| Term life insurance policies are very popular these | | | | from $2,500 to $25,000, many senior life insurance |
| days, and of course, they can provide very valuable | | | | companies will offer simple issue and guaranteed issue |
| protection at a low cost for many people. However, | | | | life insurance policies. Because the face value is lower, |
| the problem with term life insurance is that it expires | | | | and so the risk to insurance companies is lower, you |
| just when the covered person would find it harder to | | | | can find some more relaxed requirements to gain |
| find protection, after ten or twenty or thirty years, the | | | | affordable coverage for life insurance. Seniors can |
| term life insurance expires. The theory behind term life | | | | leave this money to a beneficiary, usually their spouse |
| insurance is that by that time the insured person will | | | | or children, to cover burial expenses, settle final debts, |
| have less obligations, and they will have enough money | | | | and leave some money as an estate. |
| saved to self insure. | | | | Simple issue life insurance policies provide immediate |
| However, we find many senior citizens and retired | | | | death benefits. They do as health questions on the |
| people who have not had the good fortune to be free | | | | applications, but the great majority of seniors can |
| of obligations, and with sufficient savings to cover their | | | | qualify. They usually only declined applicants who have |
| debts, final expenses, and other obligations. Also, by | | | | a terminal disease, or are in a nursing home. So smaller |
| the time we reach maturity, we may also have | | | | health issues will not prevent an applicant from |
| developed more health problems. As if an advanced | | | | obtaining coverage. Since the coverage is immediate, |
| age were not enough, health problems may make us | | | | as soon as the insured person is notified that their |
| very tough or expensive to insure at all! | | | | policy has been issued, they will be covered. |
| However some life insurance companies have | | | | Guaranteed issue life insurance policies do not ask any |
| developed senior life, guaranteed life insurance, or final | | | | health questions at all! Instead they underwrite by |
| expense life insurance programs to meet these needs. | | | | delaying full coverage for a period of months, from 24 |
| These are, basically whole life insurance policies. This | | | | to 36, or 2 to 3 years. If the insured person passes |
| means that the policy will stay in force as long as the | | | | away during this qualification period, they will refund all |
| policy is kept in force. A policy is usually kept in force | | | | premiums with a specified interest rate. For an older |
| by paying premiums, or by having the policy "paid up". | | | | individual with serious health issues, this is still a no-lose |
| Yes, many whole life policies can be paid up over a | | | | deal. |
| period of years, usually ten to twenty years. In this | | | | If you are an older person, or if you are concerned |
| case, an insured person can relax, knowing they will | | | | about paying final expenses for your parents, consider |
| have life insurance for their whole lives, and not just for | | | | a senior life insurance policy. It will be much easier to |
| a period of years. | | | | pay an affordable monthly premiums than to come up |
| These type of senior life insurance or final expense | | | | with several thousand dollars for a burial and other |
| policies come in two types that do not require a | | | | expenses after the person dies. |
| medical exam. For a face value that usually ranges | | | | |