Is it really necessary for seniors to have their own life insurance like a term life insurance for seniors? Here is one question that some people would ask to themselves or to somebody or to another specific person. Getting whole life insurance especially if a person is already older means that he will be paying higher premium cost Moreover, if he is already at the age of fifty or above and has retired from his job, he will have lots of financial sources especially if he has his own retirement savings account. If that is so, does this certain person need whole life insurance? Do people who are now over the prime of their life really need to buy life insurance?
The truth is, almost all people need to have whole life insurance. It doesn’t matter if that person is young or old, if he is in good health or he has some underlying disease like diabetes or cancer. The issue here is, what kind of life insurance does he need to go for? If he is still starting out his life, is a young father, has small kids and they are just trying to settle down, it’s best that he should go for whole life insurance as this kind of life insurance is still very affordable. On the other side of the fence, he should get life insurance for seniors especially if he is already very old and that kind of life insurance is called term life insurance.
Yes, that is right. There are actually two major types of life insurance, the traditional whole life insurance as what most people have known and the term life insurance. Both types of life insurance are great in providing anybody a peace of mind knowing that if ever something will happen to them, his or her family will still have a brighter and richer future. However, the slight difference between the two is that whole life insurance covers a person for a lifetime while term life insurance covers a person for a specific term.
Basing on the example above, a fifty-five year old man doesn’t actually need whole life insurance because, as what have been mentioned, it can really be expensive. What he needs is term life insurance. He can choose to go for a 5-year term or, maybe, a 20-year term. As a matter of fact, term life insurance for a fifty-five year individual is very affordable. What’s more, most life insurance companies offering term life insurance consider this as a no examination life insurance.
So, does a senior really need cheap life insurance for seniors like the term life insurance? Of course, he really need it. It can be a great source of finances for, say, funeral expenses or, generally, an additional insured money for the family’s future to be brighter and richer even though he is not around anymore.