Life Insurance For Senior Citizens
Every person who has a family to take care of thinks of protecting their future. There are millions of people across the globe that want to secure the future of their family and don’t get a chance to do so, till they reach the age of retirement. For all those who feel helpless in not being able to secure the future of their families a number of insurance companies have started life insurance for senior citizens, which they can buy to provide their families with all the happiness and peace of mind that they truly deserve after their departure. The life insurance policies for senior citizens are just like all other policies, there are two main types’ term insurance and permanent insurance.
Permanent Life Insurance Policy for Senior Citizens
As the name of the type of insurance tells us it is the type of life insurance for old age people in which they are covered till death, in other words they live stress free about staying alive after the maturity of the policy. In case of their death their immediate family will get the benefits mentioned in the permanent life insurance policy signed by the insurer and the insured. There is one main difference between ordinary policies and those offered for to the senior citizens, as the ones that are offered to seniors are much expensive than the ordinary ones. This difference is maintained due to more risk of early death of the policyholders due to the decreasing life expectancy in the world.
The big names in the insurance business are offering other perks with permanent life insurance for senior citizens like making amendments to the policy or adding something to it or even the facility of borrowing money as a loan. The riders prove very beneficial for the policyholder as it asks the insurer for the coverage of expenses incurred on hospitalization, disability and sickness. Most of the people who buy a permanent life insurance policy after retirement or near the end of their retirement often choose it as they find permanent life insurance better than the term insurance. Many experts categorize permanent life insurance more of an investment than insurance.
The Term Life Insurance
There are a very few of old citizens who opt for this kind of insurance policy and according to finance experts the term life insurance is a thing that most of the senior citizens should avoid. These policies usually have a set expiration date, but there is no limit to the increase in the amount of premium as you age. In other worlds as you grow older, you will have to pay higher rates of premium. As far as term insurance is concerned senior have to pay more for term insurance than the youth. The term insurance policy has an expiry date after which it needs to be renewed, in many cases the seniors have not even used the coverage and the policy expires, which they cannot review as they have crossed the age limit set by the insurer.