Types of Senior Life Insurance

If you’re considering buying life insurance and you’re past a certain age, there are several options to consider. As a senior citizen, shopping for an affordable rate online may become frustrating and time consuming as you are faced with multiple options and incomprehensible technical language.

Here at our website, we would like to help make your search for the right policy fast, easy and affordable.

Senior Life Insurance Options Available

Term Life Insurance for Seniors:

Senior term life insurance policy implies that you will be insured for a specific period of time. When it comes to the elderly, you can usually get coverage for a maximum of 20 years, because the policy would expire when you reach 75. It’s very affordable, given the fact that it does not accumulate cash value, and you can get good coverage for a low premium. The downside is that a term life insurance policy will usually require a medical exam and your age plays an important role when determining what term you can qualify for. Also keep in mind that when you reach 70 you should get another policy for funeral expenses, as your term policy does and will come to an end. There are two basic types of term life insurance: level term and decreasing term.

 

Whole Life Insurance for Seniors:

Whole life insurance provides lifetime protection as it builds cash value over time; however, the policy tends to be more a lot more expensive than term life. These are usually smaller policies and are intended to cover your final expenses, such as funeral, burial, taxes, etc. Seniors might find whole life insurance plans appealing as they typically do not require a medical examination and eligibility is rather easy. Best of all, your premiums will never increase, and the policy coverage will last for the rest of your life.

Guaranteed Acceptance Life Insurance for Seniors:

If you have already been turned down for life insurance or you are starting to have health problems, you could take into consideration the guaranteed acceptance life insurance policy. It offers a good solid coverage, and no medical exam is needed. Also, you can choose if you want it for term or life.

Most importantly, if you are over the age of 65, do not get discouraged. There are options for elderly life insurance plans! Call us and you will be connected with a licensed, experienced insurance agent. Finding a good quote that fits your needs and budget is possible!