Understanding And Choosing Senior Life Insurance

June 19, 2017


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Everyone should have life insurance. Although many people believe it is difficult to obtain insurance when they are older, this is not true at all. If you are a senior, you can choose from a number of senior life insurance options. You can find a policy that is compatible with your needs, your personal preferences, and your budget.


Term Life Insurance For Seniors

Term life insurance is a temporary form of insurance. There are actually two different types of term insurance. While both types provide coverage for a specific length of time, the return of premium option is not as well known as basic term life insurance. If you choose the return of premium option, the money you paid throughout the years will be returned to you if you are still alive at the end of the term. In contrast, you will receive nothing back from a basic term insurance policy if you outlive the term.

Term life insurance has other benefits and drawbacks. One benefit is term insurance is inexpensive. A second benefit is the ability to choose the length of time you want the policy to be valid. You can choose a 5-year term, a 10-year term, or another option.

The main drawback of term senior life insurance is the policy will expire. If you live past the policy’s expiration date, you will need to buy a new policy. As age influences the cost of a policy, you will pay more for a policy in the future than you will pay for one today.


Final Expense Insurance

Final expense insurance has become popular for seniors. It is inexpensive and is meant to cover your end-of-life expenses. If you do not expect to have many expenses, and you do not have other financial concerns, it is an option to consider.


Permanent Senior Whole Life Insurance

Whole life insurance costs more than other options, but the benefits are worth it if a policy is within your budget. One of the most important benefits of whole life is the policy builds cash value. After you have held the policy for the length of time specified on the policy, you can borrow against it without losing your policy. You also have the option of cashing in the policy if you need to do so in the future.

A whole life policy is also useful if you want to leave cash for your children or grandchildren, have debts that will need to be paid, or you want to cover your estate taxes. Whole life insurance provides more coverage.


Buying Senior Life Insurance

Regardless of your age, there are certain points to consider when you are planning to buy a life insurance policy. The most important point is knowing you can afford the policy you purchase. No matter which type of insurance you buy, the policy will only stay in effect if you pay your premiums in full and on time.

Whether you decide to pay your premiums monthly, quarterly, or annually, paying for your senior life insurance must be one of your top priorities. You do not want to lose your policy because you have missed a payment.

Second, you should not hesitate to buy a policy if you do not currently own one. Even if you cannot afford a policy with high premiums, you need to be insured. Not only is buying a life insurance policy a responsible step, choosing one today is the most cost-effective option. The older you are when you buy life insurance, the more it will cost. You can have lower premiums by buying a policy today instead of next year.


Many people do not like to think about life insurance. If for some reason you do not have one or believe your current policy does not provide as much coverage as you need, it is a simple step that can make a difference in the future.

You will not have to worry that your family members will need to cover your final expenses and other bills because your senior life insurance policy will cover these issues. If you wish, you can leave a small nest-egg for your children, or for your grandchild’s education. Regardless of your needs and budget, choose a senior life insurance policy today.