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A Guide to Your Senior Life Insurance Policy

Seniors citizens are most fragile members of the community and those that are almost the end of their lives. The benefits of seniors including social security and pensions will pay only so much which leaves their spouses and children to assume the balance. This is the reason why it is important for senior citizens to have insurance. IF there is insurance, no debtor can take it away and no taxes can be levied upon it.

Some insurers require a medical exam for seniors but there are also others that don’t. A whole life policy will forgo a medical exam for a senior than other types of coverage. Depending on the insurer, the whole life policy will protect the senior up to 120 years old but it also have a large upfront cost.

IF a senior has life insurance, he will have great peace of mind when he considers his outstanding debts and funeral costs. This will not give the surviving family unnecessary stresses when the time comes. Other costs can be estate taxes, back taxes and more.

Senior life insurance is exclusively for seniors. The needs of the senior citizen is considered in senior life insurance which can be whole or term life. Final expenses insurance is attached to the whole or term life policy by certain insurers to provide extra benefits such as burial costs.

A senior citizen who is willing to take a medical exam and score highly on it will have the benefit of being given affordable rates and the highest benefit amounts. Some insurers simply ask questions with requiring a medical exam. Some don’t have any of these at all but will give lower coverage and higher premiums.

You don’t need a medical exam for guaranteed acceptance life insurance. IF the policy holder dies within the first 2 years from an accident, then the full benefits will be disbursed. Only limited benefits will be disbursed to the beneficiaries of a policy holder who dies, within the first two years, due to natural causes. They will receive the sum of the premiums paid to date and the accrued interest on the cash value. If the seniors goes over the two year mark, he becomes fully insured against both accidental and natural deaths.

Seniors who live on a fixed income and who cannot afford a higher priced life insurance policy can get the term life insurance. These seniors who go for term life are willing to forego the cash value investment options that whole and universal life offers. They may not need this at their stage in life.

If a senior worries about outliving a term life policy, then he should consider a whole life policy. There is no cancellation of fully paid premiums until death.

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