Life Insurance Options for Seniors Over 65
Turning 65 is a major milestone, and it’s one that comes with a host of life insurance options. Whether you’re looking to supplement your retirement income or just want to make sure your loved ones are taken care of in the event of an emergency, life insurance can be a great way to protect your future. Let’s take a look at some of the different types of life insurance available for seniors over 65.
Term Life Insurance
Term life insurance is a type of policy with no cash value—it pays out only if you die during the policy’s term period. This makes it one of the most affordable types of life insurance available, so it can be an attractive option for seniors on a budget. It also allows you to purchase more coverage than you could afford with a permanent policy, which means more financial protection for your family. The downside is that this type of policy will expire after the predetermined term period, so make sure you understand how long the policy will last before signing up.
Whole Life Insurance
For those who want lifelong coverage, whole life insurance may be the right fit. These policies have both death benefits and cash value that accumulates over time. That cash value can then be used to pay premiums or withdrawn as needed in retirement. Whole life policies are significantly more expensive than term policies, but they offer lifelong protection and can provide important financial security in your golden years.
Universal Life Insurance
Universal life policies combine features from both term and whole life policies and offer flexibility in terms of premiums, death benefits, and cash values. This makes them attractive for seniors who want more control over their coverage but don’t want to pay exorbitant premiums for whole life policies. It’s important to note that universal policies come with investment risks—so make sure you understand what those risks are before investing in this type of policy.
Turning 65 is an exciting milestone—and it opens up new opportunities when it comes to selecting life insurance coverage that works best for you and your family’s needs. From term policies offering affordable protection to permanent solutions like whole and universal plans, there are numerous options available for seniors over 65 seeking reliable financial security in their later years. Do your research and find out which plan works best for you!