Benefits Of Opting For Whole Life Insurance For Seniors
Life insurance for seniors is a must today, owing to the high cost of living. With prices sky rocketing in every aspect of life, expenses enhance manifold. While many take a life insurance policy when they are in their thirties and forties, it does not offer the kind of benefits seen with senior life insurance.
The aim of this type of insurance is to make people who depend on a retirement income …self-sufficient financially. Through it, they no longer have to lean on their children to support them during the latter period of life. They also don’t have to depend on their meager retirement income which will become strained due to rising prices.
Opt For Whole Life Insurance For Seniors
Though term insurance policy for seniors is important, it is best to opt for whole life as it offers a host of benefits. The reason why many people go in for a term policy is its low cost.
However, for the little bit extra premium payment for a whole life policy, coverage is very comprehensive, offering much more benefits than term policy enabling you to give dependents a definite advantage.
Key Advantages Of Whole Life
The foremost advantage of whole life policy is that you are covered for life, as long as you pay the premiums on time.
There is no fixed term for policy benefits and the mostly premium charges are very affordable. Whole life senior insurance is designed with the aim to give maximum benefits to the policy holder, but without charging heavy premium. You don’t want loved ones depending on you to feel the financial crunch or put up with undignified problems when you are not around to provide for them financially.
Another benefit of whole life policy is that its benefits are available to your dependent family members for a life time. Throughout the time that you make policy premium payment, there is never an increase in price. The cost of premium is unaffected by general rise in prices, your age and health condition changes.
Best Whole Life Insurance For Seniors
As long as you make premium payments, the cash value of the policy builds up, collecting a significant amount of money which dependents will inherit when the policy holder passes away.
You will not get such built up cash value in a term life policy for seniors. Those who have estate planning in mind or want to leave a significant amount of money on their dependents will find this policy to be what they need.
When you apply for life insurance in your 30s or 40s, a medical exam is expected. However, this is not so for a whole life insurance policy for seniors. Unless there is a specific cause to medical exam or if you are taking a policy with very high return value to your dependents, medical exam requirements do not apply.
Since cash value builds up in the policy, you can take a loan against it, which of course can bring the cash benefits received by dependents when policy holder pass away.