Term Life Insurance Is a Great Option for Senior Citizens

A term life insurance policy is basically life insurance that exists for only a certain amount of time. These terms can be 5 years, 10 years, 15 years and 20 years. In some cases, an insurance company will allow for a 30 year term life insurance policy, but not very often. These policies are cheaper as far as the monthly payment goes, but the downfall is that at the end of the term the rates could substantially increase since your age will have increased.

A term policy is probably not a good option for someone who is under 30, because these people can get cheap rates for whole life insurance where the premiums never increase no matter how old you are. However, for older people term policies are a godsend. They provide high coverage amounts for a price that is much lower than what a whole life policy would be for an older person. This gives an older person the sense of relief that their debts will be paid, and that their family will have money they will need to have for living expenses after their death.

Term life insurance works the same as whole life as far as payout, there is just no cash value associated with it. In addition, once it ends it has to be renewed or your benefits will expire. Beneficiaries can be one certain person, or it can be split among several people with each person getting a certain percentage that you designate. In most cases, you will still have to go through a medical examination, especially if the coverage amount exceeds $100,000. The older people get, the more health problems they have, which is why the rates typically increase so drastically with a term policy.

Getting a life insurance policy online is easier than you might think. It might even be a better idea to purchase it online rather than to go to a local insurance agent in your area. By getting it online, you are able to get quotes from a vast number of companies all at the same time. You will also be able to do side by side comparisons of the various coverage amounts and rate amounts. This will allow you to get the best deal possible, just from shopping around to get the best you can for your money.

Every person at any age should consider getting a life insurance policy. You never know what is in store, so it is much better to be prepared, and know that the people you love will be ok after you are gone. The earlier in life that you obtain insurance, then the lower rates you will pay throughout your life, especially on a whole life insurance policy.

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