Term vs Whole » Senior Life Insurance

The Truth About No Questions Asked Life Insurance

admin — Thu, 02 Sep 2010 13:35:14 +0000

Is Guaranteed Issue Life For Real?

If you have been declined for insurance, have some privacy concerns, or just do not want to have a big hassle, it can be tempting to apply for a guaranteed issue life insurance policy. You find them advertised on TV or the net all the time, and they promise not to turn down any applicants! This is also called no health questions life insurance. But how can this work?

Life insurance companies are very good at making a profit, and it must be obvious they know how to minimize the risk. So they are not about to issue policies for a lot of people who are very motivated to buy policies without answering any health questions or getting a physical!

The Ah-Ha is a Waiting Period

They use a waiting period to minimize their risk. This means that some months to years must elapse between the time the policy is issued and when it will pay out the full benefit amount. In some ways, this waiting period is even better than health underwriting. That is, it is better for the insurer.

Understand more about guaranteed issue life insurance. This will explain more about how these policies work so you can decide if they are a good deal for you. It also explains simplified issue life insurance, which does ask a few simple health questions.

We are not trying to steer you in one direction or another, but just trying to inform you so you can make the best decision for your family!

What Are Funeral Policies?

admin — Thu, 05 Aug 2010 16:16:16 +0000

About Funeral Insurance Policies

By Insurance Articles

What Is Funeral Insurance?

Sometimes this product is called funeral life insurance, a burial policy, final expense, or even senior life insurance. Whatever it is called, it refers to the same basic thing. That product is simple. A funeral policy is a type of whole life insurance that has been designed to cover end-of-life expenses. It has also been designed to be easy for older people to apply for and to get accepted for.

The face values are usually quite modest when compared to other types of life insurance. Most of the time, they range from $2,500 to $25,000. Since the average US funeral costs about $8,000, and a family may have some other expenses, this amount makes sense.

How Much Money Will You Need When A Loved One Dies?

Each family will have different needs. Think about the type of things that crop up when a loved one passes away. There is the funeral service and burial. Some family members may have to take time off of their jobs. Others may have to travel. Host families may need to house and feed mourners. It is always best to get through this stressful time without having to worry about money.

How Much Does Funeral Insurance Cost?

Policies will vary in cost. Of course, the age and general health of the insured person matters. Beyond that, the zip code and the insurance company will also affect rates. There are also a couple of different types of burial policies, so it is important to make sure you understand what you are purchasing.

Shop around for the best policy and premiums.
Try to balance the premium with your budget.
Make sure you understand the difference between simplified and guaranteed issue policies. Guaranteed issue policies will skip health underwriting, but may not pay immediate death benefits. Simplified issue plans will have some health questions, but should pay an immediate death benefit with no waiting period. For example, with some guaranteed issue policies you may need to have the policy issued for several months before the insured person dies in order to collect the full benefit. With a simplified issue policy, there should be no waiting period.

Who Pays For Funeral Insurance?

Sometimes an older person, from 50 – 85, will purchase a policy for themselves. In other cases, family members will pay for the premiums. The policy owner and the insured person do not have to be the same.

In either case, there will be a person (or people) named as the beneficiary. That will be the person who will probably be responsible for making arrangements. The cash goes to that beneficiary. They can use it in any way they need to. However, a lot of funeral homes will accept an assignment of the proceeds in order the pay for expenses there.

That does not mean that all of the money has to go to the funeral home.The proceeds can be spent in any way that the beneficiary sees fit.

Funeral Insurance Vs. Pre-Need Plans

There are also prepayment plans with funeral homes. These are different than funeral policies. A funeral policy is insurance with a cash benefit. A pre-need plan will pay for specific services from a company.

Compare Funeral Insurance Policies

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We would like to help you shop for low cost funeral insurance.

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Planning For Final Expenses with Insurance

admin — Tue, 06 Apr 2010 16:40:14 +0000

What are Final Expenses?

Final expense is a term that we use to refer to costs that come up when a loved one passes away. Of course, this is a stressful time for all of us. But these costs can really add to our normal issues when we have to deal with the loss of a loved one. Some examples of these costs are funerals, burial plots, travel, transportation, hotels, and settling debts.

These costs are not trivial either. An average US funeral can cost $8,000 or more. That is only the burial costs, and does not include other expenses like travel, housing, lost work time, and settling any debts our loved one may have left behind.

About Final Expense Insurance

That is why final expense policies are being marketed by many top insurers these days. It is very common to see ads for them on tv, the internet, or in magazines. These are simply whole life insurance policies with fairly low death benefits ($2,500 – $25,000) that were designed to be easy for older people to apply for and get accepted for. They usually are marketed to people from about age 50 to age 80 (sometimes age 85). So the time to consider these is typically in middle age or retirement years.

Do not just buy the first policy you happen to find either. As with any insurance, not all policies or companies are exactly the same. By finding the right company and type of life insurance policy for you, you can save hundreds of dollars in premiums. Look here for Over 50 Life Insurance Quotes.

If you are looking for life insurance for older people, make sure you know the difference between term and whole life. Also pay attention to the difference between simplified vs guaranteed issue policies.

If you would like to learn more about whole life, consider reading – Define Whole Life Insurance for more information.

Over 50s Generation (Rock N Roll) Life Insurance

admin — Fri, 01 May 2009 01:44:42 +0000

What does life insurance have to do with the Rock N’ Roll generation?

Older people can benefit from no medical life insurance for seniors!

