There are many insurance products available in the market today that are specially tailored for the elderly. The catch here is to identify the right insurance product that will best suit your requirement. Insurance products for the elderly usually come with a specific waiting period.
For example, suppose you read through the review on Colonial Penn 9.95 by Gary P. Cubeta from Insurance for Final Expense, you will know this product comes with a two-year waiting period before the dependents receive the full benefit.
The article aims to simplify the process of identifying the right insurance products for the elderly.
How to Assess the Best Insurance Products for the Elderly?
Insurance products have age limits associated with them. An insurer will accept an application only if you fall under the entry age range. For example, you cannot apply for certain insurance products past the age of 60 years.
And in other cases, like burial insurance, applicants can generally apply up to the age of 80 years. Entry and maximum age will differ from one insurer to another, do your research or consult with an agent before applying.
Some insurance policies like the Colonial Penn 9.95 come with a two-year waiting period. You need to make regular premium payments over two years to receive the full benefit of the assured amount. For example, if the insured passes away after making three monthly premium payments, the nominees will not receive the death benefit amount. If the insured passes away after making 23 monthly premium payments, the death benefit will still not be awarded.
The nominees will not receive the assured amount in such cases, but the insurer will pay the premium amount back. Thus, while looking for insurance products for the elderly, ensure the policy does not have any waiting period associated with it. If the insured passes away during this waiting period, nominees will be left without coverage. The sole reason why insurance is taken in the first place becomes null and void.
A funeral cost in the US ranges from $7500 to $9500. Then there are other miscellaneous expenses like flower arrangements, caskets, vaults, and markers costs, among others. All these costs added up can be a considerable burden on your loved ones left behind.
Elderly citizens can explore the option of buying burial insurance which will ensure all their final expenses are taken care of. As mentioned above, look for insurance products without any waiting period to get the full benefits of the policy.
When looking for health insurance, you need to ensure that the policy considers a wide range of illnesses and medical conditions. Other than routine medical checkups and bill payments, you need specific medical care as you grow older. Compare the list of medical conditions covered by the insurers before you decide on buying a policy.
When buying insurance products for the elderly, it is recommended you go ahead with a no waiting period product, as policies like Colonial Penn 9.95 can lock in coverage for two years. Do not just concentrate on low premium rates. Look for policies that will consider your medical conditions and still offer the right coverage.
To read more on topics like this, check out the Lifestyle category