What Type of Life Insurance Seniors Should Buy?

It seems that being a senior bring more disadvantages than benefits.  Unfortunately, these disadvantages are so many and they affect not only the body and mood of the senior, but also some financial aspects.  As a senior you must spend more money on medicine and treatments and you must be money wise.

life insurance3You will have troubles finding an affordable policy if you do not pre-own one by the age of 50. It is a bit hard to determine what type of life insurance seniors should buy, since each individual has different needs and characteristics.  Life insurance market offers for seniors: term life insurance policies, whole life insurance policies and no exam life insurance policies.

Policies mentioned above are the general ones. There are many other variations. For example, you can purchase a 5 years term life insurance policy or a 10 years term life insurance policy. Prices will differ, accordingly with the coverage and the length of the policy. But for a short period, term life insurance is the best option.

Is ideal if you have several years until retirement and you want to keep your family under protection. Keep in mind that term life insurance renews its premiums at specific periods of time and thus, it becomes more and more expensive. Whole life insurance is ideal for those that seek permanent protection. Plus, since the death benefit is guaranteed, you can transform this policy into an heirloom.  Premiums are a bit pricy, but they are kept at the same level. This helps you in estate planning.

No exam life insurance is usually the last choice, but in many cases is the only choice.  This policy can be accessed easier by those that would otherwise remain unprotected.  The only problem is price, since premiums tend to be more expensive than for the other types of insurance.

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