How to Get Low Cost Life Insurance for Seniors

by

Finance

Published on: 01 September 2017 Last Updated on: 16 August 2019
file insurance

One can clearly understand the requirements of a senior citizen who is willing to buy a 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 the 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 on 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 for 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 a 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 a 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 you have to pay some price for it.

Instead, if you opt for a regular insurance plan, you will have two benefits-

  1. The cost of insurance policy will be reduced
  2. 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 things to happen quickly 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 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 the insurance application.

Last Words

The best way to avoid any such chaos is to take the decision of buying the insurance much before then you actually need it. If you have ample time in hand, you will be able to save on a lot of extra cost as a senior citizen.

Tips to Lower Your Insurance Costs

PREVIOUS POST

Tips to Lower Your Insurance Costs
fixed deposit

NEXT POST

Is Fixed Deposit the Right Place to Invest Post-Demonetization?
author-img

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Popular

Creating A Startup Idea

Technologies For Creating A Startup Idea

20 Feb 2023

How to Download Facebook Videos

How to Download Facebook Videos on Android?

07 Feb 2019

Ecommerce Web Design

7 Rules of Effective Ecommerce Web Design

28 Jan 2021

wordpress-1863504_960_720 edited

The 10 WordPress Plugins Every Sucessful Blogger Uses

28 Jan 2017

Follow Us

Recent

Download Airtel Thanks App

How to Download Airtel Thanks App and Recharge Seamlessly in 2025

25 Feb 2025

How to Choose a Gift That Matches Their Personality Perfectly

12 Feb 2025

carrier oils for hair

Discover the Best Carrier Oils for Hair & Skin

05 Feb 2025

modern dental technology

How Modern Technology is Transforming Dental Care Solutions

28 Jan 2025

Related

Investment Plan
Finance

How to Select the Best Investment Plan for Your Child?

As parents, you want many things for your child - happiness, health, and a secure financial future. You also want that your child should excel in his/her career. Just imagine your kiddo becoming a star athlete or a budding biologist or a successful entrepreneur who appears in headlines from time to time. Your joy will know no bounds! However, when you want to provide the best of everything to your child, you will have to move beyond the basic parenting skills and contribute to his/her holistic growth. For that purpose, it is sensible to save money for your child’s future and keep him/her financially secure, even in your absence. A good way to start is to invest in an Online Savings Plan, popularly known as ‘Child Investment Plan’. An online savings plan serves the dual purpose of investment and insurance. Most importantly, it fulfils two major requirements: It secures your child’s future financially It provides financial aid at various stages of your child’s life such as higher education, starting a business, or getting married However, with several child investment plans available in the market today, it can become difficult to choose the plan that best meets your child’s needs. Following tips will help you make an informed decision: Determine the Monetary Value Attached to Your Child’s Dreams As a responsible parent, your first step should be identifying and prioritizing your child’s goals and the monetary value attached to them. The two main goals for which you would need significant financial funding is your child’s education and marriage. As far as education is considered, for the time being, decide your child’s goal on behalf him/her and know for sure when the cash is required. Reach a decision, for instance - "I am saving for my son’s engineering degree in 2025, and I may require 20 lakhs for the same". Along these lines, calculate the required funds while taking into consideration the year of the requirement for the respective milestones. Also, with respect to your child’s education, don’t just consider funds for primary and higher education, but also plan for extracurricular activities. In short, make estimates of the amount you intend to spend on your child’s education or marriage. Doing so will help you choose the premium amount and the policy term for the best child investment plan. Go for Equity-linked Online Saving Plans If you have a higher risk appetite for equities and a considerable investment time frame (more than 10 years), you can consider opting for an online savings plan. It is essentially a unit-linked child investment plan that offers you investment as well as insurance feature in a single product. Further, this plan provides multiple investment options like equity, debt and balanced funds. So, if you have a longer investment timeframe, you can go for equity funds as investing in equities for longer duration gives the best returns. On the other hand, if you have a lower appetite, you can go for an online savings plan that offers a balanced mix of growth and debt funds. Remember that just choosing to invest for your child is not enough. Selecting the right investment plan is most important! Therefore, while making your investment decision consider the amount you can spare for investment, your income, cost of higher education, time in hand, and the level of risk. Look for Premium Waiver Benefit Almost all insurers, including Max Life Insurance, offer child plans with premium waiver benefit as a key feature of the base plan. This benefit acts as the most vital feature in case of demise of the parent. In such a situation, the child plan pays a lump sum amount to the nominee. Further, the insurer waives off all future premium, and the plan continues to be active until the entire policy term. This ensures that the maturity benefit remains intact as planned. Check for Provision of Partial Withdrawals Online saving plans also allow partial withdrawals on fixed intervals. The idea behind such partial withdrawals is to allow parents to meet the financial needs of their kids at the key milestones in their life such as admissions for extracurricular activities, admissions in educational institutions, or marriage. This option is also helpful for meeting unplanned expenses in case of medical emergencies. Other Factors to Consider for Child Investment Planning Start investing early. It will help achieve your investment target easily. Also, ‘Power of Compounding’ will play an important role when it comes to investing for your child’s future Know the different premium payment modes. You can opt to pay premiums on monthly, quarterly, half-yearly or annual basis Invest in a plan that offers a well-balanced mix of equity and debt funds Track your investment at regular intervals and make appropriate changes if required Select a tax-efficient investment option Concluding Today many insurers have come up with attractive child investment plans. However, you need to be judicious about what plan you want to opt for. Also, while making your decision don’t forget to consider criteria like time horizon and age of your child. We hope that this guide will help you choose the right plan for your child and make his or her dreams a reality! Read Also: Investing And Trading 101: Investment Ideas For Newbies How Digital Advisors Have Transformed The Investment Sector Pros And Cons Of Oil And Gas Investment

