Life Insurance Over 65

For a senior citizen in any country, finding a cost-effective life insurance policy could be very difficult. When a person reaches the age of 65 and applies for life insurance, some companies do not approve the application, particularly if the type of insurance is term life. Senior citizens advancing in age find out first-hand that the probability of being qualified for life insurance decreases with age. Older folks who have set their minds to purchasing an insurance policy end up buying whole-life insurance that cost them very high premium payments.

Finding better offers

The main challenge for seniors is to find a life insurance policy that fits their needs and provides the benefits that they intend to endow their loved ones with without costing them too much. Before giving up on the next best option, seniors must widen their search and explore what some insurance companies have in store especially for the elderly population.

Special provisions available

However, there are insurance products providers that offer comparatively attractive policies to seniors. Well-meaning companies even provide a separate set of guidelines for persons aged 60-65 and 65-70 years. After a few hours’ online research, one can find a handful of insurance companies that do not require an extensive family medical history. Evidently, it is easier these days for our elderly to get approval for their life insurance applications.

Qualifying is easy

It is now possible for persons over 65 years of age. Perhaps, insurance companies, which were generally wary of selling life insurance policies to seniors, have realized that these individuals do have good credit ratings and have not other financial worries. This is especially true for seniors who are still employed and have no more burdensome financial obligations such as tuition fees, mortgages, and hefty medical bills. Many individuals aged 60 and above who are active and lead a healthy lifestyle.

These factors have been considered and now there are insurance policies especially suited to the needs of senior citizens. These policies do not provide as huge a coverage and that is probably one factor for the increasing number of options that senior citizens can avail.

New developments

One of the recent developments in favor of our senior citizens involve blood cholesterol levels. Due to the natural changes brought about by advanced age, an older person’s cholesterol level could be high. In consideration of the changes in health status expected of old age, some companies accept seniors with a high level of cholesterol and classify the application at lowest rate, a practice unheard of just a few years before. A similar allowance is given to senior citizens with high blood pressure readings on their medical examination.

Just a few years back, most insurance policies available put the age limit at 60 years old, giving senior citizens not much option but to forego their application. Certain companies who do approve of the application of senior citizens give no more than a policy that is good for ten years.The recent changes in perspective have afforded elderly people more options. The future may still see more improvements on the choices that will be made available to them.

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