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We all know how an insurance cover plays a significant role in our life, especially during the retirement years. So we are going to check out 5 Myths Around Senior Life Insurance Over 70. Click here to read more about Senior Life Insurance.
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We all know how an insurance cover plays a significant role in our life, especially during the retirement years. When senior citizens who are 70 years or older want to purchase or renew their insurance cover, they may come across myths like it’s already late or not worth it because of the higher premiums and deteriorating health conditions. But some independent insurance agencies like CHES Life offer tailor-made coverage that suits one’s budget regardless of their age. The professional agents from these agencies help you choose a senior life insurancecover that lets you live a carefree life.
Myth №1: No need to have life insurance coverage for senior over 70 • It is the most common myth among senior citizens. During your 70s, you either stress about the expenses on foreseeable health issues or ways to cover debts. But having senior life insurance lets you free from these dilemmas. Senior life insurance helps you cover debts, secure your family, leave behind something for a cause, and cover your final expenses without being a burden on your family.
Myth №2: There aren’t any life insurance plans for seniors over 70 • In Canada, a few years back, there weren’t enough agencies offering insurance coverage for seniors over 70. But nowadays, agencies are widespread, and they offer specific or tailor-made policies for seniors. Insurance companies like CHES life offer an ‘Over 50 Life Insurance’ plan that provides excellent benefits to seniors over 50. They guarantee permanent protection for a lifetime at affordable rates. Such policies will help seniors who have lost insurance coverages after retirement or in need of protection against foreseeable health conditions.
Myth №3: No insurance coverage for seniors with health concerns • Because of such myths, seniors don’t secure themselves against an insurance plan. However, it’s not true as there are insurance agencies in Canada providing senior insurance plans covering health issues. It may include a higher premium or minimum returns, but it will help you protect yourself during deteriorating health conditions. A medical check-up is recommended in such a case to ensure and have a clear idea about the coverage.
Myth №4: Senior insurance plans are expensive • Seniors over 70 assume to get coverage only at higher premiums. However, there are a few policies available in the insurance market at affordable premiums with higher benefits. Guaranteed Universal Life (GUL) policies are recommended to seniors over 70 due to their affordable premiums and higher returns. They also let us choose payout amounts and provide guaranteed death benefits.
Myth №5: Medical check-up is mandatory for buying a senior life insurance • Most seniors over 70 are afraid to take an insurance cover due to its mandatory medical exam. But what they don’t inform you is that some senior life insurance plans let you have coverage without a medical check-up. However, it is always recommended to have a medical exam because there is a chance of healthy seniors clearing the check-up. But if you don’t even attempt it, then the company will mark you in the high-risk category even though you are healthy enough to benefit from premium coverages.
We hope to have burst some insurance myths circulating among seniors over 70. Choosing a perfect senior insurance policy is confusing and complicated. But professional agents at CHES Life will guide you through buying proper coverage that is affordable and provides excellent benefits. • Learn more about our life insurance plans here.
