Life Insurance Snapshots

Protected by Copyscape Unique Content Check
Published: 15th February 2013
Views: N/A

Seniors Qualifying for Term Insurance

As the population ages, many people find that getting some form of term life insurance a very practical idea. It is especially useful for seniors who might be looking at long term care. Their objective is not to be a burden on other family members.

Perhaps you are looking for a good policy, either for parents or other loved ones. Be sure to look online. There are lots of sites that provide quotes with just basic information about the purposed insured.

It it possible to find term life offered that has no medical exams. This is important since medical issues are more common as you get older. Most seniors have some kind of medical condition and many of these can prevent a person from getting coverage.

Don't expect to get the same rates as a health twenty year old however. Life insurance companies are very careful to rate their risk and this shows in the higher premiums for higher risk with senior citizens. Just make sure that the premium is reasonable and you should do fine.

Seniors Qualifying for Term Insurance

As the population ages, many people find that getting some form of term life insurance a very practical idea. It is especially useful for seniors who might be looking at long term care. Their objective is not to be a burden on other family members.

Perhaps you are looking for a good policy, either for parents or other loved ones. Be sure to look online. There are lots of sites that provide quotes with just basic information about the purposed insured.

It it possible to find term life offered that has no medical exams. This is important since medical issues are more common as you get older. Most seniors have some kind of medical condition and many of these can prevent a person from getting coverage.

Don't expect to get the same rates as a health twenty year old however. Life insurance companies are very careful to rate their risk and this shows in the higher premiums for higher risk with senior citizens. Just make sure that the premium is reasonable and you should do f
There are additional rules that a contract must meet in order to be classified as a life insurance contract. This is critical because the death benefit from life insurance is received tax-free to the beneficiary. As you would expect, the IRS looks at this very critically. Check with your insurance agent for details


Charitable Donation of Life Insurance Policies

You can be a big help to society in general by donating your excess seniors life insurance policies to charitable organizations. Through careful planning many persons arrive in their later years financially well situated. The seniors life insurance that was purchased earlier as a safety net is no longer a needed. Life is good.

If you find yourself in this situation, here is an opportunity to make a real difference in the world. You can gift a charitable organization with your seniors life insurance policy. Upon your death they will receive the benefit amount, and it will be used in their mission to better society. Many substantial gifts are made in this way.

Speak with your financial planner and also your tax accountant to make an intelligent plan for the donation. Also involve the charity early on so. That way they can be comfortable with the outcome. It will give them time to prepare for the acceptance of the gift.


Term or Whole Life?

One of the decisions that person's buying seniors life insurance will have to make is whether to use term life insurance or whole life insurance. They are benefits to both. Term life insurance is the least expensive because it doesn't have any extras. It's plain vanilla. The downside is that it only lasts for a certain time-frame. If the insured dies outside of that time frame there is no benefit paid.

Whole seniors life insurance on the other hand is there with you till the end. But you more pay for that lifetime coverage. The premiums are higher. Part of the premium is used as investment capital. The profits from this investment capital is used to offset the policy claim amount. The insurance provider's risk diminishes as the cash value develops.

Have a frank discussion with your life insurance agent about what you want in the future. This can guide you both in selecting the type of insurance best suited for your situation.

This article is copyright


Report this article Ask About This Article


Loading...
More to Explore