Hey how you doing my name is David do Ford founder of buy life insurance for burial calm and I want to welcome you to our special presentation today on what is the best life insurance for seniors over 70 so I take it that you're here because you yourself or senior and you're over 70 and you're looking for some kind of life insurance or burial.
Insurance or something along those lines and want to get the facts on what your options are whether it's for yourself or for somebody you love so let's get started and figure out how I can best help you with the educational material in this video so let's start with an overview of what to expect on today's presentation so first if you haven't met.
Me I'm gonna formally introduce myself as well as my company and then we're gonna talk about right from the beginning what the best life insurance for seniors are who are over seven years old I'm gonna tell you what kinds of life insurance are available for seniors over 70 you've probably gotten all sorts of solicitations for a variety of.
Different kinds of life insurance my job hopefully is to dispel some of the concerns or questions that you may have to better clarify what type of life insurance is gonna be in your best interests then we're going to talk about how much life insurance should a senior over seventy have then we're going to talk about how to find affordable life.
Insurance for seniors in addition to giving examples of rates and insurance companies for life insurance for seniors over seventy and one question I'm definitely going to ask as we go through this as should you get the cheapest life insurance available that's a commonly asked question many people I see are on a fixed income and certainly they want.
To use a good put their money to good work and not spend too much however we'll get more into that later on to help clarify why cheap is not always and shouldn't be your first concern also you may be wondering on the flip side Bo because I'm over 70 am I gonna have to pay more because of that again will answer that question that's going to.
Depend on some variables of which we'll get specific later on and then I'm going to answer the question of how to qualify for life insurance as a senior over 70 and then as well as figure out if you need to do an exam or if you can pass up on it and whether it's even required we'll answer that and then finally we'll talk about the next steps to qualifying.
For burial or life insurance if you're a senior over 70 ok so again my name is David Duford I am the founder and owner of buy life insurance for burial comm basically I help people like yourself find quality life insurance and burial insurance especially targeted towards those looking for some tort some kind of final expense life insurance type of.
Options I've been licensed as a life insurance agent since the year 2011 and in this short period of time I've done this in my opinion seven years isn't too long I have helped over 3,000 families with their life insurance needs from all walks of life in multiple states in our country I've helped that many people and I'm also a published author of two books.
The one most likely to be something of interest to you is the official guide to buying final expense life insurance it's where I talk about the different kinds of topics that will briefly discuss today and how to help people like yourself find a plan or program that makes sense I'm also in addition to writing books and helping people out.
Like you if their final expense life insurance needs I'm also an agency owner I actually trained agents to go into their own communities and help people generally speaking 50 and older find affordable and high-quality burial life insurance so not only do I actually help people but I teach other people to do the same across the country have.
Hundreds of agents to do so and lastly but not leastly as always like to say I am married have been since 2006 actually 2008 oh and our fourth kid is on the way as of filming this video so cross your fingers alright so let's get right to it you were here because you or somebody you're looking for is over 70 years old and you want life insurance we want.
Burial insurance but you're trying to figure out what the best type of burial or life insurance option is available to you so look the thing is is that best is what I call a subjective descriptors descriptor word so basically what I mean by that is best is always relative what's best for Joe Blow is different than Jane Doe depending on their goals.
Because everybody has different goals and reasons why they purchase life insurance to begin with some people want to replace income when they pass away maybe there's a circumstance where there's a husband and wife the husband has a pension plan that does not transfer to the wife upon passing and maybe the wife only collects a small.
Portion of monthly income on her own through Social Security in that case there is a definite need and reason to own an income replacement plan through a life insurance policy however that may not be the case for you maybe you just want enough to bury you so my point here is not to tell you what you should get as much as to describe to you that your.
Situation is individualistic it's unique and you need to figure out what circumstances are unique to yours in order to dial down and drill down and figure out what kind of life insurance options is best as a senior over seven years old so like I said the main question we want to ask is what do you want your life insurance policy to do.
For you what he wanted to accomplish and again what this comes down to is that the best life insurance matches your goal figure out what that is if you're not quite sure think of all the things you want your policy to actually cover for you and then imagine how much it's going to cost to do that and at least arrive at some kind of expectation as to.
What you want to accomplish with the purchase of a life insurance policy and at least that will get you started ultimately it does help to talk to an agent like myself to help identify what your needs are as quantitative as possible meaning down to the dollar so you know kind of what kind of plan you're looking for at least generally or.
