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Senior Life Insurance - Compare Plans

Senior Life Insurance – Compare Plans

Article by Mark Prip

They say the two things that are sure in this world are death and taxes. We do not like to think about our own deaths but it is something we should plan for. Funeral costs and other expenses can be quite a burden on those we leave behind. To help out the people that are closest to us we should consider senior life insurance plans. While it is difficult to find certain types of whole life insurance for seniors there are several options to consider.

Senior life insurance plans are becoming increasingly important with increasing funeral costs. Land is limited and cemetery plots cost more than they did in the past. There are also the expenses of caskets and grave liners. Local and state laws can make them even more expensive. There are many ways to research the costs that can come about with a funeral. Funeral homes are required to make available written price lists of their services. While there are no guarantees these prices will not increase they can give you an idea of what you need to plan for.

There are many types of policies but one of the more common is term life. Term life insurance plans operate for a set amount of time often 5 to 15 years. You should be aware that many term life policies that offer insurance without a medical exam have stipulations such as a 2 to 3 year period before you get 100% of the coverage. As with any contract you should carefully examine the terms before you agree to anything. Another factor with life insurance for seniors is the high premiums. Since seniors represent a higher risk for insurance companies their rates are usually higher.

Final expense or burial insurance is another option in senior life insurance plans. This is a type of whole life which is usually available to seniors. Unlike term policies these policies remain active as long as the premiums are paid. The payout amount of these plans is often lower than what can be purchased through term life but it can cover the funeral and many other expenses. Often there is no medical test required for funeral insurance. These types of policies also cannot be canceled because of age. They carry a cash value that can be borrowed against during times of emergency. Whatever plan you decide to go with it is important to research your choice before deciding.

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Mark Prip recommends checking out this unique site on Senior Life Insurance for more information.

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