3 Best Options Life Insurance Seniors over 60
It’s very important senior citizens to have a life insurance because after a certain age, they face challenges, especially health challenges.
There are various life insurance policies for senior citizens allowing them to select and buy.
If you are one of the seniors and looking for one, then do a good research about different policies available.
Senior having good health and lifestyle can opt for better policies with lower premiums.
Comparing Life Insurance Policies offered by insurance companies is very important.
The smaller the face value is, the less insurance premium will be.
You can pay the premium on your choice every year or monthly.
3 Best Options Life Insurance Seniors over 60
The older you get, the easier it is to believe that getting life insurance is impossible.
Depending on your health and your budget, you may be able to get the coverage you need to help reach your goals.
If you’re considering getting life insurance, your top options are:
- Level-term life insurance
- Whole life insurance
- Guaranteed universal life insurance
What is Level-term Life Insurance?
This type of policy is typically the cheapest of the three and offers coverage for a specific term, such as five, 10, or 15 years. If you die during the term, your beneficiary receives the death benefit. But if you outlive your policy, you get nothing.
Level-term policies charge the same premium throughout the life of the policy, and you can always renew when your term is up. But at that point, you’ll need to prove that you’re insurable again.
What is Whole Life Insurance?
Whole life is a form of permanent insurance, which means that you’re technically guaranteed coverage for life, or up until age 100 or 121.
This type of policy is typically much more expensive than term life because it also contains a cash-value component.
This cash value grows over time on a tax-deferred basis, usually with a minimum guaranteed rate, and you can access that cash at any time, either through a policy loan or by surrendering the policy.
Keep in mind, though, that this cash value typically takes 10 to 20 years to start generating a significant amount of cash value.
And depending on when you surrender your policy, you may owe taxes.
What is Guaranteed Universal Life Insurance?
Guaranteed universal life is sort of a term-permanent hybrid in that it’s much cheaper than whole life insurance but still offers lifetime coverage.
There is a cash-value component with this type of policy, but it typically doesn’t generate much cash with its low premiums.
That said, it can be a great option if you don’t care about cash value and you don’t want temporary coverage.
What is Simplified issue Life Insurance
If you’re looking for life insurance with no exam, simplified issue life insurance may be the way to go.
No medical exam is required.
In fact, you may only have to answer a simple questionnaire regarding your general health. The length of this questionnaire varies: some have as little as 3 questions, and others may extend further.
However, simplified issue life insurance only offers about $500,000 on coverage, and that’s the upper limit. This may also change depending on the type of insurance you get.
Whole life insurance policies may offer different amounts than term life insurance, but that’s a trade-off for no exams or medical testing.
Life Insurance for Seniors over 50 Quotes Online
We make buying life insurance easy.
At Mintco Financial, we make the process of buying life insurance extremely simple.
We have access to a wide range of life insurance companies so we can survey the marketplace and based on your individual rating criteria, find the best possible life insurance policy at the best price.
If you have questions, or would like the get the ball rolling, give our office a call, or head over to our quotes page to get started.
Phone 716-565-1300 or 813-964