The misconception that states life insurance is not for the elderly is one that probably cost individuals and their family. As stated by the Life Insurance Settlement Association, senior citizens allow an approximate 112 billion dollars in policies for life insurance to lapse on an annual basis. Doing this, or just failing to actually possess a life insurance policy on the whole could put an unanticipated financial burden upon the shoulders of the loved ones subsequent to the death of the individual.
Policies for life insurance are provided in varying options that could assist the elderly in accomplishing financial goals, like letting loved ones the ability to afford the expenses of the funeral or decreasing the load of estate taxes on their beloved ones. Several insurance policies will provide their products directly to the senior citizens and some would also have protection, known as riders which allow the individual to receive payouts in the event they develop a disability or become ill.
Pacific Life – Overall Policy
This policy provides a vast array of policies which include one which could offer long-term care benefits with elderly-specific options which go up to the age of 121. Pacific Life provides a vast amount of insurance policies, which include term life, variable universal, whole, universal, and indexed universal insurance policies. There is also a policy which caters directly to senior citizens referred to as PremierCare Advantage. Such a policy could offer long-term care benefits in the event that the individual relocated to a hospice, nursing home, or facility for assisted living.
If no long-term care is required, there is a return of premium benefit that will guarantee the beneficiary will be given the funds that were paid. Individuals have the option of purchasing the company’s term life policy up to the age of seventy-five with a ten-year period of benefits. There is also a no-lapse guarantee universal life policy which will extend coverage to the individual up to the age of 121 years old. Regrettably, similar to several other life insurance providers, Pacific Life does not offer a premium that is estimated, therefore an individual would first have to make an application in order to receive a quotation with the premium that they will be required to pay. An agent from Pacific Life would get into contact with the individual with the purpose of detailing the policies that are available for that area and the age of the person.
John Hancock – Term Life Policy
John Hancock provides term policies which range from ten, fifteen, twenty, and thirty years with an option of renewing through to age ninety-four. They provide numerous rider options in order to protect the individual’s policy, including unemployment protection rider, accelerated benefit rider, and total disability waiver. There is a requirement for medical examinations all depending on the quantity of coverage the individual is applying for. Pricing and cost are also a few of the benefits of this policy.
The insurance company provides a Vitality program that provides rewards for healthy behaviors like reading articles that relate to improving health quitting smoking and exercise. Individuals could bank as much as fifteen percent on their premium if they enroll in the Vitality program. In addition, John Hancock has an assured conversion attribute in its term life policy, which means that the individual has up until the age of seventy years to change their policy over to a universal life policy. In the event that an individual like John Hancock simply has a life insurance policy yet have a vested interest in the universal life coverage, the company provides a variable universal, indexed, and fixed policies, unfortunately, they do not provide whole life insurance policies.
Penn Mutual – Whole Life Policy
Penn Mutual provides two whole life insurance policies with a few exceptional payment elements and possible riders. Due to Penn Mutual being a mutual fund company, it pays its policyholders dividends. This could maximize the individual’s whole life policy due to the fact that the individual has the prospective to make money additionally to what they are guaranteed in interest rates linked to the policy they own. The premium rate from Penn Mutual is guaranteed therefore there is no need to concern yourself about the rate increases as you get older. Bearing this in mind, Penn Mutual provides an innovative option for payment for holders of whole life policies with their Versatile Choice Whole Life policy: where the individual could decide to pay off the value of their policy within a tiny period of five years or choose to spread the payment out up to and when they reach the age of 100 years.
The cash values from Penn Mutual are also guaranteed up to the age of 121 years. There is also a two-person policy known as the Survivorship Choice Whole Life, which could assist in the covering of charitable gifts or estate taxes. Eighty-five is the maximum issued age for this policy. Besides the whole life policy, Penn Mutual also provides additional products such as an indexed universal and universal life option, there is also a term life insurance policy without any medical examination being required.
AIG – Final Expenses
AIG promotes many policies that it provides to individuals that are sixty years old or beyond and final expense is one of these policies. Traditionally this policy has a smaller benefit than other policies, but yet it could assist in paying for chief expenses, like the cost of the funeral. AIG provides such benefits up to a maximum of 100,000 dollars with the requirement of a medical examination, plus a guaranteed issue policy between 5,000 and 25,000 dollars, for persons between the ages of fifty and eighty-five years old, for final expenses insurance which does not require a medical examination.
Final expense is not the only policy provided by AIG to the elderly. There is also the quality of life, whole life, term, and guaranteed issue life insurance that offer benefits to individuals while they are alive but suffered from a chronic or critical illness. Individuals have to supply personal information, such as email address, phone, weight, and height in order to receive a personalized life insurance quote.