The whole life insurance for the elderly explained

It used to be that life insurance for elderly people are so costly and insurance companies refused to cover older people. In most US states, life insurance companies are now required to offer coverage to elderly persons who are 63 years old and above. There are now many plans that have reasonable premium rates for seniors unlike in the old days where premiums rise drastically in relation to advanced age.

The whole life insurance explained concisely
Policies for the elderly are generally short-term and pay only a limited death benefit for the first two years. This ensures affordable life insurance for elderly persons. The full price of the insurance at the time of your death is payable to your beneficiary after the policy has been in force for two years. Most insurance policies will pay only the total monthly payments plus interest if death occurs within two years, commonly called deferred life. Typically, deferred life can vary from 5,000 coverage up to 100,000. Insurance premiums can be as little as 15 a month but can be expensive depending on the clients choice of benefits.

If the death is accidental, the benefits are usually paid in full if the policy is in full force, even if only one monthly payment has been received. This includes automobile accident and other death of an accidental nature. This exception is greatly appreciated by many seniors.

It is expected for seniors to be suffering from degenerative diseases. That is why they appreciate that guaranteed life insurance coverage does not always require a health examination. Therefore, many elderly persons are now opting to buy a Guaranteed life insurance policy.

Help in finding affordable life insurance for elderly persons are widely available in the internet. One option to ease the process of acquiring a life insurance is that the sons and daughters can now obtain life insurance for their parents.