Five Extraordinary Seniors’ Insurance Policy
We all need protection, from babies to elderlies, protection is always necessary. And speaking about protection, there is special seniors’ insurance policy everyone need to know before becoming a senior. At least there are five different insurance policies belong to elderlies wherever they are. Complete details about those five insurance policies will be explained below.
Various Types of Seniors’ Insurance Policy
- Final expense life insurance policy
This insurance policy is also known as FE life insurance. Those who are looking for funds that will cover the financial needs in their end of life need to consider buying this insurance policy. This insurance is permanent and will last a lifetime. FE life insurance is also covering medical bills, funeral expenses, and also burial expenses. Moreover, FE insurance will secure the funds for the end life costs.
- Term life insurance policy
This kind of insurance is providing benefit for specific time amount. Before buying this insurance you better be sure if this one is the best for you. Each insurer may give different limits. General limits are 10 year term for 80 years old senior, 15 year term for 75 years old senior, 20 year term for 70 years old senior. The younger you are, the longer the insurance limits.
- Universal life insurance policy
UL or universal life insurance will last for a lifetime. Usually, this insurance is not bought by the seniors. This life insurance attracts many people since it has the cash value element. The cash value will be directly linked to the investment performance of insurance policy. If you buy this policy you will be able to take the policy loans that against the policy’s cash value.
- Permanent or whole life insurance policy
Permanent or whole life insurance is providing death benefit while accumulating thee cash value. Whole life insurance is not like term life insurance. Permanent life insurance will stop only if you stop paying the premiums. The premiums will have same amount for policy’s life. If you’re really interested to get this insurance policy, note that whole life insurance policy has pricier premiums than the term life one.
- Guaranteed universal life insurance
This last seniors’ insurance policy is the most perfect one. This one is cheaper than the forth insurance above. Even so, this one is more expensive compared to term life insurance. Most policies
of this insurance are not accumulating the cash value, so pick one really carefully. You can use this policy to minimize your estate taxes, provide legacy to beneficiary, and finance the expenses.
End of Conversation
You must choose the very best insurance policy belongs to seniors. This is going to help you protecting your family if something bad happens someday. Always watch the details of insurance policy when the insurers explain it. You are going to pay the premiums for long time so make sure you know how to spend your cash in the right way. By doing this, you’ll ease your family’s life in the future.