12.11.2013

Term Life Insurance For Seniors - Insurance

Seniors can be greatly helped by obtaining term life insurance the same way younger people can. The financial payout at their time of passing can be awarded to their chosen beneficiary, who's usually their spouse or another loved one. This money can be helpful to that person after the senior's death.

Term life insurance is different from whole life. Policyholders cannot borrow on the value of a term life policy the way they can on a whole life policy. Whole life is a sort of combined savings account along with life insurance. Term life is just the life insurance itself.

If seniors wait too long to take out a term life policy, they could find their coverage may not be as high as they'd like. For example, they may not be able to get $250,000 to $500,000 in term coverage . Because of their age and health conditions, often the most they can get is $50,000 with most insurance companies. But that's much better than not getting anything for their loved ones.

Life Insurance Quotes

Their premiums for their term insurance policies will vary from one company to another. But it definitely pays to shop around for the lowest premiums and the highest amount of coverage. Starting online can be very easy and effective. Or seniors can travel to some local insurance offices and speak directly with the insurance agents for advice.

The difference in overall premium amount can be substantial, often several hundreds of dollars per year, so it's a very wise decision to do extensive comparison shopping before settling on choosing the one company an individual wants to finally be insured with.

The quotes for these premiums can either be paid monthly or quarterly. Sometimes, if a senior is still working, the premiums can be taken directly out of his salary, or directly deposited from his bank account into the insurance company's account for ease and accuracy of transfer. This also helps prevent the senior from ever forgetting to pay his premiums on time to the insurance company.

Peace of Mind

Once a senior has obtained adequate term life insurance coverage, he can start to rest easier knowing his loved ones will be financially protected when the inevitable time comes. It also helps if funeral expenses are prearranged, as this will give equal peace of mind as the term life insurance policy.

All seniors should be confident that there are insurance companies around who would be willing to help insure them. It's an easy process once everything involved is understood.





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