Senior Term Life Insurance – Can You Qualify?

Many old people realize the importance of having life insurance when it is almost impossible for them to purchase it. It is well known that companies prefer younger clients, with good health a good salary. Most of the seniors lack those attributes.  The only viable option is to rely on temporary protection. Old people can qualify for senior term life insurance plans.

worried-older-coupleThis is a general hypothesis, since each senior citizen is unique and presents some factors that will either make it eligible or not for life insurance.

Term life insurance is a very versatile policy which offers coverage for a predetermined number of years. It is up to the potential client to decide for how long he/she wants to be protected. Typically, senior citizens choose 15 or 20 years term life insurance policies.

Human life expectancy is around 70-80 years and it makes sense to purchase a policy that will cover you until this age.  The reverse side of the coin is that if you outlive the policy, you will not be entitled to any benefits. You may get your saved money back (minus some expenses), but nothing more.

As you can imagine, the selection criterions are pretty strict. You are already old, which is a negative thing for insurers, and now it all depends on your health. Chances of getting proper term life insurance will be almost zero if you also present several major health problems.

You can qualify for term life insurance, if you are not that old and you do not have life-threatening medical problems. Those are the minimal requirements. It would be even better if you are not a smoker or known to have problem with authorities.  However, if you need further details, you should contact a life insurance broker and check for online quotes.

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