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Especially for older consumers who wish to buy cheap senior citizen life insurance, the life insurance marketplace may seem intimidating or forbidding. At first glance, the options may seem very limited, and may cost more than those on fixed incomes can afford to pay. Fortunately, there are alternatives that may allow senior citizens to find affordable life insurance that provides the coverage they need to protect their families and financial interests.
By joining a national organization, senior citizens can sometimes obtain group rates on life insurance. Organizations like the AARP offer whole and term life insurance products to their members; these policies are usually far less expensive than comparable products for individuals while offering the same level of protection. While AARP is perhaps the best-known provider of life insurance for older consumers, many other organizations offer similar products for their own members. Many such insurance plans require no physical examination and minimal paperwork; AARP’s life insurance application, for instance, boasts that it requires members to answer only three simple questions. There is little or no delay in eligibility for full benefits; this can be of major benefit to senior citizens who want to put their financial affairs in order promptly. Additionally, in most cases these life insurance policies cannot be canceled for any reason other than nonpayment of premiums or material misrepresentation of facts on the application.
When completing an application to buy cheap senior citizen life insurance, it is important to ensure that all the information listed on the application is truthful and complete. Omissions or incorrect information can lead to the application being rejected or, worse yet, the eventual claim for payment being denied and the premiums returned to beneficiaries in lieu of the full life insurance payment. By including all pertinent information, applicants for life insurance can be certain that their policy is valid and will be honored in the event of their death. This will ensure that family members are provided for financially, and can afford senior citizens a sense of security in knowing their affairs are in order if the worst occurs.