Understand your best life insurance options as a senior.
Life insurance is one of those things that we know we should have, but dread to think about. Because there are so many options and conditions, the process of finding the right policy can seem downright intimidating. As a senior, buying life insurance can be even more confusing. To help, we’ve rounded up the top life insurance policies that seniors should consider.
Term Life Insurance
Term life insurance is available in terms of a specific number of years, usually in increments of five years ranging from 5 to 30 years. Term life insurance is temporary coverage that only pays out if the policyholder dies within the set term. Generally, a term life policy is ideal for seniors who are in relatively good health and want an affordable policy premium.
Whole Life Insurance
Whole life insurance is just as it sounds – it lasts your entire life. Premiums remain the same each year, and the policy pays out a death benefit after you die to your beneficiaries. Additionally, it accumulates a cash value that you can borrow against to help pay for unforeseen expenses. This is a great option for families who want an emergency fund available.
Final Expense Insurance
This insurance coverage is a way to give your loved one’s peace of mind. The death benefit can be used to cover the cost of any final medical expenses and funeral costs. The final expense policy is available in a wide range of terms, and almost anyone can qualify to purchase this policy, regardless of age or health.