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Sep 07

Term Life Insurance – The Better Option For Seniors

In relation to picking out life insurance for senior citizens term life insurance is undoubtedly the more advantageous choice. The other option being whole life insurance, the key differences being that whole life insurance protects you for as long as you keep paying the premiums and it has an investment benefit added to it.
The challenge with this type of life insurance is that it does not suit the requirements of senior citizens. In this article I will be reviewing some of the details surrounding senior citizens and life insurance.
There are numerous individuals who did not take out life insurance in their earlier years and who wish to do so as senior citizens. They however have a lot more economic restraints at this stage of their lives since their only earnings are generally their pension. With economic constraints and needing to get some sort of financial security opting for term life insurance is the better option as it will better suit their needs. On this page I will be offering you some of the facts regarding term life insurance and senior citizens as well as some of the rewards.
The facts
It is the most desired type of insurance coverage for seniors
Due to their popularity they are also becoming more affordable
More specific financial products are being created to suit this percentage of the business market
Benefits of term life insurance for senior citizens
Affordability
Term life insurance costs less than whole life insurance, a factor which is extremely important to senior citizens as many of them will need to manage on their pension. Even though life insurance for seniors in general will be more expensive for seniors than for young people, term life insurance still offers the best prices.
Pays for expenditures
As stated before many senior citizens do not possess large sums of money at their disposal, which frequently means that on a month to month basis they are just scrapping by. There are many who are forced to make several of the buys on credit. Whether foodstuff or clothing expenses these all need to be paid up.
When the aged individual passes on this credit card debt needs to be paid by the next of kin. Lately my grandmother had passed on. To her children’s surprise they found that she had an outstanding amount of R10 000 at a food and lifestyle department-store. Because that she never had any type of insurance on this debt, the financial debt was left to her children to settle.
She had a burial policy which paid for her burial but no other kind of insurance that would pay for her financial debt.
Life insurance offers you the security of knowing that any debt which you have racked up, hospital expenditures or funeral expenses will be paid off without placing economic burden on your family.
These are just a few of the reasons why term life insurance makes good financial sense for anyone over 65 years.

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