Despite our best efforts to avoid it, we will all eventually reach the end of our lives. Insurance becomes a necessity as you age and become a senior citizen. There are many reasons why insurance is important in your life. There are many insurance options available, including for seniors. Most people over 60 prefer to have insurance policies that don’t require them to undergo medical examinations. They may not be comfortable answering questions about their health, or may have severe medical conditions that could make it difficult to get insurance.
It is easy to find the right policy for you by doing your research. People in good health who can answer health-related questions easily are better off. There are many types of life insurance policies.
* Guaranteed death benefits
* Provides permanent coverage and guaranteed insurance protection for beneficiaries.
* Predictable premiums can be used to help plan for the future.
* Many policies have a tax-privileged savings element. This means that a portion of your premium can be set aside for your savings.
* Policy loans are available to access this loan at any time.
Term life insurance
* Premiums cannot be fixed. They can change depending on your earnings or even your mortality.
* This policy can be renewed. Clients can renew the policy at the same premium rate after it expires.
* It can easily be converted into any other life insurance policy that the insured desires. You can also get whole life insurance.
Universal life insurance
* Premiums can be adjusted and not fixed
* Cash value and death benefits are calculated using current interest rates
* A medical exam is required
Limited-pay life insurance
* The premiums are paid for a set period of time, after which you won’t be required to pay any more for the policy coverage.
* The premium payment period is shorter and therefore becomes more costly than other insurance policies.
* Cash value accrued overtime equals death benefits at a specific age, when the insured may still live.
For senior citizens over 60, it is important to speak with an agent who specializes on helping them.