Mintco Financial website offers an online comparison for life insurance for seniors. Life Insurance for Seniors, also known as burial insurance, is designed to pay for the costs associated with your death. The amount a policy will pay out will depend on how much you pay in premiums over the life of your plan. The beneficiary of your coverage can use any payout to meet your funeral costs, pay probate and clear any outstanding debts you leave. If you pass away without any savings and no insurance, somebody else will have to fork out for your funeral.
You won’t have to go through a medical exam to get burial insurance, but will typically be asked to swear that you’re not currently ill. If you suffer from poor health, you could have to take out a graded benefit that would only pay out a portion of the value of your policy if you were to die over the first few years of coverage. If you already have a life insurance policy, you should consider using a portion of any payout from this to meet your funeral costs. This will usually be cheaper than paying for a final expense plan.
“Often times the people who purchase these policies from companies like AARP are never informed of the fine print. AARP is not an insurance company, they are selling another company’s insurance, and they do not do this for free. With these policies, the rates go up every 5 years, causing most clients lose their coverage after 5 or 10 years due to affordability. In addition, the policy expires at the age of 80, and coverage ends. At the age of 80, it is very difficult and expensive to buy insurance. We do have options for someone 80 or older, but if you can qualify for a policy that will protect you past the age of 80 when you are younger, you should buy it. With any type of whole life, graded benefit, or guaranteed issue policy; the younger you buy insurance and the longer you lock in the rates, the more you will save,” says Michael Minter managing partner of Mintco Financial located in Tampa Florida. Phone 813 964 7100
Visit http://www.MintcoFinancial.com to compare seniors life insurance quote online