More in a more specific basis as opposed to general so there's different kinds of life insurance types for different kinds of goals you may have gotten and seen unheard of all sorts of different life insurance may be guaranteed acceptance life insurance term insurance permitted insurance universal life insurance and all of these are life insurance but they.
Do different things and have different terms associated with the contract of the life insurance itself so what I'd like to do in this section is actually talk about the most common types of life insurance available and describe to you how they work as well as who they would be a pro for for as a senior over seven if they're.
Looking at all the different kinds of life insurance products that are available I have narrowed down the different options to three different types of life insurance available to seniors over 70 years old ultimately this is what all life insurance products are designed around whatever you're looking at most of the time is going to.
Fit in one of these three particular types of life insurance products and like I said these plans are good on their own design in fact you know it may be debatable that one product is better for another person depending on their unique circumstances but I believe that some life insurance is better than no life insurance all even at all even even.
If it's not necessarily the best life insurance so I'm not a purist in the sense that many agents are and they believe this one kind is always the best kind somethings better than nothing but with that said certainly with the knowledge that you have now you certainly want to know what your options are so you can figure out what your best.
Option is to maximize the benefit of a life insurance policy on you and again with the knowledge now you don't want a plan that is a mismatch to what your goals are again yeah it's better than nothing but if you know you buy this and let's say you want to bury a plan and we don't know when we're gonna pass away and this plan cancels in ten years and.
You hit 80 years old and it's not there anymore I mean well how good is that when you could have gotten something else that would have been had no cancellation provisions into the policy so these are the things that I hope to show you and educate you on so that you can again make a better decision on what is best for you so let's talk about the.
Options to help you decide what's best so first of all the most common and most popular type of life insurance is what's known as term life insurance this is something that has been readily available and has been sold by a variety of different insurance agencies companies direct mail order companies on TV most people know that term light have.
Heard of at least what term life insurance now the basic definition of term life insurance is it that it is coverage that is provided to you over a set number of years before canceling or increasing in price so let's talk about the pros of a term life insurance plan for seniors over 70 so first of all most likely than not although and as you get.
Into your 70s especially in later years it is they best bang for your buck and when I say best bang for your buck what I mean by that is typically with term insurance being that is designed to only last for a period of time of which you might outlive insurance companies usually again apples to apples comparison here are usually willing to.
Give you more coverage for every dollar you put in relative to other types of life insurance that would not cancel at a future date so if you're just looking to cover a temporary type of obligation term insurance is a really economical way to cover it for example let's say you have a mortgage you've got 10 years left on your mortgage and you're 70 and.
You want to make sure that lump sum is paid off if you die before the 10 years are up well a 10-year term life insurance product would be a really good idea to consider it's the cheapest way to get defined coverage for a particular type of obligation that may not be there after you outlive it if you're a young person I know if you're over 70 okay.
You're young at heart but you know what I mean young up by age it's not a bad idea either because it allows you to have a lot of coverage for a little investment and if you die suddenly or earlier than expected it leaves a lump sum behind to your family so they can subsist without having to the the homemaker and say for example to go back.
To work get new job skills and replace your your lost income so it's the best bang for your buck in the circumstances where it's used to covered for example larger debts again the mortgage is probably the most common reason seniors over 70 buy a term life insurance product cuz they want some portion of that covered sometimes they buy it.
Because it's just the only thing they're going to qualify for that gets them the amount because of the the the premium to coverage ratio was a lot more advantageous despite some of its setbacks we'll talk about momentarily also with term insurance one of the things I think is really important that.
You should do is make sure you buy a term insurance product with a conversion option this is very important especially if you think if you outlive the term insurance but you may have a need for life insurance after the fact what a conversion option does is that upon requesting and enacting the conversion option that takes a portion or all up to.
The amount of coverage you have in most circumstances and it converts it into a permanent policy that doesn't cancel because of age or health or the rates don't go up either so it's a good plan B if you reach the end of your term insurance and you need to have some kind of coverage for just this a a ten thousand dollar burial and the.
Conversion option will allow you to convert your term to a permanent policy without evidence of insurability so let's say you're 80 and you're on your deathbed you can convert this and at least you have something as opposed to possibly outright losing it all together now one thing you got to be careful of is that sometimes these term products.
Don't have term conversions for the entire length of the term insurance a lot of plans I've seen to have term and conversion privileges that cancel before the term insurance is up especially as you get into your 70s so it's something got to be very aware of in a case in point I helped a client in South Carolina the other day who had a term.
