Some Silly Mistakes That Can Increase Life Premiums For Seniors

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It is true that everyone makes mistakes. However, some mistakes cost more than others do. The most costly mistakes are those that hunt you for a lifetime. Senior citizen life insurance mistakes can harm you both in the short term and in the end.

It is essential to obtain a life cover especially if you are advanced in years. However, avoid making the following mistakes out of desperation:

Lying on your application

When you are a senior and desperate for a life insurance cover, it is very tempting to stretch the truth. Failing to mention something or lying just a little on the application form does not seem harmful especially if it will help you save money. There is no point of lying in the application since the insurance company will almost certainly discover the lie.

If you leave and some vital information relevant to the application such as a dangerous activity you practice, you might manage to get away with it initially but the insurance company will catch up on you. In general, insurance companies have two years to challenge your claims, and if they discover anything, they can increase your premiums or cancel the policy altogether.

Going for a no medical life insurance policy

If you are a senior, you have probably read many times that a no medical exam life policy is the best way to go. Life insurance with no medical exam is a great option for seniors with a serious medical condition or who are very advanced in years.

However, this kind of policy is extremely expensive and can cost as much as three times more than a traditional life policy. Hence, if you are a healthy senior with still several years of life left, take the time to go through the medical examination and get better rates for your life policy.

Failure to request for a reassessment

Most people continue paying for the same premiums throughout their lives. However, did you know you could lower your premiums by asking for a reassessment? If you have improved your health over time, you may be at a lower risk than what is reflected in your insurance application.

For instance, if you have lost some weight, quit smoking for over a year or come clean from drugs, feel free to request for a re-evaluation of your health from your insurance company. Make some effort to improve your health if you want to lower your premiums.

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