Life Insurance for seniors: Get the maximum advantage in the time of need By Life Insurance For Seniors www.lifeinsuranceforseniors80.com

Life Insurance For Seniors

INTRODUCTION

Seniors citizens also require that much insurance as the young ones. But people think that, insurance for senior citizen is of no use and very costly. Some of the people have certain myths regarding the life insurance for seniors.

THE POPULAR MYTHS

People with poor health cannot get insurance. Applicants do not have to worry about their

health. Smokers are unlikely to get insurance. Smokers who die as a result of smoking related

illnesses will not be covered.

These are myths only. It is not true that for smokers, insurance is not allowed. They will provide a chance to a smoker to become a non-smoker in 12 months after that insurance can be provided to it with assurance. There are some of the features of the senior life insurance that are mentioned in the next following slides.

IT ATTRACTS LOWER PREMIUMS:

When compare the whole life or permanent insurance with term insurance, it attracts lower premiums, particularly in the early years. Therefore, if you have a limited budget you can go for purchasing the term policy. This type of policy offers a large insurance protection.

COVERS A SPECIFIC TIME PERIOD:

This gives an opportunity to policy holder to determine how long you want to be committed to the contract. Therefore, if you have a need that lasts for 30 years, such as a mortgage that is payable over a period of 30 years, you can consider purchasing a 30 year term policy. This ensures the mortgage is paid off when the policy matures. It makes sure your loved ones are not left homeless when you are no more

 PAYS OFF DEATH BENEFITS:

The term policy covers a stipulated time. Once the policy ends, the policyholder can receive the benefits. However, if the policyholder dies before the term matures; the named beneficiaries can receive the death benefits.

RENEWABLE: The term policy can be renewed. This can be

possible even if the health of the policyholder changes. However, some companies demand for higher premiums every time when the policyholder renews their policy. Therefore, it is important to know that how much the premiums will be when the policy is renewed.

SOME REASONS WHY INSURANCE FOR SENIORS RECOMMENDED:

LEAVE A LEGACY: If you are considering the option of leaving a

legacy, you need to purchase the right policy. Creating a legacy for the loved ones or a charity is an important reason why senior citizens continue to hold onto their policy, even when they do not have dependents. Since the death benefits of insurance are income tax free, it offers a great way for leaving money to people who you care about, like your spouse, children or grandchildren. This will give the children a great start in life.

LEAVE A LEGACY: If you are considering the option of leaving a

legacy, you need to purchase the right policy. Creating a legacy for the loved ones or a charity is an important reason why senior citizens continue to hold onto their policy, even when they do not have dependents. Since the death benefits of insurance are income tax free, it offers a great way for leaving money to people who you care about, like your spouse, children or grandchildren. This will give the children a great start in life.

PRESERVES ESTATES: To get the best deals, you will need to shop

around. This way, you will be able to get the best rates. If you are trying to preserve wealth for your heirs, you should consider long-term care insurance that helps to preserve this wealth. The decision for insurance should be made with the understanding that costs of the nursing home may have the capacity of eroding the value of the estate during your final years. Therefore, if you are in your 50s, it is a good time to consider acquiring long-term care coverage.

FUNERAL EXPENSES: Seniors often purchase insurance policies to

cater for their funeral expenses. The decision is made with the hope of making sure loved ones are not burdened with the burial and funeral costs. The policies are intended to prefund the funeral. Some of the companies encourage the seniors to make a single payment or several small payments. In the event that the funeral expenses rise, many of these policies would be in a position to cover for these changes.

THANKS

By Life Insurance For Seniors www.lifeinsuranceforseniors80.com