Well alot of us wonder if we can still find affordable life insruance policies!

We used to be covered, either through a term policy that expired, or through a job group benefit plan that expired when we left, were let go, or retired. But now, just as we want to do financial planning for our later years, we have no coverage.

Why Do People Over 50 Need Life Insurance?

Now, as we get older, we can see even more need for life insurance too. We want to leave cash for our spouses or children when we pass away. And we also want to make sure they have enough money to settle our debts, keep making payments on assets, and just to pay for our funerals! You have got to know that funerals can run $8,000 to $10,000 or more in the US right now

I have some great news for those of us who have passed the first bloom of youth.Statistics, which life insurance companies just love, show that we are living longer and more productive lives than any generation that has come before.

Based upon those statistics, top companies have actually lowered rates over the last decade. Even more, many companies have been much friendlier towards older people. I have seen whole life insurance that can be applied for up to age 80, and term policies for people in their 70s.

Of course, that age a person can access some varieties of coverage will depend upon some other details. General health and good health habits will help a policy get approved at lower premium rates.

Guaranteed Life Insurance For Senior Citizens

While some guaranteed coverage will take applicants, regardless of health, they will be more expensive, have waiting periods, and will probably max out at a lower applicant age. Still, these guaranteed policies can be great for some people who cannot obtain other policies.

Simplified Life Insurance For Healthy Seniors

These policies do have some health requirements, but they are meant to accept most applicants. So the majority of reasonably healthy people who are still functioning outside of an institution, should qualify. They can have an immediate death benefit, with no waiting period, and the rates will be lower than a similar guaranteed plan.

Fully Underwwritten Policies

If you are a fairly healthy individual in your 50s, 60s, and even 70s, you may opt for a fully underwritten life insurance policy. If you get accepted, you will have the best chance of being able to buy more coverage for less money. And you can choose a term or whole life policy too.

A 70 year old may not expect to find a 30 year term life insurance policy, but she may find an affordable 10 or 15 year policy.

Another option would be to look at whole life insurance. As long as the policy is kept in force, these policies will never expire. Of course, because of that, whole life will cost more than term, but it may be a better option for older applicants.

Older people, age 50 to 80, can find life insurance coverage. It is more a matter of finding the right plan for you and your family.

Is it time to find life insurance for older people? Our fast, safe, and free personalized online life insurance quotes can help you save time and money!

Why Would Seniors Buy Final Expense Insurance Policies?

admin — Thu, 26 Mar 2009 16:54:11 +0000

Many seniors, or even middle aged people over 50, get ads for a life insurance product called final expense insurance. Since a lot of life insurance products are marketed to younger people, they may not understand why they may need a life insurance policy. However, even though seniors may have retired, they may not have outlived a good use for life insurance.

Plan For A Funeral

Seniors, or their children, may know that funerals can cost $8 – $10 thousand dollars these days! Sometimes it is hard to come up with that much cash to pay for a nice funeral. In addition, some family may need to travel. Others will certainly need to take time off of work. A body may need to be transported. It is never fun to think about a loved one passing away. But still, many people plan for this event.

A final expense life insurance policy can be a simple and affordable way to make sure that the funeral, and other expenses, can get paid for.

Sometimes seniors buy a policy for themselves, and sometimes, children or caretakers purchase the policy. If the seniors buy the policy, they set the beneficiary to the people who will be responsible for making final arrangements.

Settling Debts

If elderly people still owe money, many want to make sure that their children or grandchildren do not have a burden to worry about when they pass away. A final expense plan provides cash, so these debts can be paid off. Again, a senior may purchase a plan so the kids get cash, or the kids may own the policy on the elderly person. That way they make sure they have the money to settle debts and pay off medical bills without any problems.

Transfer Money To The Next Generation

Most of the time, proceeds from a life insurance policy are tax free. If a parent or grandparent would like to make sure that their descendants get some money when the pass away, a seniors life insurance policy can be an easy way to plan for this.

Seniors Life Insurance Is Designed For Easy Issue

You can find simplified or guaranteed issue life insurance policies. That means that most seniors, in reasonable health, can qualify for a final expense plan.

With guaranteed issue policies, nobody is turned down. The drawbacks are that rates will be higher than with simplified issue, and the death benefit may not be immediate. It usually has a waiting period of 2 – 3 years before the full benefit will be paid. If the covered person passes away before that, it usually refunds premiums, sometimes with interest.

Simplified issue plans ask some health questions, but are still written for reasonably healthy older people. The death benefit should be immediate and premiums will be less than guaranteed issue plans. If a senior does not want to answer any health questions, insurers know they are taking on a bigger risk, and so they charge accordingly.

Either way, many older people will benefit from a life insurance policy. They will have the security of knowing that they have planned for their passing.

Find the best final expense insurance rate from a top life insurance company.
We are proud to offer the best insurance quotes.

Burial Insurance Policy Primer

admin — Mon, 03 Mar 2008 02:40:23 +0000

If you are over 50, and sometimes over 45, you have probably been approached with an offer for a burial insurance policy. Many people think that these are affordable ways to plan for the high expenses of modern funerals, but many consumers do not really understand what they are buying. In essence, a burial insurance policy is a whole life insurance policy with a fairly small face value ($2,500 – $25,000).

Furthermore, since life insurance companies understand that they are marketing life insurance for middle aged or senior citizens, so these policies are usually either simplified or guaranteed issue!

What does this mean? It means you can get a policy with very little hassle, and also even if you do have some medical issues.