It is quite common for seniors to have various pre-existing health conditions as they search for life insurance policies. However, it’s important to keep in mind that pre-existing conditions could reduce the number of options available.
However, the competition among various life insurance companies is quite high. Thus, whether or not you’re a senior with pre-existing health conditions, you shouldn’t have any difficulty finding a life insurance policy. In fact, some companies don’t even ask any health questions on their application, and thus don’t charge higher premiums for people with such pre-existing health conditions. However, the rates differ from company to company, so it’s important to compare companies before choosing one. If you are not convinced about purchasing life insurance coverage, then these 3 most common questions will definitely help your way to get an affordable life coverage.
What Factors are Considered when Calculating Premium?
There’s a wide array of factors that determine the premiums for senior life insurance, as with other types of life insurance. One is your current age. It’s important to keep in mind that the premiums will be based on the current rates now. Thus, the premiums will be different if you were to take out a policy 10 or 20 years later. Thus, this is highly advisable to consider getting a policy now instead of later.
Preferred rates can significantly help to reduce the premiums for the elderly. These rates are available in various circumstances, such as when you’re in excellent health, or your family has a history of excellent health. In fact, it’s possible to save up to about one-third through many life insurance companies. Even if you don’t qualify for the best preferred classification, you can still enjoy major savings.
If you have health issues, you should consider guaranteed issue policies. They have no medical tests, but also no health questions. This is a “last ditch life insurance”, and are often sold direct by various companies. They pool together people with major health issues.