If you just finished your career life and attain the senior citizen tag then it is the time for you to purchase an insurance policy and live a relaxed life. An ample number of policies with different conditions and rates are available in the market. So to choose the best policies among them you must have to be specific about your need. You can go for term or whole life insurance for seniors. Now have a look on the overview of those two policies.
Both the term and whole life insurance are designed to fulfil a specific purpose. Term life insurance comes with some extraordinary benefits with in a limited time period. But whole life insurance is a complete package which has no time boundary. Some special design features of the policies are mentioned below.
Term life insurance for seniors:
Term life insurance is a special type life insurance which will secure the investor for a limited time period at a static amount of policy rate. The death value benefit will be only provided if the insured person dies in between the term period. The beneficial amount will be handed over to the nominee of the insurance. Basically this plan is suitable for the mid aged employee. But for the aged person a policy named term life insurance senior citizens is launched.
Specification of Term Life Insurance:
Term insurance comes with some particular conditions for the investor. Before purchasing a term insurance product have a quick look on the basic specifications of term life insurance senior citizens.
- Term insurance covers the investors for a limited period of time. If you are planning to buy term insurance, make sure about the time duration of the policy.
- Term life insurance requires a minimum coverage amount which is very much affordable. So on the basis of your afford limit, you can go for whether term or whole life insurance for seniors.
- The fine amount for the discontinuation of the coverage is also nominal for term insurance.
- The most important factor of this type of insurance is that it doesn’t offer a guaranteed death penalty amount. If the insured person dies within the insurance time period only then the nominee of the insurance will get the death value amount.
If you are looking for a life insurance with cheapest premium coverage then there is no other replacement of term life insurance. The term life insurance for seniors over 60 has already become the best seller policy for the insurance provider companies.
Whole Life Insurance for seniors:
If you are looking for a risk free, secure and guaranteed feedback policy then whole life insurance is a perfect choice for you. Whole life insurance doesn’t come with any certain time boundaries. It offers the insurer an assured cash value returns. This will be the fitted product for those who are looking for a secure financial protection for their family. Often some of senior citizens are confused whether to go for term or whole life insurance for seniors. Need is the basic priority for the selection.
Specification of Whole life Insurance for seniors:
Before investing for a whole life insurance product, have a quick overview on the specifications of whole life insurance.
- Whole Life Insurance doesn’t come with the time boundaries. It gives the insurer the assurance of giving a guaranteed feedback if the he or she dies.
- Compared to term life insurance for seniors over 60, whole life insurance requires a higher amount of premium coverage.
- The discontinuation of premium coverage penalty is also a bit higher for whole life insurance.
- Last but not the least, Whole life Insurance offers a assured death value benefit to the nominee of the insurer. Thus it is a financially secured insurance.
Which is preferred: term or whole life insurance for seniors?
Choosing the appropriate policy is also a tough job. Investing for a wrong policy will lead to economical loss. So to choose the perfect policy, first of all determine your current need and affordable limit. For a limited time period term life insurance for seniors no health questions is a better option. To get a long time benefit, go for the whole life insurance.
Some aspects must be considered before selecting the policy:
- Your health condition after retirement will play a important role to select the right policy. If you are not fit enough, the term life insurance for seniors no health questions will be the best buy for you.
- Your lifestyle is also a major factor to be counted.
It is highly recommended to consult a reliable agent too before investing for the policy. Whether it is term or whole life insurance, now a day insurance has become a must buy product for a relaxed and secured life.