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I am a senior citizen, and I recently turned 70. What policies are available if I want to purchase a life insurance policy for myself?
When it comes to life insurance for senior benefit services, you may choose from various plans. There are a few options to think about while shopping for burial insurance:
Traditional life insurance — A standard life insurance policy may be available if you are young, healthy, and of a specific age. The proceeds from such insurance can help pay for cremation fees, burial charges, and other funeral expenses.
Simplified issue policy — If you’ve had trouble getting life insurance or health issues that make it unlikely that you’ll be approved for a standard policy, a simplified issue policy may be worth looking into. You can apply for coverage with a simplified issue policy and avoid a medical exam, but the rates will likely be higher.
Guaranteed issue policy — A guaranteed issue policy will give coverage in some form. Timely premium payments are the only condition of this coverage. However, the premiums are typically much higher than those of other types of life insurance due to the lack of eligibility requirements.
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