The Best Life Insurance Options for Seniors
There are so many reasons why it’s such a good idea to have life insurance. Aside from the fact that it’s one of the best ways to make sure that your loved ones will be able to cover your funeral costs following your death, it’s also a way to pay for any other debts as well. Plus, based on the type of policy that you get, life insurance is also a great way to supplement your retirement too.
Being that there are several different options for seniors to choose from, you might find yourself wondering which one is best. What this article is going to share with you are some of the different kinds of life insurance that are currently the market, along with the benefits that come with each one. That way, you can have a better understanding of which one is most suitable to you and your needs.
Term Life Insurance
A very popular and perhaps the best type of life insurance for a large majority of individuals is term life insurance. It’s affordable, it’s flexible and the face value on it is pretty high. In other words, there aren’t a lot of life insurance companies that are going to offer term life insurance policies for amounts less than $50,000. As far as the challenges that come with this type of coverage, if you currently have health issues, it can sometimes be hard to get a policy. Plus, if you’re someone who is over 80, you might experience difficulty getting coverage for the time frame that you may be looking for (for example, 10 years or less).
Whole Life Insurance
Another life insurance option is whole life insurance. There are a few good things about this type of coverage as well. For one thing, whole life insurance has the reputation for making the biggest payouts of all other types of coverage. Not only that, but it increases over time and you can get some of the cash from it even before passing on, if you wish. A disadvantage to think about is that it tends to be quite costly. Plus, it’s not really the best kind of insurance to get if you are past age 60 simply because getting it late in life can prevent you from ultimately receiving the best return.
Guaranteed Life Insurance
If you are someone who happens to be in poor health and you were to ask an agent who works for an insurance company like InsureChance about what type of coverage would be best for you, one of the things that they might recommend is what is known as Guaranteed Life Insurance. It’s the kind of insurance that accepts individuals with pre-existing health issues. Plus, no medical exam is required. If you do decide to go with this particular option, keep in mind that out of all of the options discussed, this one is considered to be the most expensive. Plus, the payout can take as long as 24 months from the date the policy is opened.
If you’re simply looking for the kind of coverage that can help with funeral and burial costs, burial insurance is a great choice. This also doesn’t usually require a health exam, health issues aren’t a hindrance and it’s the type of coverage that you can get approved for even if you’ve been denied elsewhere. Just keep in mind that burial insurance doesn’t offer as much coverage as other types of life insurance and some companies do have a waiting period. For more information on any of these types of life insurance policies, contact a reputable life insurance company within your area.