Seniors may not be aware of life insurance options

Doing your research is essential when purchasing a financial product or service. With so many different companies on the market today, it can become difficult to determine which ones are beneficial and which ones you’re better off avoiding This is true for a wide range of services including life insurance. Although life insurance is considered important financial protection for millions of adults, it still needs to be approached carefully and wisely.

For seniors, who are trusted by many retirement savings And Social security, making the right life insurance decision is especially important. Despite conventional wisdom, life insurance for older adults can be worthwhile and relatively cheap. For it to be both, seniors need to be familiar with the intricacies of this particular insurance type.

If you’re a senior in the life insurance market or know someone who is, start by getting a free price quote so you know exactly what to expect.

Seniors may not be aware of life insurance options

Here are three life insurance options that seniors may not be aware of.

They can skip medical tests

The traditional life insurance application process includes a medical examination Administered personally by a medical professional. This is similar to the annual check-up many patients have with their primary care physician. Blood work is done, urine tests are done, and blood pressure and heart rate are monitored and noted. A positive life insurance medical exam can go a long way towards securing a policy but poor results can negatively affect an approval and even disqualify the applicant altogether.

Fortunately, seniors and others anxious about the results of a medical exam can bypass it altogether and proceed with one. No-Test Life Insurance policy instead. This type of life insurance can be combined with both duration or complete Type of life insurance and it’s guaranteed – since no test is included there will be nothing to disqualify or prevent coverage. It may come with a little high Price tag But that bump in price can be worth it if the option isn’t there at all than regular life insurance.

Get a free online price estimate today and see how much you qualify for.

They can get their payment back

Life insurance payments can add up month to month and year to year. And if you’re out of your term policy, the payments you’ve made are gone. However, there is one the rider You can add to your plan which will give you your money back if you stay out of the pre-set time frame.

Return of Premium Rider Will refund you your money after your policy expires. This is an especially important option for seniors with a family history of good health and longevity. It is also helpful for seniors who want a term policy for now but know they won’t need it after the term is over.

As with many riders, a return of premium option will add additional cost to the policy but it’s usually worth it because seniors know they’ll get their money back when their coverage ends.

A policy can provide retirement income

Having an extra source of income is always helpful, especially when you Retired. Whole life insurance policies allow the insured to access their payout amount Use as cash while alive. This could be for household repairs, paying for college tuition, or anything else the insured would use a credit card or personal loan for. Policyholders don’t have to give up their coverage or their death benefit by going this route, although the final payout will be less than the deductible until it’s paid back.

because Cash factor – And since protection lasts for the policyholder’s lifetime and not just a fixed period of time – whole life insurance tends to be more expensive than term life insurance. That cost can be worthwhile, though, if policyholders know they’ll be able to access the funds as needed in the future.

You can get a free life insurance quote now or use the table below to start researching some of the top providers on the market

Bottom line

Life insurance can provide important financial security to policyholders and their loved ones. It can be beneficial for adults of all ages, even seniors.

It helps for older adults to know the ins and outs of these insurance types to get the most out of their plan Seniors worried about the results of a potential life insurance medical exam can skip it altogether and go the no-exam life insurance route instead. They can also get a return of premium rider if they are concerned about paying for a policy that they live by. And, those who carry whole life insurance can count on it as another source of retirement income if needed.