There are many types of life insurance for one to consider. We discussed life insurance
in an article published on the site that touches upon the basics of life insurance for seniors. To briefly recape, there are 3 main types of life insurance that people consider:
- Term Life Insurance - Usually the most affordable type of insurance. You are practically betting on how long you will live by insuring yourself for a fixed number of years. The most common strategy when choosing this type of insurance is to stagger multiple policies to spread out the risk. For example, you may get a 10 year, 15 year, and 25 year policy.
- Whole Life Insurance - This is a cash value insurance policy and offers level premiums and insurance protection for as long as you are alive, as long as you ensure premiums are paid as required to keep the policy in force. Whole life insurance is often used to insure against loss of income and leaving money behind in your estate.
- Universal Life Insurance - Insurance premiums are paid into an account value, that earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You are able to borrow against the account value. The policy is active as long as the cash value is enough to cover the various deductions each month.
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