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TODAY'S WORLD - TODAY'S NEEDS
Downsizing, contracting-out, selfemployment - signs of the times that mean some
people no longer have group insurance at their place of work.
Here's a suggestion: Don't overlook your memberships in professional associations,
clubs, alumni groups, unions, lodges or other affinity groups.
Find out if you can obtain life, health and disability insurance through a blanket
group plan (association insurance) that covers members.
Such plans can be a cost-efficient way of augmenting your existing insurance
coverage. But be aware that they can also be changed or discontinued by the
sponsoring group.
Using your networks: Association insurance
There may be times when older people see a special need for extra life insurance.
If you are in good health, you can obtain life insurance at premiums that reflect
your present age.
But what happens if you are not insurable?
A few life insurance companies offer guaranteed issue plans - that is, life insurance
policies that are issued with no medical questions asked. Typically, up to $25,000
will be issued to those between ages 50 and 75.
Be aware that restrictions apply if death occurs within the first two or three years of
taking out the policy. Read the contract.
The OmbudService for Life and Health Insurance can supply the names of the
companies that provide guaranteed issue products.
Older? Insurance can be found
TIP: Information about living benefits may be obtained from your agent or insurance
company.
