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If you are thinking about retiring from the work field, you probably feel sorry that you have not signed an insurance contract while you were young. However, you should know that you can still sign an insurance policy, but in different conditions, of course.
Why You Should at Least Consider Death Insurance
While in the case of insurance policies signed by younger persons, a medical exam is not necessarily required, in the case of the eldest, this exam is mandatory. this way, the insurance company can establish the level of risk, the monthly rate that you need to pay and the insured sum. In case you are ill, the insurance company might offer you a personalized contract that eliminates some of the clauses in the contract. For example, you might suffer from diabetes, and death from this cause will not be insured, but accidents and injures can’t be provoked by diabetes, so the insurance company might be willing to offer you this type of policy.
The insurance policies for seniors are more expensive, especially because of the higher risks associated with those types of policies. As a senior, you should call the representative of the insurance company, to talk with this person about all the details of the transaction, and to make sure that you receive the type of coverage that you are looking for.
Establish the sum that you need. Maybe you are in your early sixties, but as the life hope is 75 years or even more, it means that you still have some long years ahead of you, and you should enjoy them at maximum. With the insurance policy, you will have a term established in which you are not allowed to use the acquired sums, but after this period, you will be able to do anything with it. maybe you want to leave for that cruise around the world with your life, the cruise that you plan for decades, or maybe you want to offer your sons and grandsons a great future. if you sign the insurance contract now, in a few years, you might have enough money to start accomplishing your objectives.
Death Insurance is a Policy Designed Specifically for Seniors
The majority of young employees today prefer to sign a life insurance contract since their first ages in the working field, knowing that they would have great benefits from it later. However, if you are a part of the old generation and you were not inspired to sign such a contract decades ago, you should know that there are death insurance policies available with a large number of insurers.
Of course, the insurance company might ask some advanced medical exams and investigations. You will have to declare the important diseases that you hand in your life, and if there are risk factors such as smoking, diabetes of obesity. Some people prefer to lie about those factors, especially if the insurance company does not check these aspects, but you should know that this is a mistake. If you die from one of those reasons, and the insurance company establishes that you have not declared some of your diseases, your family might not see even a single cent.
Medical Exam Not Required
The majority of those companies would also request a medical exam, which is paid by the insurer. Our advice is to be honest when you write the questionnaire, if you don’t want to regret later, or if you don’t want to pay for a policy that will not have any beneficiary.
Moreover, you are obliged to announce the insurance company if your medical situation has changed. For example, let’s suppose that you are healthy when you sign the policy, and once year later, you discover that you have diabetes. If this risk is covered by the insurance contact, you will have to talk with the insurance company about receiving your compensations, but even if this event is not covered, you will still have you announce the insurance company, as this disease might lead to other complications. The insurance company has the right to revise your policy in this case, and it is probable for the premiums to be increased.
The insurance policy for seniors is a good feature that would allow you to take care of your family, children and grandchildren. Many seniors don’t even check the possibility to obtain such insurance because they think that they are too old for it, but you should know that those policies are offered by some established insurers.
Another great guest article: Written by Susan Walters-Smith. You can find Susan on Twitter, Facebook and Google Plusmore information