Life insurance can be of immense importance and that too in the times when you become old. You should have life insurance even if you didn’t afford whole life insurance you can at least avail the term life insurance for seniors over 65. The term life insurance for over 65 has the same set of benefits and feature like the whole life insurance policies. The only difference is that the term life insurance for age 65 has the coverage for a specific period. There is an expiration date of the term life insurance at 65.
There are many ways through which the company of insurance determines the cost of the coverage that you will avail and also the premiums that you will pay. They take into account the medical history of the insurer as well as the family and checks if you have the genes of any terminal disease in your family and what is your personal medical history. They also check your smoking status and the costs go higher if you are a smoker. The age of the person and the gender of the insurer are also taken into account while determining the charges of the insurance for the person by the company.
There is a vast array of options in the different policies of the term life insurance for seniors over 65 as well. This is the reason that you should check out all the various features and the aspects of the insurance policy to avail the best term life insurance for over 65. You should check the company that is availing the insurance. Then again you should also keep in mind the cost and the premiums of the insurance. The coverage level of the insurance is also to be held in mind while choosing a beneficial term life insurance for seniors over 65.
Types of Life Insurance that is available in the Market
- Endowment Policy – There is a saving amount that is maintained by the company. This is a policy for a specific term that the coverage will be working for. The insurer decides this maturity period.
- Term Insurance – This is the life insurance policy that has one of the highest popularity. Here the coverage of the plan lasts for a specific period depending on the plan that you have availed.
- Whole Life Insurance – This is similar to the term policy, but there will be no term of expiration in this policy of life insurance. The life insurance, in this case, covers you for a lifetime and when you pass away the savings is named after your nominee.
- Children’s Policies – This is the life insurance policy that you name after a child who can be anyone. In this policy, the child is the nominee of the insurance, and after your death, the nominated child can only avail of the legacy left behind by you.
Features of term life insurance for seniors over 65
- Guaranteed insurability – There is a guarantee of insurance as and when needed. The insurer can avail the insurance coverage through a multifaceted number of ways like the burial costs, or the mortgage protection or even leaving a legacy for his or her loved ones.
- Funeral advancement benefit – The insurance company will pay a certain amount of money which is around USD 20,000 to the nominee of the insurance for the burial charges of your ceremony. The rest of the money if and when needed will be paid to the nominee after the service.
- Waiver of premium – If you can’t pay the premium anymore due to the loss of pension and the end of your employing services, then you wouldn’t need to pay the dividends anymore, but your insurance coverage will stay in place.
- Mortgage protection – The insurance company will be able to help you pay off your mortgage debt. This ensures that you will not have the tension of losing your property to the financial institution where you hold the mortgage. You will also be able to leave your family in peace when you are gone through this way.
- Fixed premiums – There are fixed premiums for the term life insurance for seniors over 65, and there will be no fluctuations in the premiums that you pay throughout the entire term of the coverage. This is regardless of what so ever your age is, your health is an even your occupation and hobbies as well as your smoking status.
These are the various beneficial aspects and features of term life insurance for seniors over 65. You can avail the coverage of the insurance policy in many multifaceted ways like for your mortgage protection, burial costs and even covering up medical debts.