Life insurance is a product that aims to protect you and the people you love. This is because it guarantees coverage in case any unexpected events happen during life. For example, disability due to a serious accident. In the case of occurrences that are covered by a policy, it guarantees compensation and/or assistance to the insured or the beneficiaries.
Is there senior whole life insurance?
Yes, there is. If you are in the best age and are looking for a life insurance for the elderly, know that it is possible to hire this product. However, not all insurance companies offer this option. They consider that this public presents a higher risk of loss, so not all of them work with this product.
You will need to search for an insurance company that takes out life insurance for the elderly. See which insurers offer life insurance and then find out the maximum age for contracting.
Attention to price
The price of life insurance for the elderly is usually higher than for someone younger, because of the risk presented to the insurer. However, it is not a rule: there are products that charge the same prices for all age groups.
In United States, insurers are allowed to charge different prices according to the client’s age group. Since younger clients, theoretically, are less likely to need to use the insurance, unlike the elderly. It is considered an elderly person who is over 60 years old. In other words, many life insurance products increase the price for this age.
Is senior whole life insurance a good choice?
This product aims to ensure more tranquility for you and whom you love in case of unforeseen events. And the more time goes by, the greater their chances of happening. Therefore, life insurance for the elderly is quite indicated: it is a period where you can go through various instabilities, and have a guarantee of tranquility is never too much.
Before hiring, it is necessary to see if this product fits in your pocket. Remember: it can increase the price over the years, so be prepared financially to pay it.
Specific policies for the elderly
There are insurers that do allow seniors of a certain age to purchase health policies but, yes, it is normal that hospitalization or surgery is not included . The reason is logical: for an insurer it is a great risk to assume this expense, when it comes to a person with more possibilities of having to be hospitalized. The clients of these products usually have at their disposal a medical chart of specialists, but excluding from the medical care certain services that require a stay in the hospital.
On the other hand, some companies offer a specific type of insurance for the group of people over 60 or 65 whose main characteristic is a much higher premium than the other policies on the market. These products usually have a medical specialist in geriatrics, in addition to other typical coverage of conventional medical insurance such as diagnostic tests (x-rays, endoscopies or magnetic resonance, among others), and care in specialties such as cardiology or oncology.
Life insurance for seniors is more expensive. Because?
Life insurance for older people is often more expensive – this is because a person who is old is generally less likely to have life expectancy, which can be detrimental to the insurance company.
Older people are more likely to be disabled, and even to die, so a person aged 40, for example, will pay a lower life insurance monthly fee than an insured who is 60 years old.
Here, in the case, it is also worth researching to find the best conditions for life insurance for seniors.
However, this increase in monthly payments has a limit. According to the National Health Agency (ANS) plans for the elderly can not cost more than 6 times more than it costs for non-elderly people. If you find an insurer that fails to comply with this law, do not hesitate to file a complaint with ANS.
What coverages can be inserted in the contract?
The coverages included in a life insurance contract – even for seniors – varies greatly according to plan. Generally, the main coverage is the payment of an indemnity, whose value costs in contract, to the relatives of the deceased insured.
It also has life insurance that offers cash prizes in case of disability, in situations that do not allow the insured to return to work.
Other plans also offer funeral services, coverage for serious illnesses and other benefits.
Here also worth researching cost x benefits of plans exist in the market to make the one that best suits your needs and conditions.
Does the insurer have the right to refuse entry?
This is a multifaceted issue and there is no unanimity on this fact. Most insurers, however, refuse prospective clients who have serious health problems or who present other situations considered at risk.
The age factor is also another point that can make the insurer turn down a customer, such as people over 60 or 65.
If you are finding it difficult to close a life insurance contract, it is worth consulting the competent bodies to know if the origin of these denials is legal. If it is not, the insurer involved will have to review your negative responses to the insured.
Can the insurer impose restrictions on the time when life insurance is triggered?
Yes, because it is assumed that the insured responds at the moment of purchase of the product, the questions with truthfulness. Unexplained preexisting diseases, activities considered to be uninformed risk are factors that can cause disruption when triggering life insurance.
Therefore, under no circumstances should the insurer misinform or misrepresent data. It is better not to rely on some types of coverage than to have disorders in the future.
The following are the most common reasons for exclusion by insurance companies:
– sequelae and diseases not reported in the life insurance proposal. However, the insured person can prove that he did not know such facts;
– insured persons committing suicide during the life insurance grace period. Life insurance normally guarantees the cover provided for in the contract after 24 months of signing the contract;
– drug or food poisoning. However, the hypothesis of these intoxications may be excluded if the medications have been prescribed by a medical professional.
And the inventory? Does life insurance come in?
No. The purpose of life insurance is exactly to ensure greater financial reassurance to the family members of the deceased insured. Thus, the indemnity is paid to the beneficiaries of the insured, without entering the inventory.
The insurance premium also can not be used on a compulsory basis to cover any debts that the deceased has left open.
Once the beneficiaries submit the necessary documentation of the deceased insured, the insurer has a maximum period of 30 days to indemnify After the presentation of the documents by the family members, a period of about 30 days is calculated for the payment of the indemnity to the persons involved .
What are the people who receive the life insurance premium?
The insured person has the option to indicate as beneficiary any person who wishes. In case there are no pre-existing beneficiaries, the spouse receives half of the premium and the remainder is divided among the heirs of the deceased insured.
If the user indicates beneficiaries, the compensation is paid directly to such persons.
And the payment of the benefit, how is it done?
The first attitude to take in the event of the death of the insured is to trigger the insurer. The insurance company will ask for a series of documents.
Once delivered, the indemnity amount must be paid to the beneficiaries by deposit within 30 days of delivery of the documentation.
Find the best option
If you are already at an advanced age, do not expect to be over 60 years old to hire a life insurance plan. Research and analyze market options and make the best choice that best suits you and your family. Ensure your tranquility and your dependents!