Finding the Right Life Insurance Plan for Seniors

Are you getting intimidated due to so many complicated options and conditions linked to life insurance plan available today? If you’re a senior or if one of your family members is, reading this post can benefit you. It will talk about suggested life insurance coverage for seniors.
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There are two ideal life insurance options that seniors can opt for when they reach 55 years old and beyond. Get to know them to your advantage.

Term Life Insurance
Are you looking for the cheapest insurance premium cost to get the support that you need? Term life insurance is ideal for senior individuals who have good health. This policy can provide you protection in a span of 10 to 30 years. The premium cost doesn’t change every year.

It’s noteworthy to know that Term Life insurance come in various types:

• Level Term Life Insurance: With this policy, you can opt to pay for coverage that runs for 10 years with a certain amount of death benefit for assistance. Depending on what’s available, the Level Term Life Insurance has a level premium and a level death coverage provided by the insurer. Take note that when you die during the level premium period, your beneficiaries will receive the death compensation cost. However, you can’t get any cash value when the policy expires.
• Convertible Term Life Insurance: Since Term Life Insurance has an expiration, if you decide to upgrade your policy, it’s possible. You can have the Convertible Term Life Insurance that allows conversion to a permanent insurance plan. Take note that updating your policy is applicable only within the insurance period and before you reach the age of 70.
• Annual Renewable Term Insurance: When you necessitate the shortage coverage to protect your life, Annual Renewable Term Insurance is the right option for you. This policy allows you to renew the coverage yearly (suitable for 5 years). When you apply for insurance coverage for the first time, typically, there would be an assessment of your health. But once you purchased the ART insurance plan, there’s no need to re-qualify when you renew it.
  
  

Guaranteed Universal Life
In terms of budget, the GUL or Guaranteed Universal Life insurance coverage is ideal for seniors. Why? The premium costs don’t change during your policy period because the policy plan doesn’t depend on the financial market. Others opt for the most extended age option because to be on the safe side — avoiding outliving the policy. With GUL, you have a guarantee that the insurer will provide a death benefit, even your life reaches 121.

Whatever mishap happens to your life, you can save your sanity when you know that you can receive support from others. Talk to a reliable insurance agent to get the right life insurance plan that you need.

At Oncken Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (281) 256-8310. Get your free quote today by CLICKING HERE.