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Best Life Insurance Policies For Seniors

Because seniors are living longer today, in my view a whole life policy provides the best coverage options. I get calls form a lot of seniors who have outlived their term policies and are faced with having no coverage later in life. in my view the best life insurance policies for seniors are whole life insurance policy. A whole life or permanent policy provides coverage for the rest of your life, and the premiums are guaranteed to be the same every month.

Whole life insurance is the best option for seniors in many situations, such as when you want to minimize estate taxes for your heirs, or if you want to leave a specific amount of money to someone or a charity no matter how old you are when you die. Health and age affect everyone’s life insurance options, and especially for seniors you rates can be much higher as you get older. If you are looking at term policies, the older you get, the shorter the term policies available to you. Also the more expensive the premiums are for any type of life insurance policy.

When applying for a policy your health will affect the rate class the insurer will assign you to. That will then affect your premiums. Your weight can also affect the policy you may qualify for. For example, if you are more than 20 to 50 pounds overweight, you may not qualify for the best and least expensive rate class such as preferred plus nontobacco. So keep that in mind and try to maintain good weight and health. Of course, if you have already gotten your policy and maintaining that policy, if you gain some weight or get sick it will not affect your premium payments.

If you’re retired, your spouse may be financially dependent on your pension income; if you pass away, your pension could cease as well, leaving your spouse in a difficult financial situation. If there is insufficient retirement savings available to your survivors, depending upon their phase of life and needs, they may experience the impact from the loss of income.

All life insurance companies have a cut off period for term life insurance policies, which can vary from company to company. There are some limitations when it comes to buying term life insurance. After this cut-off point, term life insurance may no longer be available to you, but you can typical find certain types of permanent policies and annuities. Both term and permanent life insurance policies are available for seniors, regardless of age.

Life insurance for senior citizens can also be important if you’re planning an estate or family trust, or if you still have business obligations.  For most people, especially when young and employed, the  most important reason reason for life insurance is income replacement. Many senior citizens need life insurance for a variety of reasons. It may be to pay for funeral and burial expanses, pay off medical and other bills. Your life insurance benefits may also be required to pay off any existing debt. If you still have dependents, you may want to leave behind a financial legacy, and life insurance can help you set that up with ease.

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