Although there are few options available for you in the marker in terms of choosing the right type of life insurance, still tow most popular are – term life insurance and who life insurance. In this article, I will try to bring some strong points to prove that term life insurance is the perfect fit for seniors over 70.
Affordability: Everyone wants to obtain a policy which is affordable and they can carry it out throughout their life. In this point, term policy is the best buy for sure. This policy has the cheapest premiums comparing to others such as level term or permanent policy. Also, the premium rate doesn’t change within a term which providers the customers the flexibility to continue it till it expires.
Available: Almost every life insurance provider offers term policy and thus you have the opportunity to compare everyone’s price in order to get the best price. This is probably the most popular one among every other. You can read more here about how senior over 70 years can avail such a policy.
Precise Coverage: Term life insurance is very precised in terms of the coverage it offers. You just get what you pay for and what you demand. There is no reason to buy extra life coverage which you will never use. Term policy serves this purpose really well. Everyone does not need a policy for lifetime. If you know that after 10 years you’ll no longer have any dependents for instance, your children will finish graduation and become employed then you don’t need a lifelong policy. In this situation, a 10 or 15 year term is substantial and decent for you.
Renewable: The term life policy is renewable which means you can renew it if you outlive the period for what the policy was valid for. Thus even if you have lived up your 10 year term, you can pick another 10 year. Be sure the provider has this option available to you. Ask them in case you don’t find this clause anywhere in the contract page.
You lose nothing: The last but not the least – you don’t lose money from term policy. In case, you outlive the period, they will pay the premiums you paid till date. The beneficiary can only claim for death benefits if the policy holder dies unexpectedly within that period.
These are some of the legitimate reasons why you should choose a term insurance over the others when you are over 70 years old. This does not mean that the other policies available are of no use. They have their own properties. While choosing the best fit, you must be able to assess your condition very well. If you’re unable to do this, make sure you take help from local agent.
Affordability: Everyone wants to obtain a policy which is affordable and they can carry it out throughout their life. In this point, term policy is the best buy for sure. This policy has the cheapest premiums comparing to others such as level term or permanent policy. Also, the premium rate doesn’t change within a term which providers the customers the flexibility to continue it till it expires.
Available: Almost every life insurance provider offers term policy and thus you have the opportunity to compare everyone’s price in order to get the best price. This is probably the most popular one among every other. You can read more here about how senior over 70 years can avail such a policy.
Precise Coverage: Term life insurance is very precised in terms of the coverage it offers. You just get what you pay for and what you demand. There is no reason to buy extra life coverage which you will never use. Term policy serves this purpose really well. Everyone does not need a policy for lifetime. If you know that after 10 years you’ll no longer have any dependents for instance, your children will finish graduation and become employed then you don’t need a lifelong policy. In this situation, a 10 or 15 year term is substantial and decent for you.
Renewable: The term life policy is renewable which means you can renew it if you outlive the period for what the policy was valid for. Thus even if you have lived up your 10 year term, you can pick another 10 year. Be sure the provider has this option available to you. Ask them in case you don’t find this clause anywhere in the contract page.
You lose nothing: The last but not the least – you don’t lose money from term policy. In case, you outlive the period, they will pay the premiums you paid till date. The beneficiary can only claim for death benefits if the policy holder dies unexpectedly within that period.
These are some of the legitimate reasons why you should choose a term insurance over the others when you are over 70 years old. This does not mean that the other policies available are of no use. They have their own properties. While choosing the best fit, you must be able to assess your condition very well. If you’re unable to do this, make sure you take help from local agent.