Term Life Insurance for Seniors is an Option
Term Life Insurance for Seniors
In talking about my mother to several friends, all of whom are employed in health industries, I was astounded to discover how many of them have aging family members that don't have life insurance.
The major reason, according to my friends, was that they all felt that obtaining any kind of life insurance at their age would incur astronomical premiums. We all know that the older you are and the longer you wait to purchase life insurance, especially term and whole life insurance policies, the higher the premiums can be.
However, unless you have more than enough money socked away to pay off any remaining debts, or to cover funeral and burial costs, at least some kind of insurance is beneficial.
Term life insurance for seniors is not impossible, and of course, age and health will determine qualification and premiums. Term life insurance only lasts for a specified period of time. You can get term life insurance for five years, 10, 15, 20 or more, depending.
If you're 65 years of age or older, it is still recommended that you at least look at term life coverage that will cover debts and funeral and burial costs. However, I also realize that every year, the premiums are likely to increase.
To avoid paying those higher premiums as he we age, it is important to try and purchase term or whole life insurance before you’re 50.
I encouraged my friends to talk to their loved ones about researching a variety of options for term life insurance for seniors in regard to quotes, benefits, and options. After all, something is better than nothing.