Having A Senior Moment? Don't Forget About Life Insurance

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So what happens if you're a senior citizen and your term life insurance is about to expire but you still have financial obligations that have to be met, even when you die? And what would you do if your health is fading and it would be difficult if not imposable to get any kind of insurance at all?

You might have bought your term life insurance because it offered valuable protection at a low cost. As you're all to well aware, the problem with this type of insurance is that the expiration often coincides with a point in time when the person covered by the insurance will find it more difficult to get insurance.
What would you do if you found yourself in this situation?

If you could call anything that addresses your upcoming demise as good news, this is it. Some life insurance companies have recently developed a product with exactly this situation in mind. The product is essentially a whole life insurance policy. It will stay in force for as long as you keep on paying your premiums (or if you pay it up in full). And even better news is that there's no medical examination required in order for you to be approved for this policy.

If you buy this guaranteed life insurance policy you can rest assured knowing that you will have it for the remainder of your life.

Now, don't fall over in joyful appreciation just yet because there are a number of other factors involved. The first is that the face value usually is limited to between twenty five hundred dollars and twenty five thousand dollars. It's not a heck of a lot of money in today's world although it's probably enough to cover burial expenses, cover some final debts, and maybe have a little left over for your wife or kids.

The other thing is that if you don't want to subject yourself to a medical examination - maybe because of some potentially damaging health questions that you'll have to answer - the underwriter will probably delay full coverage for a period of two to three years.

If you choose this option and if you were to pass away during the twenty four- to thirty six month qualification period, all of your premiums would be refunded with interest. The bottom line is you've got nothing to lose.

So, if you're concerned that your passing and the expenses that it would entail would be a burden to your family, don't forget about senior guaranteed life insurance. And after all is said and done, it's probably easier for you to make affordable monthly payments now then it would be for your family to come up with thousands of dollars when you pass away.

About the Author:
And for more information about senior guaranteed life insurance or go to http://www.TotallyMoney.com/life-insurance/saga-life-insurance.aspx

Wendy Moyer is a professional writer.



Article Originally Published On: http://www.articlesnatch.com


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