READ MOREDetails
Business Credit Report
Finance

Why Would I Need A Business Credit Report?

While individual credit reports assess the creditworthiness of consumers, a business credit report can show you how your business is creditworthy. In this post, I'll explain how Experian and similar services calculate a business loan and guide you through the process of developing it. A corporate credit report is similar to a personal credit report in that it contains information about the company's credit history, credit history, and other important information. However, each credit reference agency can be different in how it looks and what makes good business people. In many cases, the people who issue you loans will use your business credit report to decide whether you want to lend to you and, if so, how much credit you will grant to you. How to Apply and Get a Business Credit Report? If you want to get a business credit report directly from the source, you can go to Experian or Equifax, two of the largest credit reporting agencies in the US. You can purchase a single report including your business and credit ratings for $49.95 from Experian's, which has the business Credit report for both companies. To get a report on Equifax corporate loans, you must visit its website and buy the individual reports for $99 to $95. Get registered as a member of your Business Credit Reporting Program (BCP). While the amount you pay will depend on the plan you choose, Experian lets you check your credit rating and credit rating for free. If the big agencies don't have a credit report for your business, you'll have to check it with one of the other big credit reference agencies, such as Equifax or Experian's. You should review the business credit report at least once a year from all three major companies - credit bureaus. Even if your Business Credit Report Program (BCP) is working, your Business Credit Program may not be set up if you do not have the credit reports. Similar to Experian's report, Equifax's business credit report will be correct, but it will give you your true score. Similar to the Experian's report, the Equifax report, and the Experian's annual report, both will be true values and represent the true credit standing of your company, not just the credit standing of the company you work for. And, much like testimonials, Equifax business reports and testimonials will be correct, and both will give you true scores. You don't have access to Equifax's business credit report and Experian's free version of the annual report, but if you do, you'll be doing a lot more than the Experian's report, and even better than the annual report. Is Getting Access to a Business Credit Report Easy? Getting access to a business credit report is not as easy as getting your personal credit reports, but it's worth it nonetheless. Just as you can get personal credit reporting free of charge, so can corporate credit reporting. The corporate credit reports are the data that credit agencies have to work with, not just the annual report and the personal report. Business credit ratings are based on the information in your business credit report and measure the creditworthiness of your company. While most credit bureaus give you a single score of 1a100, the Equifax corporate credit report provides a variety of different scores, such as 1.5, 2, 3, 4, 5, 6, 7, 8, 9, and 10. It has the added advantage of providing more information than what you get from any of the other credit institutions, and it provides more data than most of their personal credit reports. Equifax, like the other credit reporting agencies, uses data from the US Department of Justice and the Federal Reserve Bank of New York to produce its credit report. Like your personal credit score, your business credit report gives you an idea of how your business is, and it can also be created by the same credit institution that offers you a personal credit report score. Equifax provides a website where you can check your credit rating and other information such as income, employment history, tax returns, and other personal information. What are some Important Details you should cross-check on the Credit Report? Before you receive your business credit report, it is important that you review all of this information in detail, including your name, address, telephone number, email address, and other personal information. It gives you a set of tools that will help you learn how to create business loans, as well as access information about your credit history and creditworthiness. The reason you want an Equifax business credit report is the same as the reason you want it: to gain a better understanding of your company's financial health. It will help you understand and improve the credit standing of the company, which is as important to the financial health of a company as it is to its financial performance. Another provider on the market is Reporting Accounts, they offer free and paid reports which is a good way to get some initial free information before deciding if you want to dig deeper into a company’s financial position. Read Also: 5 Smart Ways to Boost your Credit Score 7 TIPS TO REDUCE CREDIT CARD BILLS

