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What Makes Elderly Life Insurance Different?

At some point in your life, you have probably seen ads for elderly life insurance. This is a type of life insurance that is guaranteed. There are no medical exams required and you cannot be denied for it, no matter what type of health you are in. What's the catch? You will probably pay very high premiums for this elderly life insurance. Guaranteed life insurance is also known as elderly term life insurance.

As you age, the probability that you will die soon increases. Unlike with a younger person, if you are past a certain age, insurance companies incur greater risk when insuring you. There is more of a chance that they will have to pay out death benefits if you take out a policy when you are older. As a result, your premiums will be higher than for a younger person.

Elderly term life insurance, or life insurance for elderly people, is just as good as life insurance for younger people. If you die, your family can use the money to pay for your funeral or to pay off the mortgage. When you are covered by elderly term life insurance, you no longer have to worry about how your family will replace your income when you are gone.

Elderly: Whole or Term?
Since term life insurance offers pure coverage--that is, insurance without an investment account--it is better suited for older people than whole life insurance. As an older person, you probably don't need whole life insurance. There is less time for you to invest money and watch it grow. Also, you probably don't need cash locked away in an insurance policy. As you live out your golden years, you most likely are already using your savings from when you were younger and planned your retirement. Therefore, term life insurance is usually a better choice at this stage in life.

Do not confuse elderly life insurance with quick issue life insurance. They are not the same thing. Elderly life insurance is guaranteed, and you will not have to answer any questions about your health. With quick issue life insurance, the application process is faster, but you will have to share your medical history and answer questions about your health. No matter what age you are, you will probably want life insurance for your family's security. If you are older, life insurance for elderly people is a good idea.

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