Research is crucial when buying a financial product, including life insurance. For seniors, the right life insurance decisions are especially critical since many rely on retirement savings and Social Security.
Life insurance can be affordable and worthwhile for older adults if they understand the intricacies of this insurance type. Seniors can get a free price quote to know what to expect and should be familiar with these three life insurance options they may not have known before.
They can skip the medical exam and opt for a no-exam life insurance policy, which can be more expensive than regular life insurance. They can add a return of premium rider to their plan to get their payments back if they outlive the pre-determined time frame.
Seniors can also use their life insurance policy to supply retirement income by accessing their payout amount to use as cash while they are still alive.
While whole life insurance tends to be more expensive than term life insurance, the cash factor and lifelong protection can make it worth the cost.
»Life insurance options for adults«
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