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life insurance seniors over 70 years oldLife insurance is something that is unique to your particular lifestyle and needs.

So it comes as no surprise that being over the age of 70 is another contributing factor to the type of insurance you end up needing.

Perhaps the most important thing to remember when shopping for insurance at the age is to not have any type of lapse in coverage.

It is for this reason that it is recommended to obtain a policy that is immediate in coverage.

This equates to any beneficiaries of the policyholder receiving a payout in the event of death immediately after the creation of the policy.

What Should My Coverage Be If I am Over 70?

Not all policies will offer this but it may also be a good idea to look for a terminal sickness driver when shopping for a policy. This provides the opportunity for the policy holder to benefit from coverage in the event of a terminal sickness.

An additional benefit that is worth considering is a long-term excellent care protection. This allows for the care (both medically and non-medically) of a person that is diagnosed with a chronic illness and can no longer care for themselves.

If you acquire a whole lifestyle plan after already being diagnosed with a chronic or terminal illness, there are some important points to keep in mind. Oftentimes, life insurance companies will not start protecting the covered for at least a few years. This equates to limited payouts for the covered in the event that they were to die within the first couple of years after initial coverage.

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This is a great option for those who have otherwise been denied coverage. The plan allows for a 5-10 percent payout for the first couple of years to the beneficiary. This is a very generous payout for an otherwise normal policy on somewhat who is considered relatively risky.

What are the protections and rates that I can expect over the age of 70?

Life insurance companies estimate that an average person will live to be at least ninety. It is for this reason that the protection period offered to a mature of age 70 is typically 10 to 15 years. This hopefully will cover a policyholder for the remainder of their lifetime. A phrase protection policy at this age is typically used in order to cover the expenses of someone after death. The risky part of this is the case that you outlive the policy and need to reinstate it at a much higher premium.

Not only this but you may even be declined coverage which could be extremely detrimental on the finances of your family. It is for this reason that it is highly recommended to for matures over the age of 70 to buy into a whole lifestyle strategy. This type of coverage lasts until age 100. There are other plans that extend to age 120 as well. These policies vary in the amount of premium but are most likely worth the extra expense as they provide peace of mind.

Sample Term Quotes for Life Insurance for Seniors 70 Years Old

Wondering how much life insurance costs for a 70 year-old person?  Here’s some sample quotes to compare

$50,000 Policy10 Year15 Year
MaleTransamerica $131.78/moTransamerica $155.14/mo
FemaleTransamerica $89.78/moTransamerica $108.59/mo

Should I opt for a no examination policy or not?

The general rule of thumb is that if you only need protection of smaller amounts, you should probably opt for a no examination policy. This dollar amount is typically considered to be less than $50,000.

As is always the case, every person’s individual needs are going to differ based on a large variety of factors. It is for this reason that it is always a good idea to do thorough research as well as seek help if needed. Experienced life insurance agents are prevalent however make sure that you find one that is reputable and comes well recommended. It is also a good idea to find someone that you feel comfortable working with as they will need to get to know you in order to find the best type of insurance for your specific needs.

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universal life insurance pros and consOne of the insurance products receiving some interest in recent years has been the universal index life insurance policy.

These life insurance policies are permanent life insurance policies, build cash value over time, and provide the ability to take advantage of stock market gains.

While the universal index life insurance policy can be a way to aggressively grow your cash value in a life insurance policy over time, it’s important to be aware that there are drawbacks to these types of policies as well.

How Universal Index Life Insurance Works

As with most life insurance policies, your premiums go to the insurance company, which then invests the money in bonds, stocks, funds or other investments. The insurance company makes money, hoping to make enough from premiums and investments that it can afford to pay out benefits when the insured’s life ends.

With a universal index policy, part of your premium is invested in a fund that is connected to a particular index. (Many policies are indexed to the S&P 500.) When that index does well, your cash value builds faster, and you earn more money for that year, to go into your cash value fund. If the index doesn’t do well, your cash accumulates much slower.

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