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Life Insurance for Senior Citizens

"Never say never" seems like the appropriate line to describe the rapid increase in senior life insurance policy offers recently. With insurance companies making it easier for individuals around and above retirement age to still give their loved ones the happiness and protection they deserve long after they are gone, it's never too late to acquire life insurance. Just like the standard policies, those offered to seniors also have two main types: permanent and term.

Permanent Life Policy for Seniors

The biggest advantage of getting this type of life insurance policy is that senior citizens are assured that they are covered - as implied by its name - for life. This means they don't have to worry about outliving their policy. Their beneficiaries will still get the death benefit, assuming that the insured was able to pay the premiums. Though policies offered to seniors in general are considerably more expensive than the standard ones, it is only logical, seeing as older individuals pay within a shorter timeframe and are at a higher level of risk due to shorter life expectancy.

Other features of a standard permanent policy are also made available by some insurance companies to senior citizens such as the option to borrow money through loans and the inclusion of riders. The latter is a very advantageous addition as expenses that result from sickness or disabilities can be covered by the policy. And like standard policies, senior citizens can use their policy for a senior settlement. Older individuals tend to choose a permanent life insurance policy instead of a term one. Reasons behind this usually fall along the lines of more secured payout. But is getting the permanent life policy, with its expensive premiums and rather small coverage, really the better option for senior citizens?

Term Life Insurance

When senior citizens decide to buy a life policy, what they have in mind is the safety of their family, and providing a bright future for their children and grandchildren. In short, they think of insurance and not investment, which is what permanent life insurance really is. Most seniors set a very short timeframe for their policies, usually with a maximum of twenty years: a considerably limited period for an investment to cover a big amount. Buying senior term life insurance is the most practical move as it offers the lowest premiums and covers the essentials such as hospital bills, funeral and burial expenses, and unpaid debts.