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Life Insurance For Senior Citizens Article
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Types of Senior Whole Life Insurance
from: Karlie BestlerThere are senior citizens who may not realize they are eligible for senior citizen life insurance. These senior citizens may feel they are too old or have a medical condition that will stop them from getting senior citizen life insurance coverage. However, there are insurance companies that offer life insurance policies specifically for senior citizens.
Many senior citizens want a life insurance policy in their later years to ensure that their final expenses are not a burden to their loved ones. Sometimes seniors who already have life insurance choose to take an additional senior citizen life insurance policy if the death benefit payout of their original life insurance policy is not enough to pay for funeral, cremation or burial expenses.
Some seniors purchase a senior citizen life insurance policy with a high monetary death benefit. Some seniors purchase an additional senior life insurance policy as a way of making sure the family is financially comfortable when they are no longer there to provide for them.
As a senior citizen, you probably won't need life insurance at the same level as when you were younger. By age 65, your children are probably grown and self sufficient so your life insurance needs have most likely changed substantially, unless you have a sick spouse or a disabled dependent.
If you have a life insurance policy with rates that don't increase, you will probably want to keep it. If you don't have life insurance and have decided that you want senior life insurance, there are several types of senior citizens life insurance available. The two basic types of life insurance for senior citizens are senior whole life insurance and senior term life insurance.
Senior Whole Life Insurance
When a person takes out a senior whole life insurance policy, also referred to as permanent life insurance, the senior whole life insurance coverage stays in effect for the insured's entire life. In most instances, the senior whole life insurance premium does not change as the insured ages.
Senior whole life insurance also accumulates a cash value that the insured can borrow against. The cash value of a senior whole life insurance policy builds as a result of the investment by the senior citizen whole life insurance company of the insurance premiums paid by the policyholder.
A senior citizen whole life insurance company usually offers several different types of senior whole life insurance:
*Traditional senior citizen whole life insurance
Traditional senior citizen whole life insurance guarantees a minimum rate of return on the cash value of the senior citizen whole life insurance policy.
*Universal senior citizen whole life insurance
Senior citizen universal whole life insurance, also known as flexible premium adjustable life insurance, guarantees a minimum rate of return. The rate of return on senior citizen universal whole life insurance may increase if the insurance company does well on its investments. Senior citizen universal whole life insurance is similar to interest sensitive whole life insurance policies.
*Interest sensitive senior citizen whole life insurance
Interest sensitive senior citizen whole life insurance provides a variable rate of interest on the cash value portion of the interest sensitive senior citizen whole life insurance policy. An interest sensitive senior citizen whole life insurance policy allows the policyholder options such as choosing higher death benefits without higher premiums based on the policyholder's cash value rate of return of the interest sensitive senior citizen whole life insurance policy and the economic situation at the time.
*Single premium senior citizen whole life insurance
Single premium senior citizen whole life insurance is purchased by a one lump sum payment.
Benefits of senior citizen whole life insurance
Although a senior citizen whole life insurance policy generally pays a very low rate of return, there are several benefits to senior citizen whole life insurance:
*The cash value of the senior whole life insurance policy builds over time and is is tax deferred until the cash value is withdrawn.
*Often as the cash value of the senior citizen whole life insurance policy increases, the cash value is enough to pay off the senior citizen whole life insurance policy or make the monthly premium payments.
*Senior citizen whole life insurance premiums do not increase over time or as the insured ages.
*The insured does not have to have any future medical exams.
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