Life insurance can be a great option for seniors who want to help their loved ones financially. By getting a policy, you’ll ensure that your beneficiaries receive a death benefit to cover daily expenses, pay off outstanding debt, and achieve financial goals in the event of your passing.
Term life insurance can offer seniors affordable coverage, lower rates, and flexible term lengths. This article will cover four reasons why seniors should look for a term life insurance quote to meet their needs.
1. Affordable premiums
Term life insurance has affordable premiums without sacrificing a large death benefit. This means seniors can get the coverage they need with this type of policy and may pay less than they would with a permanent life insurance policy.
2. Can offer more coverage than life insurance with no medical exam
Although life insurance with no medical exam may help increase seniors’ approval chances and allow them to get the policy faster, the death benefit may not be high enough to give their loved ones enough financial protection. Term life insurance offers more coverage than no-exam life insurance, and may come with similar premiums. This allows you to get the coverage you need without exceeding your budget.
3. Flexible terms and options
Term life insurance lets you choose from a variety of term lengths. Many policies have terms ranging from 10 to 30 years, helping you pick the best policy based on your coverage needs. Plus, there are multiple types of term life insurance policies to choose from, including:
- Level term life policies: These policies provide a death benefit for a fixed term length.
- Renewable term life policies: Renewable term life insurance allows you to renew coverage for higher premiums without a medical exam, meaning you can’t be denied for the new policy. That way, you can prevent your policy from expiring when you need it.
- Convertible term life policies: This type of life insurance policy allows you to turn some or all of your term life insurance policy into a permanent life insurance policy without a medical exam. This can be great for seniors that want to convert to lifelong coverage and take advantage of the cash value component.
- Return of premium term life policies: These policies charge higher premiums than level term life insurance policies, but they refund all of your premiums to you if you outlive the policy term.
4. Term life policies are simple
Term life policies are simple to understand, making it easy for seniors to shop around and compare quotes. Premiums don’t change each month, and unlike permanent life insurance, there is no cash value component to track or use.
The bottom line
Term life insurance can help seniors create added financial protection for their loved ones. It offers more coverage than no-exam life insurance, but premiums are much cheaper than permanent life insurance policies. Meanwhile, there are various types of term life insurance policies, and you choose from several term lengths. Overall, these are simple, affordable policies that still offer excellent coverage.
All that said, you should research your options, gather multiple quotes, then compare each one’s coverage and terms. This will help you get the coverage you need at a rate that fits your budget.