Life Insurance Elderly: 3 Important Policies!

Obtaining life insurance must be a top priority for any responsible senior citizen. We would like to present you 3 important life insurance elderly policies:

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1)     Term life insurance. This is a contract to ensure and individual or a group only for a specified period of time. The length of term life policies vary between 5 year and 30 years.  Compared with other policies, it is the most affordable type of life insurance. The cost will be very low if the policy has a short term.

You have flexible ways to pay the premiums: monthly, quarterly or annually. The beneficiaries will receive the death benefits specified in the contract only if the policyholder dies during the specified period of time. If you outlive the policy, you can renew it for an extra term only if you pay more money. But, in order to get the renewal approved, the insurer will require some medical examinations or will ask for updated health data.  If you have a disease or a cancer recurrence, some insurance agencies may not be so eager to renew the contract.

2)     Whole life insurance.  This type of insurance provides protection for the rest of your life. Al long as you keep paying the premiums, the policy will be kept in force. Unlike term life insurance, once the premium value has been set, it cannot be changed.  Also, whole life insurance provides a cash build component.

This feature will later allow you to borrow from the policy. If you urgently need money, you can ask the insurer to give it to you. However, borrowing can lower the amount of money your beneficiaries will receive following your demise. Another great advantage is that all the money received is tax-free.

3)     Final expense insurance. It is also named final expense insurance of funeral burial insurance. The sole purpose of this policy is to make sure that your spouse or children will be able to pay all the funeral expenses. So, the amount of money received upon your death will not be that huge, just enough to pay a $10.000-$15.000 funeral. As a result, the premiums will be also cheap.

If you want to know more and get free online life insurance quotes, visit our website.  We have the best quoting technology on the market. Visit us!