Why Seniors Should Get Term Life Insurance

Term life insurance offers valuable and flexible benefits that seniors may want to take advantage of. Getty Images

With so many financial products and services currently on the market, it can become difficult to distinguish which ones are valuable and which ones aren’t. This is especially true for insurance policies, which come in different types and lengths with different features and costs. What is beneficial for one policyholder may not be profitable for another and vice versa.

For seniors, many of whom have limited monthly budgets, these concerns are pronounced. That doesn’t mean senior life insurance isn’t worth it (it often is). But it does mean that older adults should be more sensible when choosing the right policies to protect themselves and their families.

Term life insurance is generally considered to be the best route for seniors who want the security of life insurance but don’t want to break the bank to get it. If you are considering life insurance as a senior, you will first receive a free estimate so you know exactly what to expect.

Why Seniors Should Get Term Life Insurance

Here are three reasons seniors should get term life insurance.

It’s the cheapest option

Regardless of the age of the applicant, term life insurance is generally the cheapest form of life insurance available. Because they are only valid for a set period of time (from five to 30 years), premiums tend to be lower than life insurance policies (which last for the life of the policyholder). Term policies also have fewer features than full policies. The latter, for example, has an attractive cash reserve that can be used during lifetime, but not during the term.

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But if you just want a simple, inexpensive form of life insurance, then term is your best bet. Request a free price quote now to see what you’re eligible for.

It’s flexible

Many seniors may need protection for a specific period of time that they can afford to let it lapse. Maybe they just need coverage until their mortgage is paid off or until they can pay their children’s college tuition. In these cases, term life insurance is an attractive option. The flexible terms allow seniors to customize their coverage period as needed – giving them protection when it’s needed and extra money when it’s not. And as insured needs change, policyholders can easily increase or decrease their coverage as they see fit.

It can still achieve goals

Don’t confuse the cost of term life insurance with the value it offers. Term life insurance can still be an effective way to achieve goals. Many people do not require life insurance for the duration of their lives. Many financial advisors also don’t recommend holding it that long. They will need it if they have young children, a dependent spouse, or significant debt (student loans, mortgages, etc.) that they could survive. In these and other cases, term life insurance can adequately meet the goals of the insured.

If term life insurance sounds beneficial to you, get a free estimate today or use the table below to explore some of the top providers in the market.

Don’t forget the exam-free life insurance

For seniors who want life insurance — but are concerned about taking a medical exam to get it — it may be worth getting life insurance without an exam. This type of life insurance allows applicants to skip the traditional medical exam required for other policies, essentially guaranteeing they will be approved. It’s typically more expensive than other policies, but can be applied to both term and lifetime policies, giving seniors a range of options to choose from.

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The final result

Because of its price and flexibility, term life insurance is generally the best type of life insurance for seniors. It can still achieve many financial goals and it can be secured in an exam-free form, offering protection even to those seniors who are concerned about the results of a future medical exam.

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