Life Insurance for Men of more than 70 Years of Age. We look into the pros and cons.
Life insurance is a useful tool for young and middle aged individuals with high day to day expenses. It is easy to get insurance at early age with lower premium. Once you cross the age of 50 it is inevitable that your premium amount will rise and the insurance will be available only if you are healthy, you don’t have smoking habit and no long term illness. Once you qualify all such criteria then there is also a medical test you have to qualify and only then you will get insurance policy.
Unfortunately, a healthy 70 year old man will get the insurance policy after lots of trouble finding the suitable policy with premium of less than £100 per month. Although most life insurance policy comes with 10 year term life insurance policy for males and females between the age of 70 and 80. These policies come with the death benefits worth less than £50,000.
Get Stability in life with better investment
When you attain an age when your income is less and health is the major concern for you it is better to plan your survival in such stage. At this age, medical expenses are most expensive and chances of earning are least. There are insurance policies which will help you to meet your end needs and also for your funeral and other expenses of your death. If you don’t have your personal home then the insurance policy will give you loan for your residence until you are alive and after your death the house will be taken up by the insurance company back.
It is difficult to get loan at later stage of life and it is somewhat expensive also because the insurance company will have more risk in covering the life of older people. Such policies may come with probationary periods when the insurer will not be eligible for any death benefits. In many cases the premium amount would have been more than the death benefits.
Cover death benefits
If you are looking for a life insurance policy for someone whose age is above 70 then you have to consult your insurance agent for knowing about the insurance company selling high risk policies. You should choose policy with short probationary period so that it can cover death benefits also at early stage too. The UK insurance market is wide spread and hence getting insurance cover for old age is not a tough task.more information