When you are passed 50 not just anything that flashes passed your eyes are worth going for. You have to choose between what you want and what you need. One thing that you definitely need is a life insurance policy, but at the same time, an expensive policy becomes a want for many – unless you can comfortably afford one. In fact, life insurance for seniors is generally expensive, term life cover offers some reprieve to many people since it has affordable polices. However, you need to know how to beat the criteria for risk assessment to qualify for a cheap policy, and this post offers you some important tips on the same.
Generally for any policy of term life insurance for seniors, if your death chances are high, then so is the premium rate. As such, you will notice that many insurance companies usually place very strict conditions for you to meet before qualifying for a policy. Policy applicants are usually categorized into about six health clusters and these clusters are rated because of your health amongst other criteria. Therefore, if you want to be eligible for a cheap term life policy cover, then consider the following tips:
If you are a smoker, then you cannot benefit from cheap term life policies. At the top end of this criterion for categorizing applicants, there is the Preferred Non-tobacco group which qualifies for cheap term life insurance for seniors. On the lower end is the Standard Tobacco User group of applicants and these usually get very expensive premium rates on their policies. In fact, if you are a non-smoker, you can get a term life policy that is twice as cheap as that of a smoker. The scale varies with the number of years since you quit the smoke. For instance, a person who quit five years ago will pay cheaper premium rates than one who quit two years ago.