3 Policies that Offer Life Insurance for the Elderly!
As a senior, you should think more about protecting your family and ensuring a better future to your children. We present 3 policies that offer life insurance for the elderly:
1) Senior Term life insurance. Term life insurance provides coverage for a predetermined amount of time. After the policy expires, you can renew the contract. Of course, if both parts agree. Term life policy length varies between one year and 30 years. Keep in mind the premiums are gradually getting higher.
Still, on short terms is the best policy, due to its initial premiums that are very cheap. Term life does not have a cash build component. If you outlive the policy, you will gain little financial benefits. Include a return of premiums rider if you want to get back your money, in case that you outlive the policy.
2) Whole Life insurance. Permanent protection is the best protection, but is does not come cheap. Whole life insurance premiums are kept at the same level, but are more expensive than the starting premiums of term life insurance. Nevertheless, it is the best solution on long term. The contract is available for as long as you live.
Getting sick while under coverage does not influence the cost of premiums. Furthermore, whole life insurance provides a series of welcomed benefits. All the saved money is tax-free. Your beneficiaries will not have to worry about paying and tax to the government. Whole life has a cash build component and everything you save will grow with a certain interest. You can include various riders: accidental death benefits, accelerated death benefits or waiver of premiums.
3) Final expense Insurance. This policy is very cheap and it is designed to provide financial support to the family of the insured. A funeral is expensive and paying it can cripple the economy of a family. This is the best method to make sure that your loved ones will cope with your death.
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