Term Life Insurance For Seniors


Purpose of Term Life Insurance for Seniors

The purpose of Term Life Insurance is to help provide for the loved ones that we leave behind upon death. Many seniors believe that its impossible to get an affordable term life insurance quotes. They feel they may not behealthy enough for term life insurance or they don’t think they can afford it. This doesn’t have to be the case. There are a variety of options today including guaranteed issue policies with affordable monthly premiums. Seniors can now have the peace of mind that there are term life insurance for seniors providers.

Adequate Term Life Insurance Coverage for Seniors

When obtaining term life insurance for seniors you want to ensure that you have the right amount of coverage. Keep in mind that the average funeral and burial now costs more than $10,000. Plus, there are other costs to consider such as rent or mortgage for those surviving you. Having the right amount of life insurance coverage will allow your spouse or other beneficiaries to continue to enjoy their current lifestyle.

Do you need a life insurance check-up? Perhaps you have had a life insurance policy for many years. If that’s the case, chances are you may no longer have enough coverage. This can be due to your coverage limits not keeping up with the pace of inflation. Make sure that your life insurance coverage provides the financial benefits your family will need to cover today’s living expenses upon your death.

Term Life Insurance for Seniors Advantages

Affordable monthly premiums
Covers funeral and burial expenses
Provides a cash benefit to beneficiaries
Guaranteed issue option

Guaranteed Issue Term Life Insurance for Seniors

Term Life insurance for seniors doesn’t have to be difficult or expensive to obtain. There are many affordable term life for seniors policies currently available that provide coverage regardless of health. A guaranteed issue or term life insurance policy is a great fit for many seniors. It offers affordable monthly premiums based on your age at time of coverage. One of the best features is that premiums will never go up during the term of the policy. Also, you may not be asked to have a medical exam. You just need to answer a few basic health questions. Coverage options generally range from $2,500 to $50,000 with renewable terms ranging from one to ten years. You will want to buy life insurance as early as you can to lock-in the lowest possible monthly premium.

More Term Life Insurance for Seniors

If you’re an otherwise healthy, active and fit senior between the ages of 55 and 65 that wants more than $50,000 of life insurance coverage, then you may want to consider a whole life insurance policy. A whole life policy provides insurance coverage for the life of an individual rather than for a specific term. With that in mind, insurance providers will normally require a physical. The results of which will be used to determine the premium and the maximum amount of coverage the insurance carrier is willing to offer. Another benefit is that as your policy matures you can borrow against it or withdraw cash, which is something you can’t do with a term policy.

Survivor Benefits

Term Life insurance for seniors pays the full death benefit directly to the beneficiaries named in the policy. We can help you compare life insurance quotes from carriers that provide high quality coverage options with affordable monthly premiums. The American senior citizen population is growing faster than ever. People are living longer and necessities are becoming more expensive. As a result, life insurance for seniors is more important then ever to provide the additional financial protection we need for our family.

This article is for informational purposes only and does not constitute financial advice. Before purchasing life insurance, we recommend you read the policy and speak with a financial professional before making a decision. Investments may not be insured, may lose value and there can be tax consequences depending upon your situation.

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