Life policies for seniors are not difficult to find. There are many more insurance companies that are willing to take up the risk because they have discovered many more people are living to the age of 90, looking strong and healthier than their counterparts a decade ago. Although there are many plans available to seniors, they fall into 2 basic categories: the whole life and term life policy. The term life insurance for seniors is popular among the elderly because it is less expensive than the whole life policy. Some of the ways of getting cheaper insurance for seniors include:
· Maintain a healthy lifestyle
Insurance companies are keen at finding out the health of their applicants. To do this they may require you to respond to basic insurance questions including your gender, health, weight, height and smoking habits. Therefore, if you are overweight, a smoker and/or diagnosed with a chronic pre-existing condition you can expect to pay higher premiums. Before shopping for insurance, it is advisable to visit your doctor who can recommend an effective health plan to help you quit smoking, treat/manage any pre-existing medical condition and/or regulate your weight. When you do this, your premiums will be trimmed down because the insurance provider does not consider you a risky candidate.
· Choose enough coverage
When you choose the right cover, you will end up getting value for your money. To pick the most appropriate amount of coverage it is important to consider your needs. Therefore, if you want a cover that caters for the remaining 15 years of your mortgage you can consider a 15-year term policy. On the other hand if you are interested in a death benefit to cater for your final expenses, including your medical and funeral expenses, it does not make sense to choose a policy that is worth hundreds of thousands of dollars.
· Good credit history
Many of the insurance companies seek to determine your ability to pay premiums by considering your credit history. If you have a good and clean credit, you will soon discover many of the service providers will be interested in accepting your application. This will provide you with an ideal opportunity to compare rates from different service providers to get the most competitive rates. Therefore, if you are planning to buy insurance it is advisable to consider improving your credit history by paying off your credit card debt to get a better deal.
· Contact a specialist
To get the right policy it is advisable to consider getting in touch with a professional insurance agent/broker who specializes mainly in senior products. Such a professional has enough information to recommend the best provider and plan at competitive rates.
We provide the best info about term life insurance for seniors. For further details on this topic, Visit us!
Article Source: http://EzineArticles.com/expert/Imma_Sila/1476631
Post a Comment