Age will always catch up with us some time, even though many of us would not want to accept this fact. As you grow older and eventually become one of the senior citizens, having an insurance becomes quite a necessity in your life for various reasons. There are various insurance policies available for everyone, especially senior citizens. However, most of the people over 60 would prefer getting insurance policies that do not require them to take medical exams. This may be because they are uncomfortable with answering questions about their health or they may be having severe health ailments that may subject them to very expensive health insurance.
With proper research, it is very easy to get a no-medical exam required insurance quotes that will in turn help you in finding the best policy for you. However, those with excellent health and do not have a problem answering health related questions are in a better position because they have more options to choose from. There are several types of life insurance policies available.
Whole life insurance
Features
· Death benefits are guaranteed
· It provides permanent coverage; it provides guaranteed insurance protection to the beneficiaries.
· There are fixed and predictable premiums hence can help in planning of the future.
· It often has a tax-privileged savings component attached to the policy, so a portion of your premium is set aside as part of your savings.
· It is accessible anytime through policy loans.
Term life insurance
Features
· Premiums are not fixed; they may change based on your proposed earnings and even mortality.
· This policy is renewable. After it expires, clients can renew the same policy with the same premium rates.
· It can be easily converted into other desired life insurance policies depending on the insured's desires. For example, whole life insurance
Universal life insurance
Features
· Premiums are flexible and are not fixed
· Death benefits and cash value benefits are based on current interest rates
· Medical exam is required
Limited pay life insurance
Features
· Premiums are paid over a certain period after which you will not be required to pay anymore for the policy coverage.
Endowments
Features
· Premium payment period is shortened hence becomes more expensive than other insurance policies.
· The cash value that accumulates overtime equals the death benefits at a certain age when the insured may still be alive.
To get the best option for people over 60, be sure to contact an insurance agent who specializes in helping senior citizens.
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