Choosing Elderly Life Insurance Wisely: A Guide

Elderly life insurance is different from normal life insurance because you cannot be denied a policy. Although it is guaranteed, the price of a policy is high.

What Is Needed

You do not need to take a medical exam to get elderly life insurance. Before you apply, ask yourself if you really need life insurance. If you are part of a retired couple who lives on a fixed income of securities and investments, then your death may not cause financial hardship to your dependents and you may not need a policy.

Step 1
Decide on Whole or Term

Elderly people should probably opt for term life insurance. As you get older, you are more likely to die within the term of insurance than you would if you were younger. Whole life insurance policies are less useful to elderly people because the point of this type of policy is to allow the payout to grow over time.

Step 2
Determine How Much

If you are still earning money in your older age, you can calculate the amount of coverage that you want by multiplying your yearly income by 7. This should be your minimum.

Step 3
Choose a Company

The only way to be sure that your policy will be paid out when you die is to choose a financially strong insurance company. Look at longevity, jurisdiction and other broad variables.
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