Senior Life Insurance Alabama AL
Reader’s Question:
My husband is already 65 years old. We are wondering if he can still purchase a senior life insurance in Alabama. If so, what type should we be getting?
Jane
Birmingham AL
Yes, he can still buy senior life insurance policy in Alabama as long as he is in good health. There may not be a 30-year term policy but a 10-year term is available in affordable rates. Most of the policy does not require medical exams from the client. However, the requirements vary according to the amount of premium applied for and age and health of the client.
An older person with some health issues and would like to apply a coverage that will not expire can purchase a whole life insurance policy or also called final expense policies. This type of policy is designed for older people. In a simplified issue policy, applicants are asked with a few set of questions about their health. Applicants who are terminally ill and those who need to stay in a nursing home are not accepted.
Guaranteed issue policies, on the other hand can accept everybody as long as the applicant can pay the premium. However, this policy is more costly than the simplified issue policy. In addition, the period of waiting before the full amount of death benefit is received is around 2 to 3 years. In this case, you may want to purchase the simplified issue instead of guaranteed issue policy if you are considering a senior life insurance policy. But unlike simplified issue policy, Guaranteed issue policy. Normally refund premiums that was paid including the interest even though the period of waiting was not satisfied.