Elderly Life Insurance
Reader’s Question:
Is it even practical to acquire an elderly life insurance? How does it work?
Jacqueline
Crawford NE
Before you purchase an elderly life insurance, you should ask yourself why you want to have one. Determine first whether you need the insurance or not. For example, if you are part of an old couple with a fixed income from investments that could be enough to finance your dependents if you die, then you do not need such life insurance. Your death will not harm the financial stability of your loved ones.
Practically, a life insurance will serve as your financial protection for your dependents when you die. The death benefits your dependents will receive from your life insurance when you die will act as a replacement of your income when you were still living.
Insurance companies offering elderly life insurance may charge you with a higher rate than the normal life insurance. As the person gets older, the more the insurance companies believe that they will have greater risk in offering you the insurance coverage. Thus, they will be charging you a higher rate for your life insurance. In addition, since an elderly life insurance is guaranteed, you will not be undergoing a medical exam in order to have this type of insurance. You won’t be denied regardless of your medical history and health condition. This gives more reason why insurance companies offer this kind of life insurance at higher rate.
There are basically two types of life insurance: term or whole. A term life insurance, which offers purely insurance coverage, will provide you with an insurance coverage for a certain period of time while whole life insurance gives you permanent insurance and with added investment income. For elderly people, purchasing a term insurance is a more practical approach. On the other hand, a whole life insurance may be useless for the elderly because, compared to the younger ones, there will be less time for the elderly to see their investment grow.
Instant Term Life Insurance Help
Reader’s Question:
I have a 5 year old daughter and I am hoping I can get secure her financial future as my husband wants a divorce. This gives me so much anxiety as I do not want my daughter to have a very bad life. You know how it is when finances become hard, all else will be difficult to put into place. Is there any fast way of getting one? Is there such thing as and instant term life insurance?
Mariah
San Diego, CA
Hi there Mariah.
I guess you are experiencing anxiety which is perfectly normal for a parent of a very young child. Divorce can be very painful, I know, but I am very glad that despite that you are able to think straight and plan to get you daughter a life insurance.
You are absolutely right in the context of thinking that life insurance can be a good call to secure your daughter’s financial future. After all, no one can live forever to take care of his or her children. Family is still a family whatever happens to your marriage.
The good news is, by starting her life insurance while she is young, you can expect to get instant life insurance policies at low premium rates. With instant life insurance policies, your daughter will not be required to undergo the common underwriting process and all you need to do is to fill out a questionnaire.
I know that most people do not want heavy paperwork to slow them down, and I am pretty sure you are no exemption. That’s why instant life insurance is still your best choice since it is almost hassle free. All you need to do is to contact you local insurer and ask for a free quote. Since it is called instant life insurance, your results will be known right away after submission of your questionnaire…with the policy active already the moment you pay your premium.
So next time you get worried about your child’s future, just bear in mind your instant life insurance is there for her even if you are no longer alive. I just want you to be sure that you choose an insurer well…not to skimp on any insurance, but to make sure you’re getting the best benefits from your money’s worth.
Start shopping now by plugging your zip code on the relevant space on this page.
I hope this helps you with your dilemna!
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