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4 Key Features Of a Term Life Insurance Policy

Many seniors do not realize that there is an alternative to the cost whole life policy. They are usually accustomed to the steep rates of the whole life insurance cover and therefore, they often conclude that they can not afford it. They end up leaving loved ones uncovered. However, an affordable alternative exists, which is the senior term life insurance. It is important to buy a policy that meets your needs. Make sure to match the term to your personal needs. The dependents should be covered adequately until they are in a position to provide for themselves or the spouse is adequately covered until their retirement income is available. The advantages of the seniors' term policy include the fact that they are:

· Cheaper

The whole life cover is expensive because of the investment aspect. On the other hand, the term life cover is very affordable. The term policy costs hundreds of dollars annually while the whole life covers costs thousands of dollars annually. Therefore, if you are a healthy, nonsmoking male senior you can get a 10 year, $ 100,000 policy for as little as $ 8.50 every month (or $ 8,.08 monthly for female).

· Simple to understand

The term policy is simple and therefore easy to understand. It allows for personal choices. You get to pay for low monthly premiums based on the amount of coverage and term length you choose. You get to choose the term length ranging from 5 to 30 years and coverage amounts anywhere between $ 100,000 and several million dollars. You can also apply for an annual coverage that caters for one year.

· Invest your money yourself

With the whole life policy, the insurance company invests your hard-earned money on your behalf. This is not the case with the term policy. Insurance companies are very conservative with the way they invest money. If you are good at saving or you are perceptive in investing, then the term policy is right for you. This grants you the opportunity to get a cheaper policy while you invest money that you have succeeded in saving yourself.

· Caters for short-term needs

The term policy is recommended for its short-term needs. The benefits derived from the cover can be used to cover the mortgage and the children / grand children's college education. It is advisable to consider buying a policy that expires after the children / grandchildren graduate from college. The policy will ensure the education is fully catered for. Alternately, you can consider buying a policy that matches up to the length of your mortgage.

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