Life Insurance: What is a Term?

A term is the length of coverage offered by a life insurance policy.

Term life insurance is temporary protection that offers coverage for a set period of time.

Terms available for term life coverage usually include 5, 10, 15, 20, 25, or 30 years as options for life insurance.

With term insurance, if you pass away during the term of your policy, the death benefit is paid to your beneficiary.

And, if you outlive the duration of your policy term, the coverage expires with no payout on your policy.

The shorter the term of your coverage, the lower your annual cost of life insurance.

Suicide Clause of Life Insurance

What is a suicide clause for life insurance and how does it work?

A suicide clause is a limitation in all life insurance policies to the effect that no death benefit payment will be made if an insured person commits suicide within the first two years that the life insurance policy is "In Force."

This clause protects the life insurance company against adverse selection - that is, purchase of a life insurance policy in contemplation of planned death in order for a beneficiary to collect the proceeds.

Learn more about the suicide clause of life insurance and how it works.

Senior Life Insurance with Return of Premium

Can seniors get life insurance with return of premiums?

Yes, there are return of premium life insurance plans for seniors.

These plans are usually term life insurance policies and may offer from 5 to 20 years of term life insurance protection for senior citizens, depending on the applicants age.

The older you are, the shorter the term for coverage available.

If you outlive the duration of your term life policy, the insurer returns to you almost all of the premiums you paid while your policy was "In Force".

However, premiums are higher for return of premium policies, compared to regular term life insurance that does not return premiums.

Here's how you can learn more about senior life insurance with return of premiums.

How Much Life Insurance without a Physical?

If you're shopping for life insurance and don't want to take any exams, you may be wondering how much life insurance you can get without having to go through the medical examination process.

Actually, it may be more than you might expect.

In fact, one insurance company offers up to $1,000,000 (or more) of no exam life insurance for qualified applicants.

In addition, you can buy life insurance coverage from more than one insurance company.

So, if you need more life insurance, you could apply to several insurers to obtain the total amount of life insurance you need, without taking any health exams.

Learn more about how much life insurance you can get without a physical exam.

Low Cost Life Insurance for Young Adults

Is there any low-cost life insurance available for young adults?

Yes, in fact, life insurance is cheaper if you buy a policy while you are young and healthy, instead of waiting.

The most affordable type of life insurance for young people is term insurance, which offers temporary protection for a duration of 10, 15, 20 or 30 years, to meet your specific life insurance needs.

The shorter your term (duration) of coverage, the lower your annual cost for life insurance.

Other factors affecting your cost include the amount of life insurance you need, your age, gender, health, lifestyle, tobacco use, occupation, height-to-weight ratio, driving record and hobbies, among other things.

Here's more information on how to find low cost life insurance for young adults.

Final Expense Insurance for Your Parents

Can I get final expense insurance on my parents?

Yes, adult children may purchase final expense life insurance on their parents.

You have an insurable interest in your parents since you may have to cover the cost of their final expenses upon their passing.

There are life insurance plans available for seniors offering guaranteed approval for people ages 45 to 85.

That means, even if your parents have health issues, you can still get life insurance coverage for them.

These plans usually offer up to $20,000 of coverage for final expenses.

Here's how to get final expense life insurance for your parents.

Burial Insurance for Seniors over 80

Is it possible for seniors to get burial insurance if they are over 80 years old?

Yes, in fact, there are guaranteed issue life insurance policies available for people over 80 that can help pay for the cost of a burial and related expenses.

With guaranteed issue plans you won't have to take an exam or answer any questions about your health.

And, you cannot be turned dow due to any pre-existing health problems.

As long as you meet the age requirements you can get insured for a guaranteed burial insurance policy.

With one highly-rated insurer you can get approved for coverage if you are age 45 to 85.

You may choose form $3,000 up to $25,000 of coverage.

Learn more about how to get burial insurance for seniors over 80 years old.

How Much Does Burial Insurance Cost?

The cost of a burial insurance policy depends on you.

The price you pay for a burial insurance policy is based in part on your age, gender and the amount of insurance coverage you need.

Usually, burial plans offer form $2,500 up to $20,000 of life insurance coverage.

There are no health exams required and your coverage may be guaranteed issue, which means you cannot be denied insurance due to any health issues.

In fact, some insurers offer guaranteed coverage for people meeting the age requirements (45-75, 40-80 to 45-85), which varies by insurer.

You can find out how much burial insurance would cost you by requesting a free burial insurance quote.

Here's how to find out how much it costs for burial insurance.

Which Life Insurance is Best for Seniors?

If you're a senior citizen looking for life insurance you may be wondering what type of policy is right for you.

It's an important question, and one you want to answer before choosing your plan.

There are two basic types of life insurance: term and Whole.

Term is for seniors who need temporary coverage lasting for a period of 20 years or less.

Whereas, whole life insurance provides guaranteed lifetime protection to last as long as you do.

However, when it comes to pricing, term life usually costs a lot less than whole life.

In addition, there are guaranteed issue life insurance policies for people who have health issues, have been turned down for coverage, or are having difficulty getting insured.

Here's how to learn more about which life insurance is best for seniors?

Can I Purchase Life Insurance Online?

Yes, you may be able to purchase a life insurance plan online, if you qualify for coverage.

There are instant issue term life insurance policies available from several different life insurers, including Haven Life, Globe Life and ANICO, among others.

With instant issue plans you may apply online (safe and secure) and find out within minutes of you qualify for coverage.

Once approved, you may choose a payment option and begin your coverage immediately.

These plans come with a money back guarantee from 15 days to 30 days, or more, varying by the insurer and state requirements.

In addition, these plans usually do not require you to take any medical examination, and only people who are of average health (or better), may qualify, unless it is a guaranteed issue policy.

Learn more about how to purchase life insurance online.