Life Insurance for Seniors: Policies for the Hard-to-Insure

2007-03-08 10:33:40

( Insurance )



NICHE MARKET

Life insurance for seniors can be more complicated to obtain than life insurance for people who are relatively younger. Because life insurance factors in life expectancy, those are more advanced in years may have more difficulty in purchasing one.

The good thing about insurance companies is that they continually introduce new insurance plans or modify existing ones to address what the market needs. There are actually companies out there that specialize in niche insurance, providing coverage to clients not ordinarily catered to by your common insurance companies.

Among the insurance programs offered by these niche companies are life insurance for seniors, auto insurance for teenagers, insurance for bad drivers, and loans for self employed, among others.

INSURANCE OPTIONS FOR SENIORS

An option for seniors and other hard to insure individuals is the deferred insurance plan. Under this plan, the premiums are returned with some interest earnings if the insured dies before the maturity of the plan. This an appropriate life insurance for seniors because the loved ones of the insured have the means to reclaim the premiums that were paid in case the life plan becomes void because death of the insured occurred much earlier to make any claims valid.
This arrangement is appropriate for seniors because the premiums that were paid will not go to waste.

Of course, life insurance is best purchased as early as is legally possible. This way, the life policy will have matured early on, freeing you from paying life insurance premiums much sooner. You can use this extra money to open a retirement fund or use for investment purposes.

For individuals looking to get a life insurance for seniors, make sure you read carefully the fine print, and that every detail is very clear and does not leave any room for misinterpretation. It is important that you know what you are getting into before signing anything.


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