Seniors can have an array of options to choose from while seeking desirable life insurance plans. While some plans are available to those under 70 years, many insurers are also providing cover for those above 70 years of age. In this article, we have listed some popular life insurance plans for seniors to help them cover financial assistance for their partner, children, or even for covering their funeral costs.
Life insurance policies are generally given to people after thorough medical checks to provide financial assistance to their family after their death or plan maturity. The idea is to serve the policies to healthy people to safeguard the company’s interest as well. Stating that, there are less although significant life insurance plans offering suitable Rates on Life Insurance for Seniors. For those below 80 and with average health, there are good insurance plans available with low rates. Seniors above 70 years will have to adhere to certain limitations. One such limitation is coverage of not more than 20 years. Some suitable life insurance options for elders are:
- Term Life Insurance: For those looking forward to a life insurance policy for anywhere between 10 to 15 years, term life will be the most suitable. However, if you are looking for higher coverage and may require financial assistance at 80 to 90 years, you can refer to permanent or full life insurance plans.
- Whole Life Insurance: Whole life insurance plans are meant for providing whole life coverage. They are however expensive premiums but are great for building the cash value which seniors can eventually borrow as a loan or withdraw.
- Universal Life Insurance: Universal life covers are guaranteed insurance plans that are offering cover until a certain age which is between 90 and 121. They are known for providing life long coverage at inexpensive rates.
Benefits Of Permanent Life Insurance
Permanent or full life insurance covers can come in handy for seniors in terms of meeting several elder age expenses on time and with security. While searching for Rates on Life Insurance for Seniors you can come across multiple benefits of this life covers such as:
If you are fine in health with minimal to no health issues, you can approach a guaranteed universal life insurance plan. This intends to meet your:
- Medical Expenses: Old age tends to generate several health issues and with that comes possible medical expenses too. These expenses can cause unnecessary stress and financial trouble to you and your family. However, with permanent life insurance plans, you can stay peaceful about meeting any.
- Retirement Aid: You can expect to use your insurance money as your retirement savings and live with financial peace.
- Funeral Cost: These costs after death can be difficult and lead your family members to meet the unexpected and unfortunate expenses. However, with insurance money at bay, such situations can be tackled easily.
Further, you can expect accelerated death benefits that use your insurance money before the plan end for treating any underlying illness. Certain insurance plans also offer a waiver of your premiums in case there is a certain disability such as blindness or loss of body parts.