Many retirees are totally unaware of the different senior life insurance options available to them. Even if you are not interested in a final expense insurance policy, there may be other affordable plans out there. One option is guaranteed life insurance. As the name suggests, this is a type of policy that you cannot be turned down for due to health issues.
When you purchase a guaranteed issue life insurance policy, your premiums may be higher than with other types of insurance, but the plus side is you will not need to answer questions about your health or medical history. Another type of life insurance for elderly people is term life insurance for seniors.
This type of policy automatically pays out a certain amount after the death of the policyholder. However, term policies are not permanent. They expire after a few years and premiums typically rise every year. This is a good option if you do not want to commit to a longer-term insurance policy.
A third option for seniors is whole life insurance. This type of coverage does not expire as long as premiums are paid. It also offers higher payout amounts than other policies.
Last but not least is universal life insurance. Also called “adjustable life insurance,” this type of policy does not expire and allows policyholders more flexibility in how and when to pay their insurance premiums. This is a good option if you would like to make changes to your life insurance policy over the life of the policy.
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