Sometimes you’ll hear “whole life insurance” used interchangeably with “permanent life insurance.” But whole life insurance is actually just one type of permanent life insurance.Permanent life insurance is much more expensive than term life insurance.
Finally, we’ll dive more in depth in each of these life insurance picks to let you know why we chose these companies.
When shopping for life insurance, it’s important to get multiple quotes.
We’re focusing on term life insurance for seniors here with the companies we’ve chosen.
But we’ll still give you a quick overview of the types of permanent life insurance you might encounter: It’s well-known that many life insurance policies require a medical exam. A nurse in an office, or even at your home, will weigh you, give you a questionnaire, and maybe take blood and urine samples. The insurer is simply looking for telltale signs of serious future medical problems.
Even with an annual renewable term policy, you’re only guaranteed to be able to renew the policy for a certain number of years.
Since many companies won’t let you purchase a new policy after the age of 65, it’s essential that you figure out up front how long you need your term to last. But it’s better to foot the higher bill than to be stuck without life insurance coverage when you still need it.
A term life insurance policy is a good way to insure for specific reasons, such as paying final expenses, paying off debts, or providing for your children and spouse for a certain amount of time.
If you will only need the life insurance coverage for 10 to 20 years, opt for a term policy.
And since you’re already purchasing life insurance for a senior, the premiums could be prohibitively expensive.