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Getting Down To Basics with Insurance

Different Types of Senior Life Insurance Policies

Senior citizens are already very fragile and are awaiting the end of their lives. IF a senior citizen only has social security and pension, it will not amount to much to leave for the spouse and the children, so they need to pay for the balance whatever happens to their loved one. This is why a senior citizen still needs to get insurance. Debtors cannot take life insurance and most states do not levy taxes on inheritances.

Some insurers require a medical exam for seniors but there are also others that don’t. With a whole life policy, once does not need a medical exam. The whole life policy has a large upfront payment but the senior is protected up to 120 years old depending on the insurer.

If a senior consider outstanding debts and funeral costs, it will give him great peace of mind if he has life insurance policy. When the senior dies, his family will not be burdened with funeral expenses and other costs. These other costs may include estate taxes, back taxes, and others.

Senior life insurance is exclusively for seniors. Senior life insurance can be whole or term life insurance and is designed for the needs of the senior citizen. Final expenses insurance is attached to the whole or term life policy by certain insurers to provide extra benefits such as burial costs.

If you score high on a medical exam, some insurers will give you affordable rates and high benefit amounts. Some insurers simply ask questions with requiring a medical exam. There are some that don’t even ask health questions but the coverage will always be lower and the premiums higher.

A variation of permanent life insurance which does not require medical exam is the guaranteed acceptance life insurance. Full benefits will be given if the insured dies within the first two years from an accident. If he dies from natural causes within the first two years from the policy’s inception, a limited benefit will be disbursed. They will receive the sum of the premiums paid to date and the accrued interest on the cash value. If two years has elapsed, whatever the cause of the senior’s death will give the beneficiaries full benefits.

Term life insurance is for seniors who have fixed income and cannot afford a high priced insurance policy. Seniors getting term life insurance don’t get the option of cash value investment offered. They may not need this at their stage in life.

If a senior worries about outliving a term life policy, then he should consider a whole life policy. Fully paid premiums will be in effect until death.

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