Whole Life Insurance for Seniors

The most important part of getting benefits from a life insurance program is choosing the right kind of coverage. There are quite a few types of insurance that is designed for various kinds of people. You must have enough knowledge about all of them to compare between them and choose the best one that helps your purpose. The purpose is of course getting more benefits and paying less premiums. But to make this happen, this is seriously important to look for the most affordable coverage through research. In this article we will discuss on how whole life insurance can help seniors to get the most out it.

The whole or permanent life insurance exists till your death once it starts. So, you don’t need to renew it as it only closes when the client dies. The drawback of whole life insurance is it costs very high premium initially. So, it becomes a it difficult for the senior over 70 if they don’t have a good savings. But there are few advantages which can change your decision and turn to whole life insurance. The excess money that you are paying than the original premium which be added to a savings account. The money will be invested and a cash value will be accumulated for you. It is tax free and once you demise, the beneficiaries will be paid out with the death benefits which include the coverage and cash value. You can also take a loan from your cash value. But you can’t take more money than your cash value. It is wise to pay the loan once you got money otherwise your beneficiaries won’t get the amount of money that you took as loan. You can spend the death benefits for anything. It can easily cover your funeral expense. Beside this, paying debt, estate taxes – all can be done with the payout of whole life insurance. You should not burden those expenses to your family as it will be very hard for them to arrange funeral expense overnight.

So, now you know about the advantages that senior will get from whole life insurance. If you are older than 70, it is suggested to select this type of insurance as the seniors over 70 years have to pay almost same amount of premium for both the term and whole insurance. So in terms of term life insurance, there are no advantages, so better choose a whole life insurance.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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