Seniors Life Insurance: 3 Great Life Insurance Plans!

A life insurance has the purpose to empower us and make us feel safer. Each policy provides certain benefits for either the policyholder or its beneficiaries. Knowing better each policy type will help you make an educated choice. Talking with financial advisors is also recommended.

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No matter how witty you think you are, the whole underwriting process is an intricate matter and all the minor details can determine the final price for a policy. When dealing with seniors life insurance policies, there are 3 great life insurance plans you must choose from.  Read more in this article:

1)     Whole life insurance.  For a lifetime protection, choose whole life insurance. It will protect you and your estate planning for as long as you live and beyond.  Whole life is a very attractive option, due to numerous advantages. All the money you save has a cash buildup component, increasing each year with interest.

Tax-deferred death benefits are also a strongpoint.  Your beneficiaries will not have to pay any tax to the government, in order to cash in your monetary legacy.  Premiums are kept at a locked value.  They are a bit pricy, right from the beginning, but they will not get more expensive, like in the case of term life policies.  For medium and long term goals, whole life gets cheaper than its counterparts.

2)     Final expense insurance. If you do not want to save too much money, you can always opt for final expense insurance.  Everything you accumulate in the savings account will be used to pay for your own funeral.  Paying a final expense bill can be a huge financial bill for a heartbroken family. Not so many families afford to immediately spend $10.000 for a sudden funeral. The premiums are cheap and anyone can afford them.

3)     No medical exam life insurance. Finding senior life insurance can be quite daunting.  Your age is the major impediment in getting any policy. No exam life insurance policies provide general acceptance and you will certainly be accepted.

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