Term Life Insurance for the Elderly
Getting Term Life Insurance Later in Life
A lonely sailor once wrote that his only worries on the open sea were with the rise and fall of the swells he sailed. We on land, however, may have a far different outlook. As we age, it is no surprise that we go through worrying phases in life. As toddlers, it was the monster under the bed, as teenagers it was our date for Saturday night; but as we turned into adults we worried about surviving the tough times and providing for our families. Eventually, we settle into a good rhythm and ride the waves of a varying current performing our duties like a seasoned sailor. But there comes another life phase that brings about some uncharted waters. Whether you’re looking ahead to your own future, or worrying about a parent, or grandparent, the sooner you start thinking about term life insurance, the better.
Far too often, by the time we begin to worry about our own mortality and the effect it will have on our loved ones, we’ve missed the prime opportunities to save money and provide the best benefits. It is important to remember that, while not impossible, many insurance companies will not even offer a term life insurance policy once you’ve passed a certain age. While the specific criteria differs from each company, the best thing you can do is to find a small hand full of companies that you trust and that are reliable. Once you’ve done that, you’ve got some homework to do. Linda M. Ford, a contributor to Ezinearticles.com makes the following recommendations.
First and foremost – if you smoke – give it up! This will save you money and you are much more likely to get full insurance coverage.
Secondly, have a full medical check up and tests done. Insurance companies don’t like to take risks. So if you can prove that you’re healthy, the lower risk they have to take (which equals big savings for you!). Linda also recommends supplying your family medical history. If your family has a history of living a long and healthy life you can improve your chances even more.
Thirdly, never lie on your insurance application. It might seem like an innocent gesture to fib a little about your weight or tobacco usage, but if the insurer finds out that you didn’t tell the truth, your family will receive nothing and no refunds of your premiums will be given.
And finally, look for an insurer with guaranteed acceptance. This way, you know you’ll be covered. However, use caution and be thorough in reading the terms and conditions on each policy as coverage will vary. For example, some companies will advertise instant acceptance, but will not cover accidental death, or there may be a three month waiting period before payout. Those are the things you’ll want to know in advance.
The key is, if you do the homework and you don’t wait too long, you’ll be able to find a term life insurance plan that will suite your needs and benefit those you leave behind – leaving you more time to sail wherever the seas of life may lead.
