Life Insurance For Elderly

Reader’s Question:

I am afraid that since my father is already an elderly person, he can’t get life insurance anymore here in Chicago. So I just need to ask you: Is life insurance for elderly still a possibility?

Maddex

Chicago, IL

Yes, it is still possible that your father can get life insurance for elderly. But since your father failed to get his life insurance while he was still young, don’t expect to pay very low premiums for this type of life insurance policy or higher death benefits.

Various life insurance providers have different criteria in giving out life insurance for elderly, but basically all of the important factors are considered in underwriting life insurance policies for the elderly. Life insurance providers usually put a limit on the age a person to be eligible. But this can be somewhere between 70 and 85 years old, depending on which life insurance company. Also, there would be strict limits on the amount of face value the elderly could be eligible for and normally, this would be just $25,000 or sometimes even less.

In general, life insurance for elderly is “guaranteed issue,” which means there’s no physical exam to be eligible. Most of the time, there is a condition that if the policyholder dies within 24 or 36 months, the payout won’t be given to the beneficiaries. What the life insurance company usually does is refund all the premiums, plus interest, to replace the death benefit. But even though the premiums may not be low, this is still a smart choice as your father will still have life insurance coverage even though he is already in old age.

Cheap Teen Auto Insurance: How To Get It?

Reader’s Question:

I have a teen daughter which I will be adding under my auto insurance policy soon. I know this could increase my insurance rates . I’m wondering, is there a way to get cheap teen auto insurance in Chicago?

Sarah

Chicago, IL

Definitely there are ways to get cheap teen auto insurance in Chicago Sarah. However, it’s a fact that teen auto insurance can be expensive because teens are inexperienced drivers and because of that they often get involved in accident of traffic violations. That’s why it’s important that your teen driver do her best to take outmost care of her driving records. Here are important things that you teen must do to ensure that her driving records always stays clean:

• Your teen should never drink and drive. According to statistics, 60% of teen drivers who got involved in accidents were drunk;
• Your teen should always wears her seatbelt whenever she’s driving. That’s because seatbelt can definitely lessen the risk of serious accidents;
• Your teen should be alert whenever she drives.
• Your teen should always focus on her driving – avoid distraction like cell phones, radio, or even other passengers in the car.

Remember Sarah, there are auto insurance companies that increase a person’s insurance rates even after a single traffic violation. It will also help you get cheap teen auto insurance rates if your child will get a driver’s education program. She may also consider driving less or even getting a grade of 2.0 for a possible auto insurance discount. Don’t forget to get her a low profile car to get cheaper teen auto insurance rates too.