Insurance policy and they went to try to convert it but because their 70 to 73 years old their term insurance conversion option cancelled at 70 and so they've had to go out to market and work with me to find a new plan since they missed the cutoff date for the conversion so there are policies that have conversion privileges at any date.
Of the term policy it's just a matter of figuring out which of the plans are out there and available and taking advantage of and I can't stress it enough especially in your seventies it's real or above it's really worth having that privilege so what are some drawbacks of term life insurance for seniors over 70 so this is the big issue and it comes.
Down to goals term insurance is short for terminating insurance so what happens is is that if you outlive your insurance you don't have insurance and the question you must ask is if I outlive the insurance am I gonna be in a position where I don't need it and if you answer no to that then you should be if you if you if you.
Answer that you will need it or a part of it then you really need to reconsider if term is the right solution a case in point I was working with a client or actually an agent in Florida he came across a couple living on the East Coast his he has a $3,000 a month pension plan from the government and but he as he signed up for the pension originally he.
Opted to take the most retirement out and and in exchange for not being able to pass that along to his surviving spouse well the surviving spouse only makes around $1,000 a month in retirement and they have very little savings but they live and subsist on a $4,000 a month budget so if you take his money out of the picture because he were.
To pass away that would lead the spouse $1,000 to live on with a $4,000 a month expense budget not a good scenario right so his option was to get some kind of life insurance policy to replace his income so a lump sum payout to the benefit to the spouse to help her get through not having all that money well the problem with him was that even.
Though this is a permanent problem it was a problem for him to come up with the premium dollars to pay it and so he had to opt for a term insurance plan that would only last his mid-80s and but if he lives a long life and he's otherwise healthy that term insurance plan will cancel and so it's a temporary solution to a permanent problem the.
Better choice would have been to get a permanent plan but as many people over 70 understand you're on a fixed income you survive in accordance to how your budget is and what savings you've accumulated and it may be an imprudent decision to spend more if you're only going to make so much so turn insurance was a compromise that's.
Certainly better than nothing but this is one of those things where you really have to think hard if a term insurance plan is appropriate or not because it certainly might not be because if you really need it for your spouse and you're there live will be German life will be dramatically changed it may be more sensible to have a permanent plan.
In place to protect the other thing with term insurance is that term insurance is historically more difficult to get approved for especially as you get into your 70s look it's not that you cannot get approved for it it's just the underwriting is very tough and as age advances anyway people tend to have more health issues so with that said it's.
Again it's happy I cannot say for sure if one personal qualify or not until I talk to them and get an idea of what their health history is like but sometimes if you're a senior over 70 if you're looking for life insurance for a senior over 70 you're and if they've had health problems that may be more difficult to qualify for quality term.
Insurance now let's talk about another kind of policy that's out there it's called universal life insurance for seniors over 70 so universal life has a couple of different names you'll hear people refer to it as flexible premium life insurance we're also adjustable premium life insurance and basically what it is it's.
Kind of like a hybrid between permanent life insurance and term insurance one of the biggest advantages is is that you can dictate how long the policy lasts whether it lasts to eighty ninety one hundred and twenty-one so it's like term in that sense and the other benefit is that you're not locked in to a particular premium so if you have a bad.
Month financially you can't afford the premium you can actually pay less into the policy so that's a justa bulimia makan tract beyond that it is a product that has a lot of moving parts that if done incorrectly can severely damage and put an insured person who's depending on this policy to pay a death benefit it can put them in a bad financial position.
Or at least their loved ones with unexpected rate increases and coverage that may cancel not because they've outlived it but because they can't afford it so let's talk about the pros first till we kind of open that can of worms on the cons a but when a universal life plan is.
Appropriately designed it can provide substantial coverage over a predetermined amount of time and can give more coverage per dollar of premium that whole life insurance now the case in point I have a couple I that explicitly wants the most coverage death benefit that they can get they're in very good shape health-wise they don't.
Care about having cash value in the life insurance policy to borrow from and they want to make sure and ensure that their life insurance policy lasts no matter what length of time they live and there's no way that they could cancel it so what I propose did them was what's called a no lapse Universal buy policy the idea is very simple it provides the.
Most permanent protection for the least amount per month assuming they can qualify for it as long as they pay that premium then the contract for life insurance guarantees that that premium will never go up you see a lot of Universal Life plans designed in the 80s and the 70s and the 90s what they did was they designed them so low in price.
