Common FAQs From Senior Citizens Concerning Obtaining Life Insurance

As you get older, life insurance is bound to be one thing that weighs on your mind as if you do not already have a policy. The idea of leaving your loved ones with the burden of paying for your funeral services and burial is never a desirable thing and a good life insurance policy is the most logical option. As a senior citizen, if you have not already obtained a policy, you are likely left with a few questions that should be discussed with your insurance broker. Here are a few of the most common questions regarding obtaining life insurance as a senior citizen. 

Is it true that it is difficult to obtain coverage because you are older?

Some companies do have strict guidelines for starting new policies with senior citizens. However, most do offer some type of coverage, and, therefore, finding a policy is a possibility as a senior citizen. Your insurance broker can often help you to find companies that will work with you in spite of your age or medical condition. 

Can you get life insurance without a medical exam?

It is possible to get a life insurance policy without a medical exam with some companies. If you have specific ailments or threatening diseases, it is a common misconception that you cannot obtain any form of life insurance. However, this is actually not the case. You may have to pay a little more for an insurance policy, but you can usually obtain some form of coverage even without a medical exam. 

How much life insurance should you have to cover funeral expenses?

The average funeral and burial can cost between $7,000 and $10,000, which is money that you may not have in savings when you do pass away. Furthermore, the funeral and burial may not be the only expenses that are left behind if something happens to you. Therefore, it is always a good idea to examine what your living relatives will be left with in the end. Think about your spouse and whether he or she could make it without you and how much money it would take to make sure your loved ones are not left dealing with your debts. Work with your broker to find a policy amount that will give you peace of mind. 

When it comes down to it, life insurance is one of the most important components of a full insurance package. You should work with your preferred insurance broker to find a policy that will provide you with the coverage that makes you rest easy with knowing you will not be leaving a burden behind for your family. Contact a company like Bill Blaney Insurance Brokers Ltd to get started.