Term life insurance policies have gained high prominence in the recent days. They confer valuable protection to people at the most affordable prices. After retirement, senior citizens do not have enough savings for expenses, debts, and other obligations. By the time they attain retirement age, they develop complicated health issues. These health issues may cost a huge cut off from the pocket. However, with life insurance, seniors can prevent burning a hole in their pocket.
Whole life insurance policies
A wide number of life insurance companies have come up with programs like guaranteed life insurance; seniors accomplish their requirements with such schemes. They are referred to as whole life insurance policies. These indicate that the policy will be staying in force till the premium is paid. There are a number of whole life policies which can be paid over a period of time. Thus, the insured person has the right peace of mind as they know that they have life insurance for their entire life.
Simplified issue life insurance policies
Simplified issue life insurance policies come with immediate death benefits. A bunch of seniors is known to qualify these life insurance plans. They are mostly for declined applicants who are in a nursing home or come with terminal diseases. Hence, smaller health issues will not be preventing an applicant to procure the benefits of the coverage. As the coverage is immediate, the insured person receives notification that the insurance policy has been issued and thus they will be covered.
Guaranteed issue life insurance policies
Guaranteed issue life insurance policies do not seek answers for any health-related questions. Instead, they will be underwriting by the delay of complete coverage for a time span of 1 month to 2-3 years. In case the insured person expires during the qualification period, the premiums are returned at specific interest rates to the family of the individual.