Because the agent can show you whatever price they want with the universal life but then also imply that it will last forever what happens is as you get older it costs more to keep that policy in check and enforce and so if the policy premium doesn't go up as the age increases eventually those policies do what we call they crash and burn the.
Cash values go down because those are used to support keeping the policy in force and ultimately the price goes through the roof and a lot of people are shocked because they've kept these Universal Life plans for 20 plus years there are 60s and 70s now and they have to let them go and are very angry understandably and all of this is.
Because it was a poorly designed product and so it takes a lot of consideration and carefulness to make Universal life plan work appropriately if we ever do anything like that with a client of mine I make sure they understand this that you have to get this particular kind of plan if you want to make sure none of these bad things happen and as long as.
That's understood and followed then it's something that can be a great plan to use but it's just like any life insurance it all comes down to what your particular goals are what you're comfortable with what you're not comfortable and figuring out what's right for you so let's talk about some of the cons so.
Just like I said you can design a plan and really already explained this con it can really end up being like a term insurance plan it's good for a number of years but then the cost of keeping and enforced goes up so thus the price must go up so if you've had a universal life plan for 20 plus years or adjustable premium or flexible premium life.
Insurance and you haven't had it looked at it would be very good idea have someone like myself take a look at it and I can tell you pretty quickly what you're looking towards and if you should be concerned because what you don't want to be is caught flat-footed you don't want to be caught in a position where you cannot actually get.
Approved for any coverage because your health has changed you've had a health event and it becomes more difficult it's impossible to get coverage and you want to take care of this problem this landmine before it manifests itself into a real problem where you can't get insurance and you're in big trouble so yeah case study I can't tell you the.
Number of cases I have seen where there is a universal life policy and appropriately designed again these are usually ones that were done 20 30 years ago 90s and 80s specifically I actually met someone in my neighborhood where I live and they're in their late 70s and they were getting these price increases unexpectedly and the gentleman had.
Really bad rheumatoid arthritis he had to have assistance and doing activities of daily living a walker to get around physically just exhausted all the time and there was no way that I could ever match the premium even what the price is going up that he was paying Plus because his health was so bad there were some other issues as well the old best I.
Could do is get him a two-year waiting period and it's very hard to take something out like that when he is fully covered with that kind of plan albeit it's going up in price and maybe not be able to afford it so bottom line be very careful with universal life make sure you work very closely and understand how they work before jumping in and buying.
One now let's talk about whole life insurance for seniors over 70 so whole life insurance is the classical or traditional type of life insurance plan that's been sold for a very very long time so whole life insurance is perm protection with a level premium and all that means is that you cannot outlive the coverage as long as you pay for it.
And the premium is fixed you have to pay the same price every month the same premium can't go up or down but you can never have a price increase future price increase down the line as long as you keep up with the premiums and keep the policy in force again you cannot be can stew due to age premiums cannot increase for any reason and and the bottom line.
Is is that whole life insurance is it's also called ordinary life insurance or straight life insurance you may have heard of it like that it's just a no-hassle way of having insurance and knowing exactly what you have and knowing it can't go away because you get to older your health changes so let's talk about some pros.
With the whole life insurance policy so I believe whole life insurance it's perfect for funeral expenses or any permanent expense that must be paid upon passing whole life insurance is usually available in smaller increments than term or universal life which is great because if your only goal is to have enough as a senior over 70 to just bury.
You you really just need 10 or 15,000 on average you know neset you can get more and you want than that but if you just want enough to do the job 10 to 15 thousand is an average pre or average death benefit amount that these whole life insurance plans are offered to for seniors over 70 also there's more options for easier qualifying of health.
Isn't great now this is important too you may be a senior over 70 looking for life insurance or burial insurance and you have diabetes cancer heart history there's things in your health pass that you may doubt will allow you to get a good quality coverage well with whole life insurance we have access to what's called simplified issue whole life and.
The idea behind that is that it will take people who have not the greatest health I've gotten people approved for coverage that have had COPD I've gotten people approved for coverage that have diabetes that take insulin that have mental health problems that have all sorts of cardiac health history issues basically there's a lot of people who.
Think they can't qualify but are shocked to find out they can again I can't tell you if you can or can't qualify until I actually speak with you but this is just to give you an example that whole life insurance products available for seeing over 70 are much more flexible on average than a lot of other products the biggest con I think with with whole life.
