5 Advantages of Cheap Term Life Insurance for Seniors

When you have passed a certain age the future may seem less certain.  When it comes to financial security, decent and cheap term life insurance for seniors can go a long way to securing your life. There are several reasons why this policy should not be treated as a luxurious back up.

A few facts about term life insurance for seniors

  • Term life insurance is the most commonly sought after insurance policy for senior citizens.
  • The rates of these insurance policies are dropping by the day, making them highly affordable.
  • Senior citizens are an important target audience to most insurance companies. Many insurers are coming up with tailor made plans to suit senior citizens requirements
  • While an 80 year old may be deprived of term life insurance by almost all  insurers, there are a few insurance companies that are still willing to offer a policy with very basic returns, subject to medical history.

Key advantages of having a cheap term life insurance for seniors

 Advantage 1 – Affordability

The term life insurance policy for senior citizens is very affordable. It has a minimum premium that the other insurance policies will not be able to provide. Most people consider it as an investment.

Advantage 2 – Purchasing Money

Senior citizens (as harsh as it may sound) do not have many more years ahead of them. The last thing anyone would want is to be a burden on someone, even if it is their own family. This thought drives them to consider a term insurance policy. On taking such  cover, you are actually “purchasing money”. This amount, on its maturity, takes care of  medical expenses that are likely to arise as well as post death expenses.

Advantage 3 – Estate Planning

Most term life insurance for senior citizens is very cheap and affordable. If you have a source of income, a pension for instance, you can afford a term life policy. One of the most common reasons why senior citizens opt for this policy is to hand over their estate to the next generation. Term life insurance ensures that the estate is not affected or depleted by the taxes levied on it after your death.

Advantage 4 – Death benefits

With cheap term life insurance for seniors you can get death benefits, the period of which is determined at the time of purchase of the policy. Death benefits are subject to the age at which you purchase and medical history reports furnished.

Advantage 5 – Cater to the family

Every person wants to see his family taken care of even after he is gone. Ensuring that your family is not burdened with expenses related to your health and death is one of the basic things that you can do. This is taken care of by cheap term life insurance for seniors.

SG -45 -620 -16/10/2012