Can seniors purchase life insurance to payoff their mortgage upon their death?
Yes, there are mortgage payoff life insurance plans available for senior citizens.
However, the amount of coverage available, and the duration of your policy will vary based on your age and health.
For example, seniors over 65 may be limited to coverage plans offered for a duration of 10, 15, or 20 years. And, if you are over 70 the maximum length of your policy may be 10 years or less.
It really depends on the insurance company guidelines for approval, and your own personal health when you apply for your policy.
That's why it's important to get insured sooner rather than waiting, since rates on life insurance increase with age, you'll want to lock-in the lowest rate possible right away.
Here's how to learn more about mortgage payoff insurance for seniors.
Yes, there are mortgage payoff life insurance plans available for senior citizens.
However, the amount of coverage available, and the duration of your policy will vary based on your age and health.
For example, seniors over 65 may be limited to coverage plans offered for a duration of 10, 15, or 20 years. And, if you are over 70 the maximum length of your policy may be 10 years or less.
It really depends on the insurance company guidelines for approval, and your own personal health when you apply for your policy.
That's why it's important to get insured sooner rather than waiting, since rates on life insurance increase with age, you'll want to lock-in the lowest rate possible right away.
Here's how to learn more about mortgage payoff insurance for seniors.
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