What is guaranteed life insurance?
If you’re between the ages of 50 and 75, a guaranteed life insurance policy could be right for you. It can cover debts between $3,000 and $15,000 and generally offers a cash value component. In other words, you can borrow against your guaranteed life insurance policy in the event that you need cash at the moment. Another perk of purchasing a guaranteed life insurance policy is that it is usually exactly like its name—as a form of no medical exam insurance, there will (in most cases) be no health questions asked, guaranteed.
What is term life insurance for seniors?
Term life insurance for seniors may be issued for coverage up to $1 million and can be quoted for a variety of different terms. Although it varies depending on the state, you may be approved for a term life insurance policy for seniors until the age of 70 or 75. Depending on your age, it is most common that top insurance providers may approve you for a 10 year term. For more information on term life insurance for seniors, visit our article “Figure out whether Life Insurance for Seniors could be the Right Choice for You”.
When should you choose term life insurance over guaranteed life insurance?
Many leading insurance companies may approve you for term life insurance for seniors for up to 10 years depending on your medical history and desired coverage amount. If your beneficiaries’ potential expenses exceed $15,000, it could be your most appropriate option. Though premiums generally rise depending on your age, there are still many benefits to helping your beneficiaries obtain financial security. You may not have anticipated future expenses and may not have sufficient retirement savings to keep your loved ones from paying expenses when you’re gone.
How do monthly rates vary between guaranteed life insurance policies and term life insurance policies?
Figuring out the right policy for you may depend on your age, your health condition and how much coverage you need. For tips on how to determine what life insurance policy could be right for you as a senior, visit our article “Steps to choosing whether term life insurance for seniors is right for you”.
You may be able to be covered for up to ten times the amount as the maximum guaranteed life insurance policy for around $90 more monthly with term life insurance for seniors. In the case of Gerber, a guaranteed life insurance policy with a cash value of $15,000 may run a 60-year old man $101.50 monthly whereas a term life insurance policy with a face value of $150,000 (for a man of the same age in good health) may be $194.40 monthly.
Find out today whether life insurance for seniors could be an appropriate step for you. By filling out a short and simple request form, you can receive free, no obligation quotes shortly.