Life Insurance For Seniors: 3 Policies To Consider

As we get older, we have more responsibilities, both for ourselves and for those we love. Providing economic stability and thoroughly estate planning is something that any responsible parent should do. Nevertheless, there are people that think about saving money when they are a bit old.

elderly_life_insurance-300x196We all know the benefits provided by life insurance and it is no wonder that seniors decide to purchase life insurance.  But, in most cases, companies refuse seniors and their only option is to search for no exam life insurance quotes.  Here is a list with the main 3 policies to consider when shopping for life insurance for seniors.

1)     Term life insurance.  This policy provides the cheapest premiums, but only for short time. The premium price is strictly related to your age and health condition. So, even if you are in good health, your age will make it difficult, if not impossible, to get advantageous deals.

Still, if you want protection for 5 or 10 years, with small face values, you can access term life. Just make sure to ask the company about how much the premiums will increase in the following years.

2)     Whole life insurance. For medium and long term goals, whole life insurance is better than term life. The value of premiums will not increase and you can get flexible ways of paying the premiums monthly, quarterly, biannually or annually.  In addition, you will have access to your own money, through the borrowing against policy feature, if you will ever urgently need money.

3)     No medical exam life insurance. No exam policies are developed to provide insurance to those that usually do not qualify for standard policies. Seniors are easily included on the list, since many carriers refuse to accept person above the age of 50 as clients. It does not matter if you are healthy, some companies will refuse you just because you are old.

And you can get included in simplified issue no exam life insurance policies. This will guarantee cheaper premiums and bigger face values.

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