with a health and life history similar to yours, you’ll get your coverage for less money than if you’d go with the first insurer you encounter. Such research takes time, therefore it’s best to have a specialist do it for you. If you can land an excellent deal this way, you are even going to save money, not only time.
When you’re 71, you need to be aware that insurance companies are reluctant in giving you the same rates they give to people in their 20s. This is normal, as seniors are more prone to fill in claims or even die, because it’s just how nature works, so the probability of them losing money is higher in your case. If you are in very good health, you don’t smoke, you don’t abuse alcohol and drugs, you are probably going to still get a relatively good rate for your life insurance compared to someone who has partied his entire life and who suffers now from a series of chronic conditions with lethal potential.
In conclusion, if you are 71 years of age and you have just realized the importance of having a life insurance policy, we specialize in getting the best deals available on life insurance for people in their 70’s. Remember not to hide any conditions of habits you may have. You can’t say, for instance, you are a non-smoker if you stopped smoking last month. The effects of smoking on the lungs are irreversible, therefore a simple x-ray will reveal the fact that you were a smoker for a big part of your life. Be honest and get the best life coverage you can given the circumstances of age and health. It is possible to find an affordable policy even for seniors like you.