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Everyone knows that purchasing life insurance at an older age is dearer than purchasing it whereas very young.  In an attempt to provide reasonably priced insurance coverage to fulfill the life insurance coverage wants of older insureds, some firms at the moment are offering Assured Acceptance Life Insurance.

Assured Acceptance Life Insurance coverage policy charges are cheaper than the standard time period insurance policies.  As the title implies, you are assured to be accepted for this life insurance. There are not any health questionnaires to complete and no physical exams to take.  So long as you pay the premiums, the policies cannot be cancelled. Additionally, you could lock your premium charge for the policy amount you want.  Your charges will not change for so long as you retain your insurance.

The place’s the catch you may be asking. Nicely, the insurance policies are written for a restricted period of time.  For example, Colonial Penn’s policies are for a two-year restricted benefit period. They are obtainable for people between the ages of fifty and 85 (This age range varies depending on insurance coverage firm and state regulation).

Generally, if dying occurs throughout the first few years, a lowered benefit is paid or the company might return the premiums paid plus interest.  As an illustration, with a Gerber Life policy, if dying occurs by pure causes inside the first years (through the restricted benefits time), the beneficiary will obtain the entire premiums paid plus 10%.  However, if loss of life was a result of an accident, or if demise resulting from natural causes occurs after the 2 years, your beneficiary will obtain the complete benefit amount.  In the event of suicide (with certain state exclusions), the beneficiary will receive the amount of premiums paid only.

Most life insurance coverage firms supply a Assured Acceptance Life policy for seniors. There may be variations from state to state, but the primary premise is the same. They all offer an reasonably priced insurance coverage choice for seniors.

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