More often than not, choosing between various insurers that offer senior life insurance coverage without medical can be a cumbersome task. There are many senior life insurance comparison websites that can help potential policyholders have a less stressful time while selecting and reviewing policies.
These websites allow potential policyholders check the terms, conditions, fine print, benefits
This being said, using the services of a comparison website is only possible when you know the key factors to obtain the best senior life coverage plans.
Continue reading to know more.
Look For Policies with Cash Backs and Reward Programs
Cash backs are a simple system of rewarding policyholders with a return of a percentage of the value amount in ways of added benefits or cash returns. Choosing insurance providers that offer 10% to 15% cash back as well works out beneficial in the long run.
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Reward programs, on the other hand, might include reward points that can be accumulated over a period of time and can be redeemed when the policy is due for renewal.
Search For Insurance Plans That Do Not Have An Expiry Age
While some insurers do not renew plans after the policyholder turns of 75 to 80 years of age, other insurers offer policies that explicitly mention no expiry age. Another way to term this is to look for policies that might have an expiry age of 99 years.
While such policies might seem a bit expensive at first, such coverage plans will ensure that your family is financially protected after you have taken your last breath and that your financial commitments do not hamper their life in any way.
The only applicable clause to this type of policy is that the policy is not subject to getting renewed if the premiums haven't been paid. Ensure that you do not skip out on paying even 1 premium as this can cause the policy to lapse and you to miss out on an opportunity of a policy that does not expire based on the policy holder's age.
Choose Insurance Providers That Offer a Discount
While some insurance providers choose to offer a discount between 10%-20% on second person insurance, other insurers do not offer this perk. Combining insurance packages for multiple people might seem expensive at first but checking the breakup of the costs and reviewing the total amount paid for two people as opposed to just one will help you understand the true cost of the plan and the actual value of the policy.
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If your spouse needs to be insured as well, as far as possible look for insurers that allows you to combine insurance plans for seniors. Keep in mind that the majority of the insurance providers offer cheaper insurance plans to women as compared to men, even if they are of the same age.
Review Your Lifestyle Before Submitting Your Application
Yes, smokers pay more towards insurance premiums as compared to non-smokers. Men pay more towards premiums as compared to women of a similar age. Rash drivers and frequent vehicle drivers also might pay more towards insurance premiums as compared to seniors who choose to opt for public transport. Seniors with pre-existing health conditions will be asked to pay higher premiums.
Not declaring that you are a smoker, you have pre-existing health conditions and failure to disclose any relevant information your application might lead to either a rejected policy or a
Comparing insurance plans that offer guaranteed life coverage to seniors with pre-existing medical conditions might be a good option, however, this option will turn out to be more expensive than choosing an insurance provider who will decide the status of your application after running a few health checks on you.
Final Considerations
Senior life insurance plans without medical will cost a pretty penny if you don't read the fine print of the contract and fail to take care of your health on a steady basis. Ensuring that either you or someone else looks out for you as well as reading additional terms and conditions before signing the contract are the ultimate keys to getting the best life insurance plans for seniors.
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