There are times when loved ones will face a variety of concerns, including the eventual loss of a parent or grandparent. Even though it is hard to think about dying, it is also important when it comes to protecting loved ones from financial challenges that may otherwise arise. It might seem that 70 years old is too old to buy life insurance, but there are policies that will allow older men and women to purchase a policy.
Whole Life Plans
A whole life policy is designed to carry forward and pay out, regardless of the age of the individual when he or she dies. Although it is less expensive when the policy is purchased at a younger age, many insurers will provide coverage for older adults who may want to ensure that loved ones will not face financial burdens.
If you discover that a whole life policy is not appropriate for your needs or budget, then a guaranteed life plan may be more appropriate. Some insurers will only provide new policies to individuals who are in good health. Even though you may be in good health for your age, there is always the possibility that you can have underlying health concerns.
Guaranteed plans do not necessarily require a health evaluation and may be available, regardless of age or current conditions that may limit your options. The plan is usually more expensive to purchase, but it is also guaranteed to pay out as long as you provide accurate information on your application.
While older adults may not qualify for certain types of plans that are designed for younger individuals, there are life insurance policies that are appropriate for your needs. Contact us to speak to an agent for more details.