Life Insurance For Seniors-New Financial Approaches

So you, the senior, want life insurance but you don’t want to pay the high premiums? Well, you’re in luck, it seems, if you qualify.

Here’s the skinny. You apply for life insurance through a premium financing company (you must be somewhat healthy-no cancer, serious cardiac conditions, or major diabetic problems). After providing all your medical history, and taking a short medical exam at your residence, the life insurance carriers rate you from preferred (really healthy) to E, H, or ugh, higher.

Now the funder goes to work. They also look at your medical records. They then send the info to multiple life underwriting companies to see if you fit into their financial model. If so, the institutional funder will offer to pay your premiums for you with a reasonable interest rate attached.

You benefit, in that you have no, or minimal out of pocket expenses for the significant coverage that you will obtain, sometimes for life.

It really is not that complex a transaction-you are just letting someone else finance an asset, like you do when you get a mortgage on a home. Additionally, there may be cases when you can actually sell this asset into a secondary market called life settlements.

To find out more, visit Premium Financing