Senior Term Life Insurance


 Senior Term Life Insurance

Many people think that they will never need senior term life insurance. Unfortunately, there are many circumstances where seniors could find themselves needing to purchase this type of insurance.   One reason seniors may want to consider buying a senior citizen term life insurance policy is because as you age your risk of disability and death increase significantly. It is also likely that your children will have left home by the time you are senior citizens and won't be able to care for you if you become sick or disabled. You'll want extra money for these expenses, so having senior life insurance would cover those costs until they're resolved and offers peace of mind knowing that should the worst happen, your family wouldn't have to worry about how they would pay for it all.

Term life insurance coverage is available for seniors. However, because of your age, the insurance company will charge you a higher premium, putting coverage out of reach for many people. It is important to shop around, get quotes from different agencies and investigate other options such as a whole life policy or using an investment to cover these costs. As with any type of policy you should thoroughly understand the benefits and limitations of your plan before purchasing it.

Senior life insurance can help pay for expenses in the case of death or illness that could affect either you or your spouse who is more likely than you are to need such care in his or her old age. It's also a good way to make sure that your spouse doesn't have to sell your home or other assets in order to pay for long-term care should you suffer from an illness. For many people, life insurance is crucial to help pay for the costs that can result from an untimely death or disability.

You have more options for senior life insurance than ever before. Many policies provide cash value, allowing you to borrow against the value of the policy as well as adding interest over time. The more flexible a policy is, such as one with a rider or dividend option, allows you to alter it and make changes as needed in order to find a plan that fits your needs and budget.

If you have questions about what kind of plan is right for you, the benefits or limitations, or any other policy-related matter, contact an insurance agent in your area to get a personal recommendation. If you have already made up your minds about choosing a policy, consider contacting your local insurance agent for assistance.

I travel to work everyday and buy my lunch daily at the local deli. Recently I received a phone call from my life insurance agent asking if this would be considered as me taking on additional coverage. When I said yes he said he wanted to add another term life policy . This has never been something I ever thought of purchasing but had never been asked before (It's also a pretty good deal) . Is this likely to make me more or less financially stable going forward? In other words would I be better off just purchasing a new plan now or should I wait until another time when it does not benefit me.

The question you asked may be difficult to answer without knowing the reason for the increase in coverage. Give us a call and we can talk about the possibility of adding your current life insurance to your new policy. At this point, you don't have too much to lose and, at worst, your current coverage ends up being cancelled along with any discounts that were applied.

I just purchased a 5 year term life insurance policy from a local company, with cash value and the annual premium of only $20 for each year. I didn't realize that there was an additional $5 per year annual fee! Is this standard for this kind of policy? Is there something that I can do about the extra fee or can I use it as savings to purchase additional coverage in the future?

Yes, the $5 per year is part of the premium. It's included in your policy cost and is paid by you. It's a fee to get the policy issued and it covers administrative processing costs. It doesn't matter if you pay it or not.

The good news is that you have an opportunity to purchase additional coverage with the money, i.e. use it as savings towards the cost of purchasing additional coverage. Again, your policy is "cash value" which means that any money you put into the policy will earn interest based on current interest rates and other factors such as dividends, etc…

You will be able to purchase more coverage by simply paying $20 per year; i.e. the $10 will go into your existing account and the $10 will be credited towards a new policy of cash value or whole life insurance.

I am considering purchasing a term life policy, at age 60. I presently have an investment portfolio that is worth more than the entire value of my current monthly income, but my employer is unwilling to raise my salary to pay for life insurance coverage for me (I have no other dependents or debt). The cost of coverage under this type of policy from companies in our state varies widely but is usually between $200 and $400 per month. I am aware that there are a number of factors that determine my age specific premium rate but the company representative did not give me any indication as to how they arrive at this figure. Is term life insurance the best type of coverage for someone in my situation? Will it make sense for me to purchase permanent insurance at this age?

You have a couple of different options when it comes to purchasing life insurance. Term is always going to be cheaper than whole or universal, and there are other benefits as well. The important thing is finding out what kind of coverage will be most beneficial for you, your family, and anyone else who may need help paying for funeral expenses or other end-of-life costs. A financial advisor can help you make the right decision for your concerns. They can also provide you with quotes from different insurance companies and help you to compare policies so that you can get the exact amount of coverage that will be most beneficial for your situation.

You should consult an independent, objective advisor who has no stake in what you purchase and he/she will have no problem showing you various options. A life insurance agent is an example of this, and they will not benefit from one plan or another. In fact, they have likely worked with many people who purchased a policy in their 60s or later, so they're likely to be able to point out what works best in your particular situation.


The topic of life insurance can be a difficult one to understand, but it's essential to the stability of our families. When properly purchased and maintained, a life insurance policy can help keep loved ones from financial worry when we're gone. There are many different types of policies out there, and they each have different clauses and conditions. That's why it's important to speak with an independent, unbiased person who will help you find the right policy for your needs.

Need help finding the right life insurance company? Get answers from an independent human resources advisor today.

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