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How to Choose the Best Insurance Policy for Senior Citizens
As you grow into a senior citizen, it gets more necessary to buy life insurance that suits your needs. However, buying life insurance at this age is a daunting task since it is more expensive than ever and there are so many complicated conditions and options. To choose a life insurance policy that suits your needs, you must first determine what you want it to do for you. There are many different types of life insurance policies available and choosing the best one can be very tricky. This is a short guide to help you choose the best insurance policy as a senior citizen. Some of your options are:
Term Life Insurance:
In general, term life insurance is available for a particular number of years such as for minimum 5 years to maximum 30 years. This life insurance is for those seniors who are in good health and are looking for an affordable premium. The good thing about this life insurance policy is that the premium is very affordable as compared to other insurance policies and they remain consistent throughout the years. If the senior citizen dies during the term of this policy, the death benefit will be received by the beneficiaries.
Pros:
- It can be converted into permanent if needed.
- It offers less expensive premiums.
- There is protection for divorce decrees.
- It can be used to secure bank loans.
- If the primary earners die first, the lost wages can be replaced.
- If one spouse dies early, the mortgage costs can be covered.
- Riders can be added to the policy to use as living benefits.
Cons:
- There is an end-date to the policy and the shorter term policies can be expensive.
- There is no accumulated cash value and the premium payment will only provide a death benefit payout amount.
Guaranteed Universal Life Insurance:
Guaranteed Universal Life Insurance is also a good option for most senior citizens. This insurance policy offers a death benefit too and has affordable premiums as compared to the whole life policy. The guaranteed life insurance policy is perfect for senior citizens who want to leave something for their beneficiaries and are looking for a reasonable premium. Also, you can choose the age for which you want to end the policy or if you want it to last for a lifetime.
Pros:
- It allows the user to sets death benefits of $25,000 to $10 million and even more.
- The insurance premium never goes up even when the policy goes up.
- The death benefit payout amount is guaranteed.
- It allows you to set the age limit to 120 which ends the risk of outliving the policy.
- It allows you to add riders to the policy so that you use the benefits to cover the health costs for terminal illnesses.
Cons:
- No accumulated cash value.
- There are penalties for late payment.