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Elderly Life Insurance
Elderly Life Insurance used to be just about impossible to find, after all, if the world behaved properly and things happened in the correct order, elderly people would be closer to death than younger people – that’s how it should work anyway. These days, although it is possible to find life insurance even if you are of advancing years, the premiums may, of course, be quite considerably higher. The thing is, the insurance company will probably get less premium payments from you before you try cashing it in!
Elderly Life Insurance Availability
Elderly Life Insurance is definitely available (up to the age of around 85 years anyway), but they are usually pretty short term and may also have a limited death benefit (reduced payout) for the first couple of years. If you manage to hang on for longer than two years after taking out your policy, your beneficiary will be entitled to the full benefits when you die, but before that time they might only be eligible to have the total of the payments made plus interest – it’s called deferred life.
When Does Elderly Life Insurance Payout?
Elderly Life Insurance should, however, pay out the full amount after the first month, if the death is deemed as accidental (car accident etc), so at least that’s one less thing to worry about. Some of these policies do have relatively low pay outs, maybe only $5,000 or so, but hey, for many people every single cent counts, so it’s definitely worth the effort.
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