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Article from Dicfa.comPhoto courtesy of www.businesscircle.com.my
Even if you are a senior citizen, keep in mind that it is not too late to do some things. In fact, it is not too late for many things and getting life insurance is one of them. Insurance companies have made it easier for everybody, including seniors to get a life insurance policy that suits their needs and their budget. The good news is that both permanent policies and term policies are available to senior citizens who want to protect their kids and not burden them with any kind of expenses after their death.
Permanent life policies are a good choice for senior citizens because they insure them for life and people don’t have to worry that they will outlive their policy. The beneficiaries will get the death benefits providing that the premiums were paid on time. Generally, permanent life insurance policies that are available to senior citizens are more expensive, but this is understandable because of their age and their life expectancy as well as the fact that they probably won’t have to pay for their policy for a long period of time. It seems harsh, but this is always the case with life insurance policies.
Another reason why seniors are encouraged to opt for permanent life policies is because it is possible for them to get a loan in case they have unexpected expenses brought on by some kind of illness or disability. This kind of loan can be of great help should something unfortunate happen to the policy holder. In the end, it is often said that with permanent life polices, a payout is more secured.
In case seniors are more interested in term life insurance policies, they can easily get one. If they are not so interested in investing, term life options are something that seniors should consider. Term life policies are more popular because they are cheaper, however, they may not necessarily be the right choice for everyone. The thing about term life polices is that the premiums get higher with age and with each new policy. This means that in case you outlived your policy, getting it renewed or getting a new term life policy will be more expensive and sometime much more expensive.
Of course, each senior can decide on their own which kind of policy works best for them. The important thing to remember is that life insurance policies are important and as such they should not be avoided. In fact, every senior citizen is advised to get a life insurance policy and generally, the sooner, the better. There are many different types of polices both within term life insurance and permanent life insurance and most of them are available to senior citizens. Some are more affordable than the others, but there is no doubt that everybody can find something that works for them.
Hi I am Yen Wei Nee
I have been in insurance industry for 17 years and would like to share here with you my experience and information that is now changing our lives.