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Monday, January 11, 2010

Life Insurance For Elderly People: How To Get A Better Rate

By J Daniel Fermatta

Life insurance for elderly people is seen as a preferred way of arranging for funeral and burial costs by more people than ever before. It's also a way to leave a bequest to loved ones or friends upon death. A life insurance policy doesn't have to be prohibitively expensive if you use some of these tips for finding lower costs while still keeping good benefits to the beneficiaries. Costs for funerals and burial can be an added blow to grieving family. Purchase of life insurance helps to alleviate some of the financial burden.

Term insurance is less costly than some other types of policies. A term life policy runs for a specific time period, such as 20 years. The protection is available when needed and the cost of term insurance is comparable to regular insurance premiums. Benefits are paid to survivors or to the policy holder at the end of the time period.

Choose a Special or Limited Agency

Some insurance companies specialize in life insurance devoted to senior citizens. These companies often don't require a health examination to qualify. Some policies will provide policies, even if there are health conditions. The premium cost is comparable to term policies for the general population.

Deferred Benefit Policies

A deferred life insurance policy is a type of term insurance, but it separates the payment of benefits into two parts. If the policy holder dies during the first two years of coverage, benefits are equal to the amount of the paid premiums. After two years, the payment of benefits equal to the full price of the policy is standard. This allows the policy holder to provide for expenses following his or her death.

Insurance Coverage Offered By Employers

You may be able to obtain life insurance from an employer, so long as you are under age 85. Of course, you must be retirement age, but still have a job. Review the benefits that you can receive by checking with the personnel office at your job. The costs for life insurance are likely to be somewhat higher than for younger workers, but are still a good deal for senior citizens.

Become a Non-Smoker

Non-smokers tend to be healthier than smokers and they also live longer than smokers. If you are a non-smoker or if you have quit smoking for at least one year, your rates for life insurance are likely to be lower. Non-smokers are in a lower risk group than smokers and can thus obtain better rates.

Shop Online

The Internet has made it possible to find lower rates on life insurance. Use your favorite search engine to look for insurance companies online. Costs of life insurance policies can be lower due to the greater number of policy holders and the broader cross section of people covered than you would find in a local market.

These are ways of reducing the cost of life insurance for elderly people. Favorable rates for individuals past the sixth decade of life can be found by doing proper research. Take advantage of the internet, specialty companies and employer plans to get even better rates for life insurance coverage. - 23211

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