Among all the things that money can buy life insurance is the best because it protects the most precious thing; your life. Life is full of uncertainties as you never know what you will have to face the next day and as such it is best to have provisions for the unexpected and unfortunate situations. Life expectancy of the Americans is growing steadily and continuously. Number of people of age 65 years or above was 44.7 million in 2013 meaning that almost one in every seven Americans is a senior citizen. This is more than thirteen times of the senior citizen population in 1900. The insurance providers have also noticed this and have come forward with various life insurance for seniors quotes that have many types of coverage. This article aims to help you in understanding different types of senior life insurance quotes for making the right choice.
Why life insurance for senior citizens is needed?
Senior citizens need life insurance for a large number of reasons; the most vital is replacement of income. For a retired person living on pension and whose spouse is dependent on him life insurance has paramount importance. It helps your spouse in difficult financial situation after you pass away. Secondly, when there are insufficient savings, the survivor also gets benefitted from insurance for paying outstanding loans. Moreover, being a senior citizen, life insurance can be helpful while planning to have an estate or building a family trust. And the last and the final need are to cover up the final burial expenses.
Finding the best life insurance for seniors quotes
Buying the best senior life insurance is easier than you think provided you do not make a rush decision. The most important feature of a life insurance plan is that it should be affordable, simple and easy to apply. Keeping this in mind you should give a serious thought about why you want to buy a life insurance for seniors. Is it for leaving something for the next generation or to cover up the funeral costs or simple protecting the medical expenses? Once you have found out the answer the rest becomes easier because you can then compare different life insurance for seniors quotes and choose the best. Life insurance policies get costlier with the every year passed and, as such, it is better to buy policies as early as possible.
Different senior life insurance plans
- Term policies: Although, a cheap life insurance option for seniors, these expire after the contractual time period. Any person between 50 to 70 years of age and maintaining a reasonably good health can buy it for getting maximum benefit against a low investment. The insurance providers normally ask for medical examinations and the people who maintain good health pay less. For purchasing these policies it is better to opt for policies that are renewable and convertible as well.
- Whole life policies: The best advantage of such policies is that these remain effect as long as premiums are paid. These policies, being of permanent nature, can be enjoyed throughout the entire life span and also grow into cash value and therefore such life insurance for seniors quotes are preferred by seniors. Under certain conditions such polices allow seniors to sell these to investors or to take loan against the cash value accumulation.
- Burial or final expenses policies: Such policies are easily available for senior citizens because these plans also allow people who are not maintaining perfect health to buy. The main advantage of such polices is that you are assured of having enough money for the funeral expenses. These polices provide cash benefits and the beneficiaries may spend part the fund after burial in any way they like. Generally, the insurance providers accept applicants of age 50 to 80 years for such policies, there are some providers accepts applicants up to 85 years.
Some special Life insurance for seniors quotes
Normally all life insurance policies require medical examination but there are some senior life insurance policies that do not require any medical examination. These are generally available for seniors up to the age of 65 years only. You are to fill up a medical questionnaire and can get those with higher premiums. For seniors who have serious health issues, they can also get special type of life insurance with graded plan. Such polices do not provide any death benefits if the insured person passes away within 2 to 3 years. In case of death after this locking period the beneficiaries receive benefits for the amount of premium paid up to that period with interest that vary from one insurance provider to the other.