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Life insurance no exam is usually lauded as one of the few options senior citizens can benefit from when in fact there are a number of other options placed at their disposal. It is important to know about these options to make best use of available options but it is possible for senior citizens to get what they want. One must admit that the life insurance options of the day are more accommodating for the senior citizens as compared to earlier times. Today, senior citizens want an independent existence and they want to take care of their needs and those around them instead of being looked upon as a burden. Here are some of the options they can explore.
* Whole life option is one of the most bought insurance options which can be useful for senior citizens as well. Increased level of healthcare has helped increase the average lifespan of people which supports the idea that one can choose to buy whole life option at almost any stage of life without worrying much about the age factor. Whole life offers lifetime coverage and additional cash value which can also be benefited from. You can borrow against accumulated cash value after maturity of policy or surrender the policy after maturity to benefit from accumulated cash value.
* Term life option is another insurance option which can be bought by senior citizens to take care of their insurance needs. It is important to understand the nature and functioning of term life which is why one must consider instant term life insurance quotes in the light of relevant factors. One can choose from term duration ranging from a year to as much as 30 years. The higher the age, more are the chances of having health problems which reduces insurance benefits but still they can get what they deserve. It is only a matter of being aware and taking timely action to ensure the protection of financial interests.
* Single pay insurance is another type of insurance option with big dividends to reap only if one can afford it. It is much the same as other options and can be chosen in either term or whole life form but the difference lies in the fact that the insurance buyer has to pay the payment only once. This payment is naturally very high and not everyone may be able to make it. However, if one can, it can fetch big returns from market and one can multiply the amount two to three times without having to pay any government tax on the same.
* If someone has a medical condition then they may have difficulty in buying life insurance. In such a situation, one can opt for no medical life insurance which offers life insurance without making one undergo medical exam. One can also opt for special insurance options which are offered by specialized insurers. No exam option is a simplified issue policy which can be bought on the website of the insurer. Usually, one has to appear for a medical exam before buying insurance which is meant to assess the life expectancy of the insurance buyer. Your underwriting profile is also important in getting the best results from your insurance policy.
* Critical illness coverage is another option which can provide good cover due to its applicability to specific illnesses of a critical nature. This is more of a rider than a separate insurance option but its significance is not diminished by this fact. Elderly can benefit from the plan, if they buy this rider along with their policy in time. One can choose which diseases are covered by this rider but it is important that the person does not have any of these illnesses at the time of buying insurance. It is important that the disease that afflicts a person is covered in the insurance to be able to get benefits of the policy.
* Guaranteed acceptance life insurance -this plan is ideal for senior citizens who have incurable medical condition and those who are not that keen to undergo medical exams. Also, it is for elderly who cannot face rejection. If you are any of the above, you can look for life insurance quote on line of this plan. The difference that it has with the usual no medical life insurance is that it pays for deaths which cause is accidental in nature.
If you are a senior citizen, some of these options can serve you well and meet your needs in an effective manner.
* Whole life option is one of the most bought insurance options which can be useful for senior citizens as well. Increased level of healthcare has helped increase the average lifespan of people which supports the idea that one can choose to buy whole life option at almost any stage of life without worrying much about the age factor. Whole life offers lifetime coverage and additional cash value which can also be benefited from. You can borrow against accumulated cash value after maturity of policy or surrender the policy after maturity to benefit from accumulated cash value.
* Term life option is another insurance option which can be bought by senior citizens to take care of their insurance needs. It is important to understand the nature and functioning of term life which is why one must consider instant term life insurance quotes in the light of relevant factors. One can choose from term duration ranging from a year to as much as 30 years. The higher the age, more are the chances of having health problems which reduces insurance benefits but still they can get what they deserve. It is only a matter of being aware and taking timely action to ensure the protection of financial interests.
* Single pay insurance is another type of insurance option with big dividends to reap only if one can afford it. It is much the same as other options and can be chosen in either term or whole life form but the difference lies in the fact that the insurance buyer has to pay the payment only once. This payment is naturally very high and not everyone may be able to make it. However, if one can, it can fetch big returns from market and one can multiply the amount two to three times without having to pay any government tax on the same.
* If someone has a medical condition then they may have difficulty in buying life insurance. In such a situation, one can opt for no medical life insurance which offers life insurance without making one undergo medical exam. One can also opt for special insurance options which are offered by specialized insurers. No exam option is a simplified issue policy which can be bought on the website of the insurer. Usually, one has to appear for a medical exam before buying insurance which is meant to assess the life expectancy of the insurance buyer. Your underwriting profile is also important in getting the best results from your insurance policy.
* Critical illness coverage is another option which can provide good cover due to its applicability to specific illnesses of a critical nature. This is more of a rider than a separate insurance option but its significance is not diminished by this fact. Elderly can benefit from the plan, if they buy this rider along with their policy in time. One can choose which diseases are covered by this rider but it is important that the person does not have any of these illnesses at the time of buying insurance. It is important that the disease that afflicts a person is covered in the insurance to be able to get benefits of the policy.
* Guaranteed acceptance life insurance -this plan is ideal for senior citizens who have incurable medical condition and those who are not that keen to undergo medical exams. Also, it is for elderly who cannot face rejection. If you are any of the above, you can look for life insurance quote on line of this plan. The difference that it has with the usual no medical life insurance is that it pays for deaths which cause is accidental in nature.
If you are a senior citizen, some of these options can serve you well and meet your needs in an effective manner.
About the Author:
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on cheap life insurance rates and no medical exam life insurance, visit his site today.
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