Insurance is that it doesn't it's the least bang for your buck option when we look at rates and prices if you start to compare say a term insurance to universal the whole life you'll see you're gonna get a lot more coverage of a term then you will with whole life and you may ask yourself well why am i paying why would I pay so much for so.
Little coverage well the biggest thing is is that whole life insurance is primarily used when you have to have coverage regardless of when your death is term insurance is designed to be temporary it goes away at a certain point where goes up so expensively that you can't afford it whereas whole life is like a guarantee.
It's essentially what it is you pay the premium you have coverage rates never go up cannot be cancelled term insurance you pay the premium but if you out love it too bad and we keep your money so again anything you buy but has these kind of guarantees written into the into any kind of contractor anything you buy that has guarantees it's gonna cost you.
More it's just how the market works and certainly how life insurance works so again it just depends on your circumstances and what you need the insurance forward to select which one of these would be the best choice okay so let's answer the question how much life insurance can you get as a senior over 70 so first thing you can.
Purchase as much or as little coverage as an insurance company allows so I've seen pop people who literally just buy a thousand dollar policy they just want a direct cremation plan it's very cheap they just wanted to have a designated plan so they don't have to dig in the cash to pay for the policy so you can get that low I've seen policies for.
Seniors where they're literally in the millions because they have an estate problem and they need a policy to pay off any estate taxes and anything associated with expenses that a policy would be better to do because it provides the liquidity to do so so look thousand multiple millions you can see you can get whatever it is that you want.
For whatever it is that you want to accomplish so and that's what it comes down to right so my client purchased the coverage that matches their needs and their budget both are very important and the kind of saying we have in this business is that the policy that stays is a policy that pays so my obsession as an agent especially dealing.
With people on a fixed income is to make sure whatever you buy for me you're going to keep we wouldn't want to lose it because your budget just got out of whack or you spent too much and you bought too much it's just a waste your money I want you to buy this thing forget about it and then use it when the day comes that you pass away any other.
Kind of insurance is kind of a waste of money if you ask me so it comes down to again analyze your life insurance goals what obligations do you actually want covered what will what will be what financial problems will be there when you pass away that have to be taken care of those are a good starting point as finding an indication is why you need.
Life insurance and how much analyze your budget what can you comfortably afford again I say comfortably afford because you don't want to sacrifice your lifestyle around a life insurance payment you want to make sure it's easily affordable it's something you can fit in your budget and is good enough to do the job too and then lastly you got.
To find a company an agent that meets your needs that's obviously the next point now how to find affordable life insurance coverage for seniors over 70 so first of all as I mentioned previously find the plan that's comfortable for your budget that's the most crucial element and not all companies or agents are in a position to.
Provide more competitively priced option so what I'm going to do here is actually describe to you a couple of different situations of different kinds of agents and what they will offer you and what their pros and cons are with working with those particular types of agents so the first thing we got is captive agents and to really summarize this section a.
Captive agent is held in captivity by one company so for you the client this is why you should care they're only going to offer you one kind of product they're not going to be able to offer you different products from different types of insurance companies so where is a problem well that particular product may not be the best price it may not.
Give you the best value of coverage it may have more onerous underwriting so it makes it harder for you to qualify so these are things that prevent you from getting the best value for what you can afford the opposite of that is an independent agent I'm an independent agent what I do that's different from captive agents is.
I shop around to see what's out in the market and figure out who's gonna give you the best combination of pricing and value and quality so that way you make sure that you've got the hopefully the best plan that you can find we're at so an independent agents not married to one company we go out in the market and see basically make them fight themselves we.
Say hey we got this client with X Y & Z you guys tell me what you want and what you'll take for it and the lowest price point what the best quality wins and so that way in many cases we can get more coverage on the books for my clients or we get a better price if they just want the next amount or a certain amount of coverage anyways I recommend working.
With independent agents generally speaking the life insurance business it's why I do what I do as an independent agent because I value my clients I serve them first and want to make sure they get the best value for what they can afford so let's look at some life insurance rates and carriers examples for seniors over seventy we're.
Gonna look at term life Universal Life and whole life and I'm just gonna pull some quick numbers on a male and female 65 year old actually I'll take that back I'll put it down as 70 years old nonsmoker preferred plus health so just some basics here we're not gonna go a year by your analysis but I just want to show you four the goal of comparing.
