Congratulations, you have crossed a quarter of a century! Wow, all the miracles you have witnessed in your lifetime are amazing! Thinking about how to diversify or broaden your investment portfolio? Then, you may just want to consider taking on the wonders of life insurance at your plucky age. Frankly, it has nothing to do with what period of life you are in or how old you are, life insurance is something that all people should contemplate procuring as it helps them obtain fiscal liberty and mental peace.
Yes, we will not deny that there are some discrepancies amid life insurance policies if you’re below the age of 75 or 69. You see, our bodies are fragile, and we must tend to them from a young age. If we don’t, we can have health issues as time passes. These can be both minor or major.
Why do you need life insurance if you’re over the age of 75?
Hey, you’re still a living, breathing, kicking life’s butt in the face individual! Why don’t you deserve life insurance? My friend, you, deserve it the most! These are expensive times that you and I live in. It is better to plan later than never and get that life insurance policy door open, so you can relax and life your remaining years in peace and enjoyment.
Do you really want to be burdened with the worry about what will happen to your family after your passing? We don’t mean to be morbid, but hey, that’s the vicious circle we all know as life. Rest easy and get your life insurance policy to take care of your surviving members. Did you know that an average family lives on USD 7000 a month? That’s an insanely high number! And guess what, it is only rising with time!
Speaking of time- time is the most precious gift we all have. Spend each moment possible with your loved ones and enjoy them. Get this life insurance business out of the way so you’re a free bird! I know you’re a responsible individual who has your family’s best interests at heart.
Again, not to be a downer, but those burial expenses are on the rise! And then you have funeral expenses to arrange and think about too. They don’t let us go in peace nowadays, do they?
Well, that’s where life insurance policies step in to take care of all these costs. Did you know that a burial package is a minimum cost of USD 10,000? We are not joking! We know you want to be retain your economic independence and not have to rely on anyone to provide the expenses on your behalf after you are gone.
Got a mortgage going on?
Did you know that if you do your homework (
or hey, hire someone to do it for you!) you will find life insurance policies that pay for mortgages as well. Your husband or wife or children will not be accountable for it. How do we say it, debt free?
What are your options as a 75 year old person?
Okay, this is awesome! High-five! You’ve decided to invest in life term insurance and that’s why you’re still scrolling through this beautiful article 😉
So, you have the option to purchase both term and whole life insurance policies. Now, are you wondering what they are? Don’t worry, we will tell you!
This kind of life insurance product covers you for a specific period of time or a number of years. if the party insured expires during the policy lifetime, then a sum of money is paid out to the beneficiary. Of course, if you live beyond the life insurance policy, then no money has to be paid out as you’re alive and well.
So the good thing about this kind of insurance category is that it provides a lifetime cover. It is also a lot more affordable.
Whole life insurance
This class of life term insurance has a locked in rate that covers you for as long as you live. That rate will not change with time and will remain the same, regardless of your health status. You simply pay premiums on time and can actually accumulate cash value over time.
What’s good for you?
Well, it really depends on what you want. If you want a lifetime of coverage and not worry about expiring policies, then go for whole term insurance. But remember, the premium can be a bit higher than its counterpart. However, whole life insurance over the age of seventy-five is a viable option. The majority of these classes do not let people above the age of 89 buy such policies, so it will be good for you as you will not have to renew it.
If it is the premium rate that matters, and you want a lower cost, then you should opt for term life insurance policies.
Got health issues?
It is absolutely normal to have health issues at the age of seventy five. Don’t fret! But remember that your health status will make a difference in the life insurance premium that will be allotted to you.
If you feel strongly that you got this and can demonstrate a reasonable health status, your premium will drop by fifty percent approximately! There is a huge difference, isn’t there? So just appraise your health conditions first before you go to buy a health insurance policy!
You can get life insurance above 75 years with a coverage of up to USD 25,000 by no exam life insurance over the age of 75. But if you want more, then you will have to undergo an exam. But if you dislike exams, then think of guaranteed acceptance life insurance as a choice. There is no waiting period, no questions are asked and nobody bugs you- its just that there is a massive cost attached with it.
So, don’t wait any longer. The time has come to take a decision. Like we said, better late than never! Get started and see what’s best for you!