Shawn Meaike is the CEO of Family First Life, a life insurance agency located in Uncasville, Connecticut. In the following article, Shawn Meaike covers the most common questions seniors may have regarding various policies and benefits and why these specific questions are important to ask.
As the years advance, a person's susceptibility to certain health issues escalates. It is therefore essential for those of mature age to secure the most suitable type and amount of life insurance possible. Prior to signing on with an insurer, older adults should make sure they address a few key questions that will guarantee them optimal coverage.
First and Foremost, Seniors Should Ask What Type of Life Insurance They Should Apply For
When it comes to life insurance, Shawn Meaike says that there are a multitude of options available. Which one is the most advantageous will vary based on an individual's current health status, interests, and budget. An experienced provider can guide seniors through this process by considering their precise needs along with their current financial situation.
What are the Premium Payment Options
Shawn Meaike notes that older Americans should make sure to inquire about the various premium payment options their insurance company offers. Some policies offer a convenient installment plan while others necessitate an upfront lump sum. Understanding which option is most favorable will allow seniors to opt for a policy that comfortably fits their financial means and perhaps even saves money.
Are There Any Discounts Available
As a senior, there is a possibility that you could be eligible for discounted premiums, especially when living a healthy lifestyle, and medical history does not detail any chronic health issues. Shawn Meaike says to remember to ask about any potential savings while speaking with an insurance provider it could help save lots of money on the policy!
Does the Policy Have Any Limitations
Older adults should always be aware of possible restrictions or exclusions in their policies. Whether it pertains to certain activity types, such as adventure sports or travel limitations, speaking with an insurance provider is a necessity before making any critical decisions. Shawn Meaike adds that being made cognizant of the policy's details will help seniors make smart and informed choices when selecting the coverage plan that best suits them.
Does the Policy Include a Death Benefit
In the event of passing, Shawn Meaike explains that the beneficiaries will receive the death benefit: an invaluable sum determined by how much coverage was included within the policy. Knowing this amount is essential for those who need the most financial support during such a difficult time.
What About Customer Service
Shawn Meaike says that as an older adult, it's essential to be informed of your insurance company's customer service offerings. You should know the hours of operation, available methods for contacting representatives if needed, and what technical support services are available in case any problems arise. Being proactive in this manner ensures that you know how to access the assistance and information necessary when grappling with insurance-related issues.
Can I Convert My Policy
Are you someone who needs additional life insurance coverage? If so, various policies offer the perfect solution! With the conversion option, elders can effortlessly convert their policy into permanent form without any medical exams or insurable proof. This could be highly beneficial for those need more protection and whose
health situation has changed.
Are There Any Riders I Can Add
Shawn Meaike explains that by adding riders, policy holders can gain extra protection in certain scenarios. These may include policy accelerators that allow a death benefit to be disbursed quicker if certain criteria are met, or death benefits that enable an earlier payment upon terminal illness of the insured.
What Are the Tax Implications of the Policy
Shawn Meaike maintains that planning for the future is essential, especially when it comes to life insurance, as some policies can come with hefty taxes and fees. As a senior, it's important to understand all of the financial implications associated with the plan prior to signing on so that individuals will know exactly how much coverage is needed, as well as what kind of tax burden to anticipate, so don't forget to ask about this!
Final Thoughts
Making wise decisions and securing the best coverage options is essential for many older adults. Speaking to an agent and asking the questions detailed above is the best way to gain assurance that the chosen policy meets all of their needs.
By understanding all of the details, seniors searching for life insurance coverage can rest assured that they have made an informed decision and have the financial protection they need. With this knowledge in hand, an educated decision can be made when selecting coverage.
