If you’re an older person that is over the age of 50 you have come to realize that you may still need life insurance. However, before you decide to buy their are some things you need to know about buying life insurance for the elderly.
Not All Companies Are The Same
The first thing is that all life insurance companies are not the same. For example when I was in financial services I had a client who has older and had an impaired medical condition. So I tried one company and he got tuned down immediately.
I then proceed to try a few more companies and one did except him without even questioning the situation. The reason for this is that not all life insurance companies have the same underwriting policies and guidelines and what one company will not except, another will.
Life Insurance Laws Vary State To State
Next, when it comes to buying life insurance the state you live in makes the laws. This means that the laws that might apply in one state won’t apply in another. However this doesn’t mean you can only buy life insurance from companies in Ohio it just means they have to be approved in Ohio.
For example my life insurance company is approved in Ohio but the main headquarters resides in Iowa. This also means that some states may have tougher guidelines than others as well. For example, California has some much tougher restrictions than most other states. In fact I used one particular company from California that had a great Variable Universal Life product but int he end it was hard to use them since they had twice as much paper work to fill out and laws to follow.
What Kind Of Agent Do You Have
Finally, the last thing you need to consider is the insurance agent you are working with. Their are basically two type of agents you might deal with. One might work with a sole insurance company like State Farm, or Farmers.
However their are also agents that deal with multiple companies as well. When it comes to picking an insurance agent get one who can shop the different companies for you. If they only work with one company their options are going to be more limiting than if you work with someone who can show you a wide variety of different companies.
In the end knowing the 3 three things I’ve covered about life insurance companies can help someone that is older find a better deal and get the coverage they need to provide for others after they pass on.