Life insurance is important, but not everyone knows that.
As you get older and start your family or get married, it looms larger and larger in importance. It can be a safeguard for the people in your life so that they can feel secure no matter what. It can give you piece of mind know that if anything happens, your family will be covered.
You may be a late bloomer when it comes to understanding life insurance. You may even be one of those people who thought having life insurance is unnecessary.
Despite your delayed realization on what you’ve been missing all these years, it is never too late. You can still get a life insurance and feel protected. Then again, because of your delay, there are certain factors that you need to take into consideration in terms of what you can still get from your insurance.
In any case, it is always a good decision to step up, take control of your life and get your own life insurance. Follow these two tips to put yourself on the path to get there.
Get it the Traditional way
Depending on certain key factors, you can still get a life insurance policy from a good number of insurance providers even though you are a senior. Luckily for you, there are certain policy regulation boundaries that can still allow you to apply and be covered by a suitable insurance plan.
One of the most critical factors will be your age. There are companies that still cater to clients up to 65 years old. As long as you pass the other requirements, you can still apply for a policy and be covered for life. However, since the claims for any life insurance policy are primarily based on the length of time that you have kept the policy enforced, you might get benefits that are relatively lesser when compared to the benefits of those who have been insured much longer.
Now, if you passed the age criteria, you also need to make sure that you are in good health. Just like anyone applying for a life insurance policy, you need be in tip-top shape to be given a policy that maturity enough to be worth it in the long-term.
There is a variety of options for you if you plan on going through the regular route of getting insured. Do your research and talk to a financial adviser who can help you know more about insurance products that fits your needs, wants, and your place in life.
Go for GUL
Surprisingly, there are lots of people aged 60 and older who are on their way right now to get themselves insured. Some have had term insurance or have been part of a group insurance in their previous occupations. Whether the policy has expired or they have left their company thus effectively losing their slot in a group insurance, some people may need a new plan to stay insured.
However, if you are a senior and you want to continue on with your insurance, you would either need to pay more or have your application denied.
This is where GUL comes in. Guaranteed Universal Life Insurance or GUL is like a term insurance but has the far reaching benefits similar to whole life insurance. It is a policy option that is designed to last you a lifetime.
With GULs, policies are set to specific ages. For example, if you set it to age 90, the plan is effective up until you are 90. Now, if you set the age to 100, an age that has a likelihood of paying out a death benefit, you are practically getting the benefit of a whole life insurance.
Also, this insurance product has a fixed premium rate throughout the life of the policy. This makes it a cheaper option for seniors. However, despite of the relatively lesser cost, the insurance benefit goes beyond that of a regular plan applied at ages 60 and above.
Just like any other policies, it is better to know more about GULs’ ins and outs. If you feel that this is the best option for you, contact your local insurance advisor and learn more what makes this product a viable option to a lot of seniors world-wide.