Pricing between term Universal and whole life so you can kind of see the difference and as I show them I'll explain again why one would go this way versus another and health considerations in that kind of thing so hold tight for me and I'll pull that up and we'll get started okay so what you're looking at here is the quote or software in my.
Website we've got a 70 year old so born in 48 your 2018 male nonsmoker preferred plus and we're just looking at some basic prices here so we're just looking at approximately a hundred thousand coverage for ten years and this is term insurance so again this is a situation where maybe there's a temporary need for coverage or you just want to get the.
Most coverage for the least amount you don't care you might outlive it so we're looking at somewhere between roughly upper 70s the lower 90s and a preferred health basis of course we can do more than 10 years and circumstances but this again just a basic starting point now we're looking at a 70 year old female nonsmoker we're.
Looking at a hundred thousand and coverage for ten years for a term insurance plan again low 50s mid 50s to mid 60's for a preferred Plus basis okay so what you're looking at here is some Universal Life plans that are designed to stay in force until age 121 so these are effectively permanent coverage but you're looking at sad – Corey usually is.
What I do my business with with a no lapse Universal Life plan and this is an annual premium but to give you a rough estimate about 2,000 a year or broken down on a monthly basis is roughly about 160 to 170 dollars a month so that would be for a male who's 70 years old for 50,000 and permanent protection through a universal life plan with no lapse.
Guaranteed so second here we're looking at a 70 year old nonsmoker female preferred for a no lab to universal life guarantee plan again Sante Corps has really good rates you're looking at approximately about 130 to 145 dollars a month on a monthly basis for this particular type of plan and again this is when you need the most death.
Protection you can get um and you don't care about cash values or possibly taking a loan from your policy you just want to leave the most behind to your beneficiary static core is a really good option for that kind of coverage and now we're looking at a $25,000 benefit for a male 70 years old nonsmoker for whole life insurance coverage and you can see.
There's a pretty big price increase it's almost the same price for twenty five thousand for many of these companies as this 450 thousand through sadza Corp so again the reason we look at this particular type of plan is usually because of health issues it's a better flexibility here but you know 150 to 175 is what you're looking at for a whole.
Life simplified issue for a male 7 years old nonsmoker and then for a female 25 thousand age 70 nonsmoker whole life insurance premiums you're looking at about a hundred upper one hundred one hundred eight hundred and ten dollars to 130 again depending on the company depending on the underwriting.
Again same situation here much less expensive relative to double the coverage urinal apps Universal Life guaranteed program so bottom line people go with this because health is just not the greatest and we can go lower than 25,000 remember we can go down to even $1000 in some circumstances although most people get 10 to 15,000 so I'm.
Looking at these rates you may be wondering to yourself is it wise to get the cheapest thing available should I just go for price and get say the term insurance planning gives you $100,000 and maybe only pay 60 70 bucks a month if I can qualify for preferred rates so here's the thing I want to kind of change your mindset and the language you.
Use and the better analyze how you look at life insurance here's my opinion instead of cheap think most affordable in addition the best matching your goals now I'll agree with you in that context as long as the product matches your goals definitely find the one that's gonna be the best overall value it's gonna give you the best deal that's what.
You want to do but what you don't want to do is just think price and see nothing other than price you know if you just saw 70 dollars a month out of the those options and it was the least and most coverage but you didn't even really consider the length of time to last what if you outlive it you've just wasted a lot of money potentially if it did not.
Match the goal you're trying to accomplish so don't get mired down and being cheap for the sake of being cheap you certainly want a competitive price but make sure first the insurance policy actually accomplishes your goals price is not everything but at the same time if you can if you can only afford so much a month you may have to make an.
Exception certainly not everything is black and white there are gray areas and decisions we make in life certainly is not any different from life insurance if you are budget restricted and cannot spend the amount that you want that you ultimately would like then meet in the middle maybe get less coverage or possibly get a longer term insurance.
Plan or do some kind of combination of above where you get a different plan or same plan and less coverage or to make it less premium and come up with some kind of solution and compromise that will get you some of the goals versus none at all but let's talk about how to qualify for life insurance being a senior over 70.
Years old so there's several important steps in the quality Kayson process and getting life insurance for seniors over 70 so as we ended a couple slides ago you want to find an agent or a company that you can trust somebody that understands really well what you're trying to accomplish they take time to listen to your.