READ MOREDetails
insurance
Finance

5 Tips For Transport & Logistics Business Owners Before Investing In Insurance

You need to make sure that you have considered how you will buy insurance before you get started managing your company. Most people who run a large business like this think that they just need to get insurance for their vehicles, but you should be a bit more clever with the insurance that you buy. There are some steps below that will make your life much easier, and each of those steps will be easy to follow because you only need to have a look at what your options are when talking to an agent. Let the agent guide you and realize that you have a lot of things that actually need an insurance policy. Insure The Vehicles First When you work with a company such as Connect Business Insurance, you will still insure the vehicles first. You need to have insurance if you plan to send the vehicles on the road. You need to get the vehicles valued and insured properly so that they can be replaced on their own. A lot of companies just own the trucks, and you are hauling someone else’s trailer. Even if you own your trailers, they get their own insurance when you have the policies written up. Insure The Trailers You can insure the trailers with no trouble because they have their own value in and of themselves. When you do not own the trailers, your partner needs to insure their own trailers. They will cover the loss of the trailer in the event of an accident, and you can move on to other types of insurance that will actually pay to replace the items that are in the trailers. Property Loss Insurance You can get property loss insurance that will pay for the loss of anything that was in the trailers in the first place. When you are getting a policy like this, you need to get a general replacement value that could be used for anything that you are hauling. All you need to do is keep track of the things that are in your trailers because that will help you file the claims in the future. You also need to remember that you must have these manifests ready for any insurance claim if the partner is paying for the loss of property. Profit Loss You can take out business insurance that will be used to pay for lost profits. When you need to shut your business or stop using trailers or trucks, you can use insurance to pay for lost profits. This is how a business can afford to stop working when it has an emergency. You also need to remember that these policies have different values based on how much you think a lost day of work is worth. Let the agent value your workday for you so that there is no confusion. Use The Agent Often You should use an agent in all cases because that is the only person who can properly value your policy, write the policy, and offer customer care. Read Also: How To Choose The Best Auto Insurance Company? Have You Paid Enough Attention To Liability Insurance When Launching Your HHA Business?

READ MOREDetails