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As we grow older we approach the inevitable. Regardless of how much money you were able to save, there still remains one last expense, a funeral or final expense that must be paid by someone. Whether you have a large family, small family or no family at all, one last financial responsibility must be met. If you presently do not have any Life Insurance in place, there is still time. People today are living longer and longer thanks to advancements in medicine. Insurance companies have taken notice. Most Life Insurance companies now accept applications up to the age of 85 for a traditional Life Insurance program. Let me give you an example of a recent case. I was working with a 72 year old gentleman. He appeared to be in decent health for his age group. He had a few prescriptions to control diabetes and cholesterol. I decided in advance to check with the underwriter to determine if his condition would allow a policy to be issued at standard rates. In many cases, anyone with a medical condition, like diabetes, in conjunction with some other challenge, in his age group, is possibly going to be put in a special category. I'll be honest with you, I was not expecting an insurance company to offer him standard coverage based on his medical history, in combination with his age. Much to my surprise, the Insurance Company came back with a favourable enough rating which allowed us to move forward. So, what does all this mean? For around $100 per month, I was able to offer a 72 year old man, with type 2 diabetes, taking prescription medication to control both his diabetes, and cholesterol, $10,000 of traditional Life Insurance. Not only that, the coverage was until age 100, and built up values, so his death benefit would increase as he aged. It may not have been enough to provide his children an inheritance, but it may have been enough to cover his final expenses and not have his children concerned about having to pay them. We all have different needs, and his was to look after final expenses. Just because you have reached the age of 65, or have retired, doesn't mean it is too late to consider purchasing Life Insurance. Even if you have medical conditions which may not allow for traditional Life Insurance coverage, there are still programs available, which do not require medical evidence, and are Guaranteed to Issue. However, an explanation of Guaranteed Issue Life Insurance requires an article specifically devoted to that topic. I hope that you have found the information in this article helpful. For more information, visit our website.
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