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| TERM LIFE INSURANCE FOR SENIORS |
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Many people falsely assume that life insurance would not be available to seniors since there is a much higher probability of death within a given period of time. But life insurance could be available to seniors. Life insurance companies can control for many different variables having to do with life expectancy. Life insurance for seniors is usually a whole life policy, which has a much smaller face value than it would for someone much younger. These kinds of policy can be purchased up until the age of eighty-five. Because this kind of life insurance does not expire when a term has passed it is like a safety shield and is available especially in those later years when it is really needed.
With many of the senior life insurance policies available there are not many health questions asked and many reasonably healthy persons will be able to acquire coverage. The policy will also provide a death benefit to whoever is name as beneficiaries. Money from this death benefit can be used to take care of final expenses and settle any outstanding debts. Whatever money is had from a senior life insurance policy is usually tax-free. Any senior, who cannot get any life insurance, because they do not qualify, could purchase a guaranteed life insurance policy, and that would likely be the best deal they can get. But if they do qualify for a policy with immediate benefit, they should take it, since the rates are going to be much cheaper. Their beneficiaries would be able to receive the whole amount immediately if the person passes away. |
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