Life insurance is a very essential investment, although it is not a compulsory or a legal requirement as needed for vehicles. Life insurance is a necessity, as it your responsibility to protect and provide for your family even in your absence in order to keep them from struggling due to a sudden shortage of income. Most people do not realize the importance of a life insurance until they are old and it becomes difficult to get a good policy. This laid back attitude towards obtaining the right insurance policy can actually increase the burden on the family as they would have to deal not only with the loss of a family member but also with a sudden financial burden.

BENEFITS OF OBTAINING A SENIORS LIFE INSURANCE POLICY

  • A seniors life insurance policy aides the family to cope with sudden financial stress. It will help cover the final expenses and can also be used clear any debts.

  • The Social Security Benefits which your spouse is entitled to will take time to be processed. The seniors’ life insurance policy will help the support your spouse during this waiting period.

 GETTING A GOOD DEAL FOR SENIOR CITIZENS:

Compared to the whole life insurance, the term life insurance policy is said to be less expensive. However, it is known that as your age increases the life insurance rates also increases for both the policies. But it is still possible to get a good deal if you pay attention to the below points.

  • Maintaining Good health: It is extremely important to maintain good health while purchasing a life insurance policy so that the company does not consider you as a high risk candidate. Maintaining good health would mean giving up smoking; maintaining your weight and keeping your blood sugar and blood cholesterol levels under control. It would be helpful to follow a good health plan in order to get a low premium rate. If you do not have a good health condition you might have to purchase a high risk life insurance which would be very expensive.

  • Good credit history: If you have a good and clean credit history you would definitely be entitled to a good senior life insurance deal. A good credit history would mean not having any debts or dues with your bank. The insurance companies themselves would be interested in having you as their client if you have a good credit history.

  • Choosing the right plan: Before zeroing in on a plan it is very essential to first determine what your needs are and then finalize how much of coverage you require. Based on that choose a plan suitable for you.

  • Taking the help of an agent: It is a wise thing to use the help of an agent specializing in life insurance for the elderly. An agent will have knowledge of various life insurance policies available and numerous contacts to fish out the most ideal insurance policy for you.

  • Using online insurance facilities: In today’s internet world all information is available on the net. Several insurance companies have online facilities. Hence it has become easy to review and compare the various quotes made by different insurance providers from the comfort of your home.

Term Life Insurance For Seniors

by goodlife on November 29, 2013

Two major and popular categories of life insurances are term life insurance and whole life insurance which is also called permanent life insurance. Term life insurance offers coverage for limited period of time at fixed rate of premium. Time period, for which companies provide coverage can vary from company to company and the policy one chooses, it could come in sets of period such as 5 years, 10 years, 20 years etc. If the policy holder dies within the term one might get the benefits. Insurance companies provide renewal by which one can extend the policy till another term by paying some extra amount.

Term Life Insurance for Senior Citizens

Term life insurance can prove to be very helpful for senior citizens. If a person dies within the term the financial payout will be awarded to chosen beneficiary like spouse, children etc. This financial payout might be very helpful in covering funeral expenses, paying debts, saving for the spouse. The premium rate of term life insurance are lower than whole life insurance that makes it affordable for seniors who might be not very stable financial due to different reasons like retirement etc.

By investing in a term life insurance seniors can be rest assured that his/her family particular dependents like spouse or a loved one can be financial protected in time of need after his/her death. The coverage one might get after death can be helpful for family members for funeral expenses.

Before buying term life insurance for seniors one should keep in mind different aspects such as at what age one is buying a policy, and coverage one is looking for, ones present financial status, debts if any that one needs to pay etc. One should try and buy term life insurance for seniors in an early age like between 60 to 70 years. If seniors take term life insurance later in life they might face some problems such as, they might get low coverage in comparison to younger people. More or less all the insurance companies don’t offer any kind of coverage after the age of 89.

Premiums one has to pay for senior term life insurance vary from company to company. Premium for term life insurance can either be paid on monthly basics or quarterly basis. Many companies may lure the seniors with attractive offers but before deciding upon a policy, but one should not hurry up to buy a policy as the difference in overall premium from one company to another might be very huge it can be several hundred dollars. Some Research would definitely help in saving lots of money, internet could be very helpful in finding out about different policies, visiting or calling different companies will also be useful. One should go for policy with lowest premium and highest amount of coverage in order to gain maximum benefits.