Senior Life Insurance

Cheapest life insurance for seniors

Level Policy

A Level plan is the more standard and straightforward out of the senior life insurance plans. The A-Level policy is issued to candidates who tend to be in excellent health or people who may have a few minor health concerns that are managed with medications. The maximum amount of coverage will likely be in effect the very day the application is approved. Considering that soon as the insured person dies, their named beneficiaries will get the full death benefit.

Graded Policy

A Graded Policy should be thought about if your wellness is a concern. Coverage will differ depending on what insurance company is selected.

For example, in case you have Parkinson’s disease or even a clinically manageable disease in which continuous therapy can help in the condition, a Graded plan may be best for you. Graded Policy benefits usually come with a two-year waiting period before the carrier will pay the full death benefit to a beneficiary. In case a non-accidental death happens previous to that two-year time frame, the insurance policy will only pay a percentage of the total death benefit. Throughout the third year and naturally beyond, the full death benefit is going to be paid.

Modified Policy

A Modified Policy happens to be quite similar to a Graded Policy except that it entails a severe illness, like cancer, instead of a more controllable ailment. Modified Policy benefits commonly have a two-year waiting period before the full death benefit will be paid to a named beneficiary. If a non-accidental death takes place before that two-year time frame, the insurance policy will only pay a return of the paid premiums in addition to a small percent of the total death benefit. While in the third year and beyond, however, the full death benefit will certainly be paid.

Guaranteed Issue Policy

A Guaranteed Issue Policy does not figure in almost any of your health problems if any exists, so it’s for the most part more expensive compared to the different senior life insurance plans. Guaranteed Issue Policy benefits usually have a two-year waiting period before the carrier will the full death benefit will be paid to a named beneficiary. In case a non-accidental death happens before that two-year time framework, the insurance policy will only pay out a return of the paid premiums plus a percent of the total death benefit. During the third year as well as beyond, the company will pay your full death benefit.