Life Insurance for Seniors

Life insurance is not just for young people, it is meant for people of all ages. The whole idea of buying life insurance is to pay regular premiums so that in the event of your death your beneficiaries will receive a certain amount of money that is assured by the insurance company.

Carl Robbins is a 75 year old retired doctor who found the best insurance quotes in Houston for seniors at ‘HoustonQuote'. He no longer worried about the care of his wife after he has passed way because he knows she will be financially secure.

Advantages of Life Insurance for Seniors

• Life insurance is a great way to ensure that your spouse is taken care of financially even after you pass away.
• Funeral costs are pretty expensive and a life insurance policy would help take care of these expenses.
• In case there are outstanding debts such as unpaid medical bills, the amount received by the beneficiary can be used to repay them.
• Life insurance is a great way to leave an inheritance for your heirs that is usually tax free.
• A whole life insurance policy would cost the same irrespective of your age. Such a policy would accrue cash value against which you can take a loan.

Types of Life Insurance Policies

There are several different types of life insurance policies such as term insurance, whole life insurance, universal life and variable insurance. The term life insurance is only for a fixed period of time, after which the policy would need to be renewed, usually for a higher cost. A variable insurance policy would be linked to the market and hence returns from it would be affected by it. For senior citizens the following policies are a good idea:

Whole Life Insurance: This would cover you for as long as you continue to pay the premiums. Unlike other policies this costs the same irrespective of the age of the person to be insured. You can also borrow against 90% of the cash value accrued by the premiums.

Universal Life Policies: This is quite like the whole life insurance, except that it provides you more freedom and flexibility regarding premiums, which can be deferred, increased or decreased. You can also withdraw cash value from the policy. However while this policy promises a certain return on the cash value it also requires up-front fees and administrative fee. The premiums could also increase with a drop in the rate of interest.

Usually a guaranteed life insurance policy has a period of waiting. This means that only after about 2-3 years in the event of death the beneficiary will get the assured sum of money. If the person dies before the end of the waiting period then the sum of the premiums paid by the person are given to the beneficiary. For senior citizens the immediate benefit senior life insurance is recommended. In this case the full amount due is paid out at any time of death.

There are many insurance companies that offer life insurance. It is vital that you research the local quotes in Houston before you make a decision.

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