What Should People Over 65 Choose? Whole Life Or Term Life Insurance?

 People who are older than 65 can still get life coverage! Because the insurance market is so competitive, agencies have to lower qualification standards. If you have irregular blood pressure or a high cholesterol level, it is still possible to be eligible for a plan. Two of the most popular policies are 1335181510-Low-Cost-Term-Life-Insurance.jpg-300x200term and whole life insurance and many seniors do not know which is better for them. I will try to help you make a decision.

Term life insurance

Term life insurance is one of the cheapest policies available, but it provides temporary coverage. The agency is obligated to pay out a death benefit only if you die during the policy’s availability period!

In order to qualify for a plan, you have to go through a series of medical examinations. However, it is possible to purchase simplified issue which is a simpler version as it does not require you to take any medical tests. Furthermore, the policy is issued in 24 hours.

Whole life insurance

Whole life insurance for 50 and over is a more complicated and expensive policy, which brings new supplemental benefits. This type of policy provides permanent coverage which means that you will be covered until you die. Another key feature is the investment component. Permanent life policies build cash value by investing a part of the amount you pay in premiums. You can withdraw money from the policy’s account, but only after a certain period has passed (usually 5 years).

Whole or term life insurance?

What is the best life insurance for 50 and over which seniors should buy? My answer is term life insurance and here is why:

  • It is cheap. The price factor is something worth considering if you are over 65. Because of your age, you will have to pay more in premiums, so choosing the cheapest policy type is the best thing to do!
  • It covers you for an extensive period. A term life policy can provide coverage for 20 and up to 30 years, which is more than enough for a senior!
  • Easier to qualify for! It is easier to qualify for a term life insurance plan. If you have health problems, you can apply for a simplified issue policy and skip the medical examinations!

Life insurance provides great benefits for seniors! Visit our website and get free life insurance quotes!