One can clearly understand the requirements of a senior citizen who is willing to buy life insurance policy even at this late stage of life. They have their own reasons of security, family burden and responsibilities such as debts, burial expenses etc. Most of the life insurance companies very well understand these requirements. Due to rising demand for life insurance by the elderly people they have come up with several policy options for senior citizens at several stages of life even after 80 years.
Life insurance companies will never try to risk their own business. This is one of the prime reasons that insurance policies for elders are often very expensive. However, there are a few methods that can help our senior citizens in lowering the cost of life insurance.
Consider Group Investment Plans Seriously
Depending on your age, if you are still in a job, then consider every group investment plan that is offered by the companies to their employees. Most of such plans come along with some retirement benefits. So, if you haven’t availed any of these plans yet, consider them seriously now. If you are expecting your retirement anytime sooner, these plans can be one of the best investments that will go along with you as your retirement gift.
Such plans can be easy to avail because the company itself becomes the guarantor for its employees and the insurance companies do not mind getting bulk of customers at a regular basis.
What Are You Risking?
Insurance policies for senior citizens are often very risky especially when they try to gain too much of it. The reason being their own life expectancy and medical condition are not at their best. This matter puts them on the risk side for the insurance companies. Therefore, they should buy a policy that doesn’t cover too many aspects. For example, some people want “good returns” as well as “lower premiums”. It is always better to expect less and cover less too.
Lesser is the risk covered, lower will be the cost of insurance.
The best way is to priorities your needs for insurance.
Opt for policies with medical examination and full check-up:
If you are a healthy senior citizen (as per the parameters of your age) then try to opt for policies that include complete medical examination. Some people often try to run away from the hassles of running around for medical examination certificates that are demanded by the insurance companies. It urges them to opt for “no medical exam policies”. Although such options provide you with the comfort but you have to pay some price for it.
Instead if you opt for a regular insurance plan, you will have two benefits-
- The cost of insurance policy will be reduced
- You will have a free medical check-up and consultation as most of these medical exams are conducted by the insurance companies on their own.
Cooperate with the companies for the waiting period:
Often it has been noticed that elderly people want the things to happen quicker especially after a certain age. This makes them impatient and they do not want to wait for the time that is taken by the companies in the process of documentation and filing. When they urge the companies to provide them with some faster policy option, the company agents suggest them to buy “no waiting period” policy. This is again not going to give any other premium or policy benefit except that it will cost you higher at the time of purchase and fasten up your process of documentation.
If one can afford, then they should let the companies to take their time as they take care of hundreds of cases at the same time. The clients can save on the extra cost here and show some patience towards the whole process of insurance application.
The best way to avoid any such chaos is to take the decision of buying the insurance much before than you actually need it. If you have ample of time in hand, you will be able to save on a lot of extra cost as a senior citizen.