Are you 70 years old or older? You should go for a term life policy. You are going to get cheaper policies than the whole of your life and those policies will have the same coverage. So, let’s search for a life insurance policy.
What the Search is Like
All good deeds have blockages and same is the life insurance policy at your age where most of the life insurance policies won’t even have a policy for you. As you grow older, the life insurance companies cut some of the term lengths compared to the policies for younger people. When you are 70 years old or more, most of the policies you are going to get are ten years term plan, so there might be a little bit of problem finding terms of 15 or 20 years. But getting a term for 30-year term is difficult at this age. If you want you can opt for a whole life product, and most of the life insurances cover a person until the age of 121, but then you have to pay them much more.
To learn more about life insurance for seniors over 70, you can visit the link.
At the time of application there will be some hurdles too at your age.
The process is the same at the time of the beginning of the application, if you are 27 or 72. Then you are going to call the agent or go to the company’s website and get a quote. There will be many questions that you need to reply in this section, like your age, the state where you live, your weight and height, gender, and are you a tobacco-user. Also, there might be questions like your risky hobbies and traffic citations.
Now, you are going to pick the amount for which you want to get insurance and the duration for which you are making the insurance coverage. And you receive a baseline quote.
After you get the quote, your real application process will begin. You got to fill up an application with a lengthy questionnaire asking about the condition of your health, your family health story, and the lifestyle, so that they get an idea of particular factors of your life.
Once they are done, you will be called for a medical checkup. The process will involve checking your BMI, and confirm all the details you gave in your questionnaire, taking your blood, and measuring blood pressure.
As your age is 70 years old, you should be definite that they would also ask for an EKG from you.
So, through EKG they will know about the health of your heart. It is important for the insurance company to know about the risk your insurance will carry, as in a study it is found that there is a presence of some of the cardiovascular diseases in 75% of adults who fall on the age group of the 70s. Your application for your life insurance will be cleared depending on the result of your EKG and other medical tests conducted by them, or else will be declined. Your originally-quoted premiums may rise or remain similar depending on the results of those tests.