People who have been declined for other kinds of life insurance or do not want to provide answers to a lot of health questions might find that guaranteed acceptance life insurance as a senior provides a modest amount of coverage at an affordable price. Since the applications do not require the answer to ANY questions about pre-existing medical conditions or a previous health history, they accept every qualified applicant. However, it is important to understand how these plans work before you decide if they provide the right solution for you or a loved one. Do you need life insurance, or would you like to learn more about burial insurance for your elderly parents? We offer life insurance for young adults, seniors, and even children. Simply enter your ZIP code at the top of this page in order to compare companies, quotes, and benefits online. If you have any questions, simply call us and ask to speak with a licensed life insurance agent.
How Does Guaranteed Life Insurance For Seniors Work?
You might wonder how life insurance companies can offer to insure people without gathering any health information. Instead of using health underwriting to accept, decline, and charge applicants, these plans use a waiting period. These plans are actually whole life insurance policies with a relatively small face value, and sometimes they are also called funeral insurance or burial insurance. This is because some people or their families purchase them to ensure that they enough money to pay funeral expenses and other bills that tend to arise after a loved one passes away. Plans are different, but this explains the basics:
- Waiting periods: The insured person must survive a specified waiting period between the time the policy gets issued and the insured person passes away in order to make their beneficiaries eligible for the entire death benefit.
- Benefits: If the insured person does not survive the waiting period, which could be from 24 to 36 months, the policy will either offer to pay the beneficiaries some percentage of the full face value or just refund premiums. Often, policies that refund premiums also pay interest.
- Death benefits: These are usually fairly modest, and they might range from about $5,000 to $15,000.
- Premiums: Typically, premiums will be somewhat higher than they are for policies that do require the answers to some health questions.
There is no risk of actually losing money since these plans either return premiums or pay part of the face value, but they are usually only suggested for people with very serious medical conditions. Some examples might be people with a recent history of a heart attack, stroke, or cancer. Other folks, might qualify for a different type of small life insurance plan as outlined below.
Simplified vs. Guaranteed Acceptance Life Insurance For Seniors
If you want to purchase a burial policy for yourself or your parents, you might find that it is still possible to qualify for simplified issue life insurance. This could even be true for people who have been declined from policies with stricter underwriting requirements. Simplified issue life insurance for seniors does require the answers to a few health questions, but they are usually only designed to filter out the most unhealthy applicants. People who are reasonably healthy for their age should still qualify. Some examples of minor health conditions that should not be a problem are high cholesterol or controlled high blood pressure. Some accept diabetics who can demonstrate good control. Even a serious illness, like a heart attack or stroke that happened over two years before applying, may not disqualify applicants. These are some advantages of choosing simplified issue over guaranteed acceptance life insurance as a senior:
- Premiums for the same amount of coverage should be cheaper.
- There is no waiting period, and the full death benefit is payable immediately after issue.
Why Do People Buy Guaranteed Life Insurance for Seniors?
After a loved one passes away, other family members may have to deal with a lot of bills. The average US cost of a funeral is over $8,000, and that does not even include additional expenses like flowers, a monument, and transporting a body from one city to another. It also does not include the possibility of having to handle expenses because of lost time at work, travel, medical bills, or housing and feeding guests. A burial policy can provide cash to pay burial expenses. Because it will pay out a cash death benefit, it can also provide money that the beneficiary can use in any way that she needs to. While some older people purchase these policies to help relieve their families from a financial burden after they pass away, some grown children also offer to pay the premiums because they are the ones who will really benefit.
These are some tips about buying guaranteed life insurance for yourself or a loved one:
- If you set up an automatic payment plan, you won’t have to worry about having your coverage lapse because of a misplaced bill.
- Adult children are welcome to help their parents shop for a plan, but they do need to involve the actual person who will get covered in the process. The insured person might need to make time for a short phone interview or sign an application.
Let us Help You Find The Best Guaranteed Life Insurance for Seniors
Actually, we can help you find the right life insurance for children, younger adults, and seniors. Your own best choice will depend upon the amount of coverage you want, your age, your health, your location, and available insurers in your area. You can start by comparing local plans and rates with our online quotes. Just type your home ZIP code into the quote box to get started. After viewing your options, you are also welcome to call and ask to speak with a licensed agent who can answer questions and help you enroll. By providing both comparison tools on our website and personal service over the phone, we hope to help as many people as possible find good coverage at affordable prices.