Reader’s Question:

I had a term life insurance here in California before but it is already expired. The problem now is that I’m in my senior age and afraid that I would find it hard to get insured again. What types of life insurance plan are available for me?

Ramon

Burbank, CA

Even as a senior, you still have some options for your life insurance policy in California. A number of life insurance carriers can provide coverage for guaranteed life insurance, final expense life insurance and senior life insurance. These are whole life insurance policies which and this means that the policy is in effect as long as the policyholder pays the premium or has completely paid up. A lot of whole life insurance policies could be paid up over a period time, normally ten to twenty years.

Senior life insurance and final expense life insurance plans come in two kinds which don’t require a physical exam. A lot of life insurance carriers provide simple issue and guaranteed issue life insurance plans that normally have a face value between $2,500 and $25,000.

Simple issue life insurance plans cover immediate death assistance. They ask medical questions when you apply for it; however, most seniors could be eligible. Normally, they just turn down applications of those who have terminal illnesses or those who are in a nursing home. On the other hand, guaranteed life insurance plans won’t ask about health issues. As an alternative, they underwrite by holding up full coverage for about two to three years. In the event that that the policyholder passes away at some point in the qualification phase, they would give back all the premiums plus a particular interest rate.