Concerns let it take time so you can express what you want to accomplish and they come back with consultative solutions that match your goals once you if you feel good about somebody an agent like that that next step is to complete the application again you're just applying for coverage to see if you can qualify for it and then make sure you.
Complete any supplementary underwriting requirements this can be as little as just signing off and then they'll do everything at the home office or it can be an involved process where there's a short phone interview or a full examination it just depends on some of the variables will cover that momentarily and then you gotta wait.
After that usually takes from several days of several weeks even months at times again it just depends on the complexity and the size and scope of what it is you're trying to accomplish the smaller policies usually are faster than the larger ones and then ultimately you'll receive your underwriting decision as to which direction you're.
Gonna go for the coverage that you're gonna get so this brings up another question I get a lot of people asking me should a senior over 70 get an exam while applying for life insurance maybe you asking this question because you don't like the idea to getting poked and prodded or peeing in a bottle and doing all that stuff and you'd rather avoid it.
So what I'm gonna tell you is kind of what an exam involves and what under circumstances you can get one and ones you wouldn't so exams typically include specimen collection of blood urine and usually a doctor or nurse conducts a physical where they ask you a series of health questions just like in a normal physical.
With your primary physician so the pros of doing an exam is that for healthy people it usually allows for more competitive premium pricing generally speaking so if I have somebody who is applying for a lot of coverage there are plans where maybe looks $100,000 term insurance plan there are simplified su plans where there's no exam and there.
Are fully under written policies that require an exam usually if the person is in really good shape the fully underwritten exam the exam policy is going to be a better price than the one without it the reason being is that insurance companies only have so much data to collect to make an underwriting decision if they don't do.
An examination rasz does they do an examination they get up to the date current information on everything associated and everything that can be found out through your analysis and a blood exam so it's really important again that if you're a healthy shave I recommend getting an exam if it's something that isn't an option.
Because it usually results in a better deal all all together and one other thing it may be the only way to get a larger amount of policy or a large amount of coverage for example the reason I say that is because a lot of these larger plans as you get into the six figures especially if you're over 70 require an examination they require you.
To take steps to go through a physical process because of your age let's face it and so the companies want to make doubly sure that they're giving you the best deal or they can actually qualify you and you qualify for them and want to be an insurer to that cons of doing the exam it's going to extend the process of getting you covered because there's more.
Variables that have to be accounted for you got to schedule the exam do the exam the underwriters have to examine what comes back from the exams all that adds time to getting a policy issued and coverage may come back different than applied for so you may apply for preferred but your only standard and your rates go up so again and that's.
Really true of all insurance you just don't know until you apply for it but that's really a con that exists with pretty much any kind of life insurance so here's the bottom line an examination is optional most of the time because most people don't get huge humongous policies that absolutely require it and many life insurance.
Companies don't necessarily require it either so you know if you want it great if not that's fine without with the exception being for the companies that do want it I always make it an option of my clients because if it's something that I feel would benefit them as it relates to how much coverage they get for the premium they pay I'd want an.
Agent to tell me that if I were in their shoes so I think that's the only right waited in the right course of action so let's talk about how to qualify for life insurance for seniors over 70 so first of all playing is very simple pick the age you want to work with again I always nominate myself hopefully you've liked what I've seen so.
Far if you want to work with me that's something I can definitely do second after your agent listens to your insurance needs let them draw the quote up apply over the phone or the internet longer the days when you require a face-to-face meeting I deal with people all over the country from Hawaii the South Carolina and we all do it.
Electronically or through the mail and after several days or weeks or coverage is approved and then several weeks later you get your policy and you got your coverage and it's your job just to pay it keep up with it make sure it's enforced so final steps here so if you're interested in qualifying for life insurance and whether it's final expense.
Whole life term insurance universal life and you're over 70 years old and and you really want to work somebody understands this market visit my website it's buy life insurance to be real calm you can request a quote by sending me a message there's a message box in the contact box at the top and then at the very bottom you can click a link and send a message.
That way otherwise call me at triple eight six two six zero four three nine leave me a message if you don't get to me because usually throughout the day I'm talking to people and I commonly don't catch the phone because just me that I work with I don't have a call center anything like that you work directly with me and I promise to get.
Back to you lickety-split and if you like what you see please leave a comment below give me a thumbs up if you found the information useful and make sure you subscribe and thank you so much for watching my name again is David do for it at buy life insurance for burial calm that phone numbers eight eight eight six two six zero four three nine thanks for.