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Why Seniors Need Life Insurance Policies

Senior citizens are the oldest members of a community who are almost nearing the end of their lives. IF a senior citizen only has social security and pension, it will not amount to much to leave for the spouse and the children, so they need to pay for the balance whatever happens to their loved one. Senior life insurance is then very important. IF there is insurance, no debtor can take it away and no taxes can be levied upon it.

Some insurers require a medical exam for seniors but there are also others that don’t. One policy that does not need a medical exam is a whole life policy. The upfront payment for a whole life policy is usually large, but it protects the senior up to a hundred and twenty years old, depending on the insurer.

With life insurance policy, a senior need not worry about his funeral costs and his outstanding debts. When the senior dies, his family will not be burdened with funeral expenses and other costs. Estate taxes. Back taxes, etc., are included in other costs.

Senior life insurance is exclusively for seniors. The needs of the senior citizen is considered in senior life insurance which can be whole or term life. Final expenses insurance is attached to the whole or term life policy by certain insurers to provide extra benefits such as burial costs.

A senior citizen who is willing to take a medical exam and score highly on it will have the benefit of being given affordable rates and the highest benefit amounts. You can find insurers that don’t require a medical exam but they just ask the senior a few health questions. An insurer that does not require any medical exam or does not even ask health questions usually have lower coverage and higher premiums.

A variation of permanent life insurance which does not require medical exam is the guaranteed acceptance life insurance. In this type of insurance, the full benefits will be disbursed if the insured dies within the first two years from an accident. If he dies from natural causes within the first two years from the policy’s inception, a limited benefit will be disbursed. It is only the amount of premiums that the policy holder has paid and its interest that will be disbursed. If two years has elapsed, whatever the cause of the senior’s death will give the beneficiaries full benefits.

Term life insurance is for seniors who have fixed income and cannot afford a high priced insurance policy. These seniors who go for term life are willing to forego the cash value investment options that whole and universal life offers. In their stage in life, this is no longer necessary.

If the senior does not want to outlie a term life policy, then he should get a whole life policy. When the premiums are paid up, it cannot be cancelled and will be in effect until death.

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