3 Advantageous Life Insurance Policies for Seniors

Obtaining life insurance for seniors is a bit challenging, because not so many companies are willing to easily accept seniors as clients.  However, elderly can still get these 3 advantageous life insurance policies for seniors:

romantic-senior-couple1)     Term Life insurance. Normally, term life insurance is not that advantageous for the elderly. But term life insurance has the advantage of cheap premiums in the first years. So, for a short period of time, this policy may fit your goals.  For example, if you are 60 years old and you have only 5 years remaining until retirement, a 5 years term life policy will protect your dependents.

Also, if your children are not totally financially independent, you can opt for selecting term life insurance until they will be grown up and they will handle on their own.

2)     No medical exam life insurance. No medical exam life insurance is advantageous because it is in most cases the only policy available for senior citizens. It is always better to be protected, even if it costs a little more, than leaving your family without a well-deserved alternative source of income.

Companies that sell life insurance without medical examinations confer numerous plans, adaptable to the needs and conditions of each individual. The most common plans are general acceptance and simplified issue no exam life insurance. If you want better rates, you can try to improve your health, quit smoking or do not postpone the application date too much.

3)     Final expense insurance.  Final expense insurance, also known as burial insurance, is a low cost policy that has a single purpose: to provide the remaining family members enough funds for organizing a funeral.  The maximum amount of coverage is usually around $10.000, more than enough to cover a decent funeral.

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