Here more on how to buy term life insurance for seniors.
What Is Term Life Insurance?
Term life insurance is one of the most affordable forms of life insurance. Not only is term life insurance cheaper than universal or whole life insurance policies, but it is also easier to get approved for. If you die in a manner that fulfills the terms of the policy agreement, the term life insurance will pay a death benefit to the beneficiaries you listed.
Unlike other forms of life insurance policies, a term life insurance policy does not have cash value. However, there is a death benefit that remains fixed during the term's duration. Term life insurance can be purchased in increments. The most common increments are 10, 20, or 30 years. The premium for a term life insurance policy also remains fixed throughout the term's duration.
Decide How Much Insurance You Need
Seniors who want to buy term life insurance should first decide how much insurance they require and for what duration. In general, it is a good idea to buy a term life insurance policy with a death benefit that is at least 10 times your current salary. Your dependents should be able to comfortably live off the death benefit for about a decade.
As stated above, a term life insurance policy can be purchased for 10, 20, or 30 years. The term you choose for your policy should be based on your age and the age of your dependents. For example, if your spouse is your only dependent, you may want to buy a 30-year term life insurance policy.
Buy An Insurance Bundle
Chances are, you already have other forms of insurance, such as auto insurance or health insurance. While some insurers will only offer term life insurance, you will find that some insurers offer more than one type of insurance. If your auto insurance or health insurance provider also offers term life insurance, you may be able to enjoy a multi-policy discount.
For more information about how to buy term life insurance for seniors, don't hesitate to reach out to us.