A cheap Instant Life Insurance Plan for seniors is a crucial option to consider for those on the verge of their retirement. In case of your sudden demise, a senior life insurance plan can offer a safe economical harbor for your family to take care of any last expenses left unpaid by you.
Factors Affecting Senior Citizen Instant Issue Life Insurance
There are numerous types of Instant Issue Life insurance available including Senior Life insurance like Critical illness insurance, Disability insurance, Life insurance and Funeral insurance.
Both Critical Illness and Disability Insurance provide a cumulative reimbursement and can be bought separately or paired with an instant issue life insurance policy which could be either term or permanent one. Term life insurance being the cheaper and more preferred one, however can only be availed until the age of 80 in most cases. If you die within the policy term, your selected beneficiaries will receive the lump sum. Lastly, Funeral Insurance offers monetary security to cover the funeral expenses.
If you are on a hunt for cheap senior instant issue life insurance plans, then there a few factors to consider foremost which influence the cost of a life insurance premium. The less you are exposed to such determinants of life expectancy, the cheaper your insurance package will be. Factors include: age, gender, smoking status, medical background, hobbies as well as occupation.
It goes without saying that with age, there are increased chances of contracting health risks. Hence premiums tend to get pricier with age. Moreover, as males have a shorter expected life span than females, they are hence offered more expensive insurance plans.
Let’s not forget the adverse effects of smoking that come to play when designing the instant issue life insurance plans of chain smokers. Plus, if you possess a history of pre-existing medical conditions, you will incur a greater deficit than a healthy beneficiary. Surprisingly, if your job and leisure activities are stress-inducing, physical or mental, you will be at a disadvantage when devising a life insurance plan.
Hence, when contemplating on a purchase of a cheap senior life insurance premium, invest some time in researching the most suited policy for you which also offers substantial coverage considering your present financial status and responsibilities. Also, make small efforts in improving your prevalent health and circumstances, exploring for special discounts and offers and evaluating how the premium is structured to tailor it in accordance with your financial needs.
Incentives Offered to Senior Citizens
If your senior instant issue life insurance policy comes with numerous incentives including Fixed premiums, Interim coverage, Waiver of premium, Guaranteed insurability, Loans and cash withdrawals as well as Mortgage protection, you may safely consider it cheap. All of the aforementioned features enable you to enhance the degree of coverage without much hassle. In addition to these, if it also includes other benefits such as Funeral advancement benefit, Accelerated death benefit and Financial planning benefit, you are definitely good to go.
Top 5 Companies with Cheap Senior Citizen Instant Issue Life Insurance
- New York Life: This company is the top contender for Flexible Policies
- Mutual of Omaha: It offers unparalleled Customer Service
- American National: This is the most secure company for “High-Risk” Policies
- Banner Life: It is ideal for Flexible Payments Plans
- Lincoln Financial Group: It offers the highest Death Benefits
To sum it all up, the sole purpose of a cheap seniors’ instant issue life insurance premium is to secure your assets, cover your final costs and circumvent inheritance taxes. If these conditions are being fulfilled to your advantage, then you are fortunate to secure such an inexpensive prize.