Buying life insurance can be expensive for someone late in their 50s or for those who are already retired. There are numerous policies for younger citizens but the choices for seniors is quite limited but still, there are some great and affordable choices for them. The right choice of the policy depends upon your needs and wants. First, understand what you want from your life insurance for seniors and then make your decision.
Term life insurance:
An affordable and limited policy but really beneficial for those struggling with money problems. Term insurance is temporary and the most common terms range from 5 years to 20 years. As the time period increases, the cost of policy increases as it covers a longer timespan. It doesn’t have any cash value and provides your family with only death benefits. Still, it is the best choice when you have budget constraints.
Guaranteed universal life insurance:
It provides death benefits similar to whole insurance but has more affordable premiums. You have the choice to fix the age where you want to end the coverage or you can let the policy cover your entire lifespan. The premiums are light and consistent throughout the term. If you wish to leave legacy benefits for your family, this life insurance for seniors is your best choice.
Whole life insurance:
The name tells everything. Whole life insurance covers your whole lifespan. Premiums are consistent every year and pay out death benefits to your beneficiaries along with cash value. A factor missing from other policies. Needless to say, these are expensive but if budget is not your problem, whole life insurance is for you. The coverage is comprehensive and the policy even pays for health benefits.
Universal life insurance:
It is a lifetime policy that provides your beneficiaries with cash value, the value of which is determined by the performance of investments. In the case of underperformance, the premium may increase. But if the in case of a good performance, the cash value is significant.
Final expense insurance:
The final expense policy covers the health and medical expenses and cost of arranging a funeral. The range of policy benefits is wide. It can be as low as five thousand bucks to as high as fifty thousand. There is no limitation to the qualifications and anyone can apply for final expense insurance. With this policy, your family can be free of all the tensions regarding the funeral.
The two major things to look for in good life insurance for seniors is their ability to pay death benefits and the range of the benefits. With these two, you will have a good return on your investment.