There are those who think that securing a life insurance plan after the age of 50 is impossible. The fact is that it is never too late to buy insurance. For anyone who is wondering about options related to Life Insurance For Seniors, here are some options to keep in mind.
Term Life Plans
One viable approach to Life Insurance For Seniors is to look into options for term life coverage. This type of plan does not require any type of physical examination and typically comes with affordable premiums. While the plan does not accrue any type of cash value, it will pay off quickly when the insured party passes away. That makes it ideal for ensuring a loved one has access to funds that can be used to meet any financial need.
For example, the funds from the term life plan could be used to settle any end of life expenses. This includes the cost of the funeral and burial. The money can also be used to settle final medical bills that remain after the health insurance has paid all it will pay. The money can even be used by the beneficiary to manage living expenses in the months after the death takes place. Since the use of the funds is not restricted in any way, it is a great way to make sure a spouse or child has money to take care of any need.
Whole Life Plans
There are also whole life insurance plans that seniors can purchase. Some of the plans can be fully funded at the time of purchase if desired. This helps to create an instant asset. Keep in mind that while this type of coverage will require a physical examination and the premium may be a little higher, the plan will provide a level of security that is hard to achieve with any other method.
Never assume that it is too late to buy a life insurance policy. Call the team at Perdue Insurance Group today and arrange to speak with an agent. After learning more about the range of plans available, it will be easy to find a life insurance policy that will provide the level of protection the client desires.
