Senior Life Insurance Basics / 5 things you should know
1. There are 3 types of simplified issue final expense policies. Don’t assume a health condition you have will keep you from getting immediate coverage. A good agent will work to help you get approved for the best plan.
Level Benefit – these offer immediate coverage.
Graded Benefit – these offer limited benefits that increase over the first 2 years. (Ex: 30% - 70% - 100%)
Guaranteed Acceptance – these offer only a return of a premium plus interest if death occurs in the first 2 years.
2. Whole Life insurance has some great benefits and advantages. In fact, only whole life insurance is guaranteed to become a claim one day, no other type of insurance can make this claim. Life insurance proceeds also by-pass probate and are received by a named beneficiary tax free.
3. Birthdays come around pretty fast! If you're thinking about coverage, consider getting it now because the cost of getting life insurance inceases every time we blow out those candles. On the other hand, once a whole life policy is approved and in force the premiums are locked and can’t ever change.
4. Most of us are enjoying our best health now so consider applying for coverage or increasing your coverage before your health changes. A few health issues normally won’t keep you from getting a good policy but it could affect the type of policy you can get and how much you pay each month.
5. Consider buying from an independent agent. Independent agents are licensed to write for multiple insurance carriers so they can look at lots of options from many companies and recommend the coverage that is best for the client.