Top 3 Best Life Insurance Policies for Senior Citizens!

Although it is not legally compulsory, life insurance is a very useful service and it can save your family from unpleasant financial difficulties. Although they are not always the preferred clients, seniors can still get life insurance. Here are the top 3 best life insurance for seniors:

  • Term life insurance. Term life insurance is not typically very suitable for senior citizens. Its premiums are heavily influenced by the age of the insured. And since you are already old, expect to pay pricy premiums. However, this policy is essential if you just want temporary protection for 5 or 10 years. Initial premiums will be cheaper, but they will quickly increase in cost in several years. So, term life is suitable for short term goals. There will be some limitation regarding the maximum amount of coverage and death benefits.term-life-insurance1
  • No medical exam life insurance. Typically, seniors are hard to insure under standard policies. There is always the alternative of choosing medical life insurance without medical exam. Besides being very accessible to senior citizens, this policy also is processed really fast. The whole underwriting process takes just several hours. With no exam life insurance you can select from permanent coverage or temporary coverage. The cost is again a major disadvantage, since no exam life insurance is one of the most expensive policies on the market. Check for no exam life insurance quotes before applying.
  • Final expense insurance. This is a simple, low-cost straightforward policy. Premiums are really cheap because the savings goal is not that big. Typically the amount of coverage is around $10.000. Companies that sell final expense insurance usually do not ask any medical question in order to issue this policy. Before applying for this policy, talk with a funeral director and make sure you acknowledge the necessary fees for a funeral.

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