Life insurance needs for seniors take on different priorities. In earlier years when raising a family you had to provide for your partner, your children and their education. Now, with your children grown and on their own, you tend to settle down and protect your partner, property and other assets. To begin with ask yourself a few questions. How much money do I need for my monthly living expenses if something should happen to me? How do I make sure my mortgage is paid off? How do I provide enough money for my partner to live on? Do I want to build up a nest egg for my survivors?
Once you have the amount of coverage you need, the next step is to start getting quotes on your policy. Here are a few tips to help you better.
There are several ways to find the best contacts. You can start by consulting your financial advisor for the names of reputable brokers or companies. Talk to your friends to find out what kind of coverage and premiums they have. Another quick way to get the information you want is to go online and do search on several companies. Stay away from companies that want you to sign up before explaining exactly what they are offering and what your benefits are.
It is always advisable to do a little research before you plan to purchase the insurance. If possible, shop around your locality or the area nearby to get great deals. Take a wise decision before you finalise the plan. It is a very important step which many ignore.
Remember, your insurance should cover your health problems or issues. If it doesn’t, it is no use buying that policy. Ensure that you get good coverage or else you might end up spending a lot. Comparison of insurance is very essential. You will get an idea about the various deals available in the market. You can pick the one, which is tailored to your needs. When you compare insurance, you save money as you get to know the deals and the price. This is a smart way of obtaining a low-cost insurance.
There are different types of policies. Most policies fall into two broad categories, Term Life Insurance and Whole Life Insurance. Term Life has no cash surrender value and may not be renewable because of your age or medical condition. Expect premiums to jump substantially as you try to renew it. Whole Life is an asset with a cash surrender value. You may need to draw upon this provision if some unexpected event occurs. In dollar terms, Term Life is cheaper.
What to Expect. You will need to provide your medical history. Some of the items can include age, cholesterol levels, blood pressure, family history, height, weight, and any chronic conditions such as diabetes or heart disease. The company will then assign a rating and quote a premium based upon the category you fall into.
There is another type of senior coverage that is for funeral and burial expenses. This policy does not require the extensive medical information that you need for a regular policy. It is designed for persons over age 50. Coverage is guaranteed regardless of health and no medical exam is required. Your policy cannot be cancelled.
Weigh all of your options carefully. Be sure you know what your policy covers, whether you can change your beneficiary and whether you can transfer ownership of your policy. This last item is particularly important in the event that you are required to enter a nursing home and want to apply for Medicaid.
The above-mentioned are a few things that could help you get a low-cost senior insurance without much difficulty. Research and smart choice are the keys to obtain cheap insurance which cater your needs. The best thing is, you have options! Choose the right one, custom made to fit in your requirements
About the Author:
This guest post is contributed by Maria, financial guest blogger. At present she is focusing on ppi claims . Catch her @financeport