With so many financial products and services currently on the market it can become difficult to discern which ones are valuable and which ones are not. This is particularly true for insurance policies, which come in different types and lengths with varying features and costs. What’s advantageous for one policyholder may not be cost-effective for someone else and vice versa.
For seniors, many of whom are on a limited monthly budget, these concerns are pronounced. That doesn’t mean that life insurance for seniors isn’t worth it (it often is). But it does mean that older adults should be more judicious when choosing the right policy to protect themselves and their families.
Term life insurance is generally considered the best path for seniors who want the security a life insurance policy offers but don’t want to break the bank to get it. If you’re a senior considering life insurance then start by getting a free price estimate so you know exactly what to expect.
Why seniors should buy term life insurance
Here are three reasons why seniors should buy term life insurance.
It’s the cheapest option
Regardless of the age of the applicant, term life insurance is generally the cheapest form of life insurance available. Because it lasts only for a set time frame (ranging from five to 30 years), premiums tend to be lower than they would be for whole-life insurance policies (which last for the policyholder’s whole life). Term policies also have fewer features than whole policies. The latter, for example, comes with an attractive cash reserve that can be utilized while alive, while the term does not.
But if you simply want a basic, inexpensive form of life insurance then the term is your best bet. Get a free price quote now to see what you’re eligible for.
Many seniors may need protection through a specific time period at which point they can afford to let it lapse. Perhaps they just need coverage until their mortgage is paid off or until they can finish paying tuition for their children. In these cases, term life insurance is an attractive option. Its flexible terms allow seniors to tailor their coverage period as needed, leaving them with protection for when it’s needed and extra cash for when it’s not. And if the needs of the insured change, policyholders can easily boost their coverage or reduce it as they see fit.
It can still meet goals
Don’t confuse the costs of term life insurance with the value it provides. Term life insurance policies can still be an effective way to meet goals. Many people don’t need life insurance for the duration of their life nor do many financial advisers recommend that they keep it that long. They will need it if they have small children, a spouse that depends on them or significant debt (student loans, mortgages, etc.) that may outlive them. In these instances and more term life insurance can adequately meet the goals of the insured.
If term life insurance sounds beneficial to you then get a free price estimate today or use the table below to explore some top providers on the market.
Don’t forget no-exam life insurance
For seniors who want life insurance – but are concerned about taking a medical exam to get it – no-exam life insurance may be worth pursuing. This type of life insurance allows applicants to skip the traditional medical exam required for other policies, essentially guaranteeing that they will be approved. It tends to be more expensive than other policies but it can be applied to both term and whole-life policies, providing seniors with a range of options to choose from.