Life Insurance for Seniors

Life insurance for seniors becomes very vital as a preparatory tool for something unexpected in the future. It insures your beneficiary and makes whole family be financially secured in case something bad happens to you, such as an unexpected death, especially if you are a breadwinner or the head of the family.

Senior life insurance is intended for older people specifically those in their senior years. During the times, it takes effect when people need it most in their latest years in life. Senior citizens are allowed get hold of this insurance until their 85th birthday. There is no term expiration for it.

Most people have usually coverage by a life insurance policy through their employer, or they had a term life insurance policy. But once you retire, change careers, or your term policy expires you aren't most often able to get any coverage.

There are two types may be most suitable for seniors

• Funeral insurance – it doesn't usually ask any medical questions, so it's suitable for seniors who might have a number of health issues. The acceptance age for it is slightly high (up to around age 79).
• Term life insurance – its policy is often cheaper than funeral insurance as more medical questions are asked. The cost of term life insurance for seniors depends on several factors such as age, sex, smoking status, and health.

Insurance companies are presenting many sorts of policies ranging from whole life and term life plans. A whole life insurance policy is a plan that will cover a person for life. The policyholder can cash out the policy, borrow against the policy, or the beneficiaries can get a settlement at the time of death. But the term life plan is a policy that is purchased for a specified length of time. This is a death benefits only policy that will only pay out in case of death during the term of the plan.