You are never too old to get your life insured. Whether you are at your retiring stage or resting in your 70s, getting senior life insurance will gonna be the best decision you have ever taken.
Senior life insurance is a required policy for senior citizens after the 70s. It is another type of life insurance that financially stabilizes the dependents after the death of an insured individual. But what’s the need for life insurance after the children are financially independent?
Why Senior Life Insurance?
Money requirements run parallel along with us. Even after death, there are several such instances like a funeral which requires a hump of money. But other than a funeral, there are few other influential reasons to go for senior life insurance. For more vast information you can visit this site.
- Even after retirement, there is one person who relies upon you. That is your wife.
- You might have a few debts left upon you. This insurance amount will remove the burden of repaying debts from your heirs.
- Have a business? Then having senior life insurance will help to buy a share or grow your business even after death.
- Further, you can financially support your future generation.
- Or, do this for a noble cause like a donation to a charity.
What Are The Best Senior Life Insurance Options Available?
Senior Life Insurance Policies are mainly meant for senior citizens as they do not require a medical examination or no health-related questioning. This type of life insurance has very minimal paperwork. So, this can be taken at any age and budget.
Whole Life Insurance
As the name indicates, this life insurance will mature at the end of your life. It does not matter, how much you live, this insurance policy will ensure that your beneficiaries will get the insured amount. This policy does not have any term length, so you have to pay premiums until your death.
This policy costs a bit higher than usual plans but guarantees a full payout. The main advantage of this policy is the constant premium amount. The premium amount will never change with the cash value growing at a slow pace. But a fact with this premium is that the beneficiary will only get the policy’s face value, not the cash value.
Term Life Insurance
Term life insurances are a great option for specific money requirements after a known period. This type of insurance policy provides the option to choose the coverage amount and the length of the policy. Starting a term life insurance is more beneficial at a younger age than older age, as the price keeps rising with the age. The time length generally ranges between 5-30 years and if the person dies within the term length, the beneficiaries will get the face amount.
Burial Or Final Expense Insurance
There is not much difference between whole life insurance and final expense insurance. Final expense insurance is short term life insurance mainly meant for seniors above 80. This policy is taken to cover the funeral cost or any small expense coverage like $5000-$50000. As this is for seniors, it does not require any medical examination, rather they just give this policy after a few medical questioning. This is the only available plan for the citizens above 80.
Guaranteed Universal Life Insurance
This is an awesome policy for seniors. This is meant for a longer policy term at a very cheap cost which affordable to every age group. This policy was introduced with life long term under a low premium cost to avoid any uncovered premium. It does not have a specific period, rather it has a specific age like 95, 100, or sometimes above that. But, the coverage cost may rise with higher age as the term will also get higher. So to adjust the coverage amount, the premium amount will also increase slightly.
Which senior life insurance policy is suitable for you depends upon the company’s policy, as rates differ with different companies. So, it will be better to do good research before going for any policy.