After retiring, many senior citizens are unaware of the different life insurance policies that are still available to them. One affordable option for seniors is to sign up for a guaranteed life insurance plan. These plans are unique because it is a type of life insurance that seniors cannot be turned down for based on their current health issues.
Although the price of premiums may be higher on these plans than other forms of insurance, they will provide you with some protection without requiring an in-depth look at your health and medical history.
Seniors can also choose to purchase term life insurance, which will typically have lower premiums than guaranteed life insurance. With a term life insurance policy, there will be an automatic payout in the event of the policyholder’s death. However, as the name suggests, term policies will expire after a specified term period.
Typically, a term life insurance policy will expire after a few years, but the actual period of time can vary depending on your policy. This type of insurance policy is a good option for seniors who are not willing to commit to a long-term insurance policy at a higher cost.
Whole life insurance is a third option for senior life insurance that offers the highest payout of all the different types of life insurance policies.
Coverage from whole life insurance does not expire as long as the policyholder continues to pay their premiums.
Finally, the last type of life insurance plan for seniors is universal life insurance. Universal life insurance is sometimes called adjustable life insurance.
Seniors who opt for universal life insurance will have more flexibility in when and how they pay their insurance premiums. Furthermore, universal life insurance does not expire, making it a great choice for a long-term policy.