A senior life insurance policy is similar in many ways to a whole life insurance policy with a particular focus being on provision for coverage of final expenses after one’s demise.
Importance of senior life insurance policy
It is a sound financial decision to take out a senior life insurance policy for oneself when one ages or for a family member who is old. Such life insurance for seniors offer coverage of any expenses such as burial and funeral costs that may be incurred after the insured passes away .
Types of senior life insurance plans
Term life insurance for seniors is a type that is cheaper to obtain but does not carry a cash benefit. They have a limited period of validity.
- Whole life insurance, although more expensive when it comes to the premium amount is valid for as long as the premiums are paid and offer significant cash benefits. They are treated as assets that may be sold or used as collateral when taking a loan.
- Burial life insurance as the term implies is a lower face value policy that covers burial and funeral charges.
Cost of insurance for seniors
As with all life insurance policies, the younger and healthier one is, the less one is required to pay as premiums. That being the case, in general, senior life insurance is available at affordable rates of premium, provided one clears the necessary qualifying process to determine eligibility. There are a number of insurance companies that offer you online life insurance quotes seniors can avail with actually the click of your mouse. Many also have very supportive online customer care services online.
Eligibility qualifications for a senior life insurance policy
Simplified issue life insurance policies for senior may not mandate a complete test of bio-medical parameters, while others like whole life insurance policies require some medical underwriting about the state of health. Guaranteed issue life insurance policies may be a preferred option for those who have serious health problems.