Types of Life Insurance for Seniors – Which One should You Buy?
If you plan to buy life insurance after crossing the age of 60 or 70, it becomes a little tricky. Insurance providers are not very happy to sell you their products and so, premiums are high. Some companies altogether restrict people from buying their insurance policies after a certain age. In such a condition, life insurance for seniors is like a godsend. Check more about life insurance for seniors if you are serious about this matter. Below are 4 types of insurance options for the elderly.
Term Life Insurance
This is a temporary insurance coverage. It has a predetermined date of expiry. Term life insurance is usually meant for seniors, but it is also an option that should be avoided by most people. Firstly it becomes much more expensive as you get older. Secondly, you cannot renew it after it expires. Insurance providing companies set an age limit for buying this policy and after that age, if you are still living, you lose coverage and you cannot buy a new policy.
Permanent Life Insurance
This type of life insurance makes more sense for the elderly. It never expires as long as you keep on paying the premiums and the value of premium remains the same. Because of this, it’s a good option for paying off final expenses. This policy gives you a peace of mind that your heirs can bear those costs.
No Health Exam Insurance
Generally, you need to undergo a medical exam before buying a life insurance policy and also you should have a certain level of health. This can be a problem for many seniors. However, with no health exam insurance, many seniors who can’t meet the minimum level of health can buy an insurance policy. As the name suggests, it doesn’t require the person to undergo a medical exam. The person has to reply a few questions about health. Barring a few serious diseases (e.g. cancer at its last stage) that may disqualify you from buying this policy, most others cannot stop you from buying this policy.
Single Premium Policy
With this policy, a senior can leave an inheritance in the form of money. Rather than small monthly premiums, a single large payment has to be made to the insurance company in this type of policy. This is a good option if you have money in savings which you are not planning to spend. This type of policy is quite advantageous to the policyholder because it turns your deposit immediately into a sizable inheritance. E.g. if you buy a policy worth $50,000, your heirs may get death benefit of $100,000. Another advantage is you may easily qualify for this policy. Lastly you can remove the sum even if you are alive; so, your funds are not locked.
Life Insurance For Senior is a very helpful portal to know about various life insurance companies and their products, their reviews, benefits and more. With this information, you can easily buy a policy that is profitable to you. Don’t forget to visit this website if you are buying a life insurance policy for seniors.