If you are coming upon your 65th birthday and you still do not have life insurance, don’t you think it is time consider looking at over 65 life insurance policies. Whereas there was a time when securing a policy at this age was not possible or would cost a small fortune, that is no longer the case. Today, Claybrooke offers multiple policies that will meet your needs and budget.
Life Expectancies Are Increasing
The reality of today is that people are living longer than ever, often into their late 80s and even well into their 90s. The increased average life expectancy has opened the door for insurance companies to offer initial policies much later in life. Whereas there were once just a few companies willing to over life insurance for those over 65, now there are literally dozens of company offering a variety of policies to this demographic.
While rates have come down in recent years for this age classification, insurance policies for over 65 year olds are still more expensive than those for people under 50. However, they are much cheaper than policies at the next level, over 70. Luckily, most insurance providers still offer guaranteed acceptance at this age level.
For those of you with medical concerns, this means there is no medical underwriting needed to secure a policy. You are guaranteed coverage and a rate with acceptance. If there are medical issues, you may consider improving your overall status by quitting smoking if you are a current smoker. In most cases, you will have needed to have quit for at least one year prior to obtaining the policy.
How Does Life Insurance Over 65 Work?
Just like any other life insurance policy, an over 65 life insurance policy will pay out a lump sum to beneficiaries upon the death of the covered individual, assuming the death did not fall into one of the exceptions, such as drug and alcohol abuse or suicide. The money can be used in any way the beneficiary’s desire.
How Much Coverage Will You Need?
This is the most important question you will need to answer when deciding upon the cover amount of an over 65 life insurance policy. One of the first things to consider is if you are still earning a paycheck or if you are living off retirement money. If you are still employed, the amount of your salary will need to be factored in to help your spouse cover expenses if something were to happen to you.
Other bills to consider are things such as the mortgage, car insurance, educational costs, and secondary care. If you are approaching 70, you or your spouse may have additional medical care costs that will need to be covered now or in the near future. If you are taking care of your spouse in this fashion already, an additional caregiver will need to be employed in your absence.
Other things to consider are costs of burial as well as a legacy for your children or grandchildren. You should also take into account inheritance tax, if it applies, as well as the cost of inflation during the term of the policy. If £500,000 will cover the costs for 20 years today, will it still cover those same costs if the policy is not collected until ten or twenty years from now?
Stipulations for Life Insurance Over 65 Plans
Regardless of the age grouping, most life insurance policies will carry a clause whereas no benefits will be paid until after a specific period of time has passed. In most cases, this period will be as short as 12 months and as long as 24 months. However, if the covered were to die during this period, the insurance company often refunds any premiums paid since the policy was never actually in effect.
Premiums must be paid and current in order for the policy to be considered valid. Missing any payments will cause the policy to become null and void. If difficulties are expected, you should contact the insurance company at once to make them aware of the situation to see if there is any way to avoid this.
In some cases, you may qualify for a temporary exemption of premiums. This is also something you should address with the company prior to signing a policy as there are sometimes clauses that can be enacted in emergencies to cover premiums and keep the policy valid.
Shop Around for the Best Policy
At this age, there is a very good chance you are living on a very limited budget. Spending excess funds on over 65 life insurance will not help your situation. To avoid paying too much, feel free to use the Claybrooke life insurance comparison tools to find the best policies for your coverage amount and budget.
Our website eliminates the need to spend hours calling up individual companies to find out the best rates. You will be able to find your policy quicker and secure your coverage much sooner to give you peace of mind.
The tools on our website are easy to use, even for someone that is not Internet savvy. Simply fill out the information required and click. The programming will do the rest to find the best policies with the best companies. You will not be pressured to make a purchase, as this information provided is just that, information for you to make an informed decision before purchasing.
Telephone Service Available for Claybrooke Clients
While our website is easy to use, we also understand that not everyone feels comfortable using a website for something such as this. For this reason, we also have a team of insurance experts monitoring the phone lines Monday through Friday as well as Saturday’s for limited hours. If you are calling during off hours, simply leave a message and one of our team members will get back to you as soon as they are available.
We know this is a major decision for you and we want you to take your time and find the best policy. We will do everything within our power to make sure you have ample information before making a purchase. Use the tools on our website to do your research and then give us a call if you need further assistance. We look forward to helping you secure the over 65 life insurance policy for you and your family